To begin with, it must be said that the following are only my subjective reflections and thoughts, nothing that has to be true or is completely right!
In the past time, so-called “shit-coins” have gained a lot of attention. They were characterized above all by a big hype, built up by other already known shows, characters etc. , lack of transparency and seriousness, a fast down after the big hype and a lot of fraud and fake.
The best example is the “Squid-Coin” based on the Netflix’s “Squid-Game” series.
The developer of the “Squid-Coin” had announced on his own social media channels and a website big plans that were oriented towards the course of the series and for which the “Quid-Coin” would be needed. As a result, the coin showed an extreme uptrend, rising from $0. 01 229 to $2861. 80. The problem: The buyers of the “Squid Coin” could no longer sell the Coin. In the end, it turned out to be a big scam.
This case of fraud is not the only one and there will be other consequences. The question this raises: Are "shit coins" harming the crypro market?
On the one hand, it must be said that these very hyped coins naturally introduce many new people to the crypto world, who could later become investors.
But if these investors have a bad experience right at the beginning, the chances increase that they will turn their backs on the crypto world forever.
Another thought: they succeed in investing in these coins and make a big profit. Then they either get out of the business forever or invest in other coins with way too high expectations and little experience.
In my opinion, the hype around these coins should not be made too big. Attention for the crypto world is profitable for all, bad headlines in which it is about rip-offs and fraud damage the 'community but and scare many people before the entry.
And the most important thing in the crypto world is, I think we all agree, that as many new people as possible join and invest. This is because the crypto market is still in the first stage of development and will need a much larger community in the coming time.
Thanks for reading my post. Would be nice to see a follow or upvote ;)
Have a nice day
eragon