An Introduction
The OFFICIAL TRUMP and OFFICIAL MELANIA meme coins launched by Donald and Melania on January19/20th, are DOWN as follows:
- The Official TRUMP meme coin is DOWN 24% so far in March;
- The Official MELANIA meme coin is DOWN 32% so far in March;
- The $TRUMP and $MELANIA coins are currently DOWN 86% and 95%, respectively, from their all-time highs on Inauguration Day on January 20th.
- The $TRUMP coin is ranked #42 and $MELANIA is ranked #132 among the thousands of cryptocurrencies available and, as such, both are referred to as shitcoins in industry jargon.
The Trump coins are categorized as Altcoins because they are not Bitcoin and Ethereum but are not Stablecoins which are a subset of altcoins and are designed to maintain a stable value by pegging their price to assets like the U.S. dollar or gold. They are categorized as Meme Coins which are created for entertainment purposes or to grab the attention of a particular section of people and are the riskiest of cryptocurrencies. Whether a particular meme coin grows to become a serious project depends on how strong their developer team and their community is and that does not seem to be the case with either of the Trump coins given their price performances since being launched and their ranking within the Altcoins universe and, as such, they are disparagingly referred in the industry as Shitcoins.
What Are Shitcoins?
Privacypros points out that “there are two kinds of people who want to know what a shitcoin is. The first doesn’t know exactly what it means for something to be a shitcoin. The other kind of person gets the idea of what a shitcoin is, but doesn’t know which cryptocurrencies are shitcoins and which aren’t so, for those who give a —-, here are some definitions:”
- The Urban Dictionary defines a shitcoin as “a great way to lose money” and “a cryptocurrency with no utility or unique features.” In other words, a shitcoin is a cryptocurrency that will someday be totally worthless.
- Investopia provides a detailed definition, saying that a shitcoin is “a pejorative term used to describe an altcoin that has become worthless. Shitcoin value may disappear because interest fails to materialize, because the altcoin itself was not created in good faith, or because the price is based on speculation.” This article then continues to break down ‘shitcoin’ more with another 500 words of description and analysis.
- A Quora poster calls it an “altcoin (that) is considered worthless due to the lack of…useful features in the development of its blockchain. While shitcoins are considered worthless, that doesn’t necessarily stop them from going ‘to the moon’”.
Where/How Can You Buy A $TRUMP or $MELANIA Coin?
I don’t know why anyone would want to buy these shitcoins but if that is what you want to do then go HERE or HERE.
$Muskit Update
Elon Musk’s father, Errol Musk, introduced $Muskit with the aim to raise $150M to $200M to supposedly go toward the establishment of the Musk Institute, a for-profit think tank which intends to do advanced engineering and focus on technological breakthroughs of the sort that don’t happen every day and that will, in Errol’s words, “do what no one else is doing.” It was launched at a price of $0.02 per coin, spiked to $0.11 but it now in freefall, down 32% in the past 7 days to $0.0021.
