BlockBeats learned that the Shitcoin.market was officially launched on August 14. This is a decentralized trading platform that supports independent currency and free trade. Users can connect Metamask and other mainstream wallets that support Ethereum ERC20 tokens, freely adjust the Gas fee for trading, or fill in the contract address, name, symbol and other information of the currency you want to go online. You can experience any one without any currency fee. ERC20 token.
However, the trading platform is in the early stage of the launch, and there is no transaction record yet. Before the deadline for publication, the official Twitter account ShitDEX has only 12 fans and the Discord account has only 9 players. Therefore, in all respects, the public opinion of shitcoin.market is relatively low, and it has not yet gained widespread attention from the overseas cryptocurrency community.
So, does the creation of shitcoin.market make sense? Can it be a new way of playing?
According to Coinmarketcap data, of the 2,138 cryptocurrencies in the statistical range, 729 currencies are labeled as “Low Volume”, and the daily trading volume of approximately 1,000 currencies is less than $100,000. If the exchange's brushing behavior is removed, the actual number of currencies with less than $100,000 will be more. At the same time, these extremely low-volume currencies are often not supported by mainstream exchanges, and such a vicious circle accelerates the liquidity of junk coins.
In this context, shitcoin.market came into being, investors finally have the opportunity to dispose of the rubbish coins in their hands, on the other hand, the “gamblers” with higher risk appetite can sneak in the bottom, in case there is significant progress in these altcoin projects. Being able to "return to life", they will receive excess returns.
However, block rhythm BlockBeats suspects that this demand may be a "pseudo-demand." Because the decentralized trading platforms such as IDEX and DDEX have covered enough currencies, the ERC20 tokens that are not on-line are often projects with very poor technical concepts, project progress and liquidity levels, and almost lost. The needs of the entire network trading, objectively, the trading platform is not necessary for the shelves. Shitcoin.market chooses to freely launch these currencies, I am afraid it is difficult to attract enough speculators, and the non-spam coins on the line are difficult to compete with the old DEX.
In addition, "the survival of the fittest, natural selection" is both a natural law and a source of cryptocurrency evolution. It is logical to deduce new ideas and keep concentrating on new and powerful cryptocurrencies. Projects that have been abandoned by the team and whose technology cannot keep up with the times are supposed to be forgotten and eliminated by the market.
Of course, shitcoin.market's attempt to create innovative games for the cryptocurrency DEX is commendable. We will wait and see for its future development.
Author: Block rhythm BlockBeats