Topic: Be careful of shitcoins (Read 972 times)

There’s a whole section where these are announced here Announcements (Altcoins) and the fellow token childboard Tokens (Altcoins). Bear in mind that many of them have turned into a complete fiasco, so you really need to see which have got any substance to them (a hard enough task). Additionally, a large portion of them do not reach the Exchanges, and if they do, they are tailored for a quick pump&dump and that’s about it.

There are also plenty of review sites on the internet, but I’ve grown particularly wary of them, and find that they will very often grade projects with high marks that render dreadful results.

the developers' dedication doesn't change anything if the coin itself is garbage. look at all these bitcoin copies that are more than a hundred of them, some have very dedicated developers that are also throwing a lot of money at their shitcoin but it hasn't been able to grow for many years and still remains a shitcoin and their blocks remain empty because nobody uses them.

This is the risk that you have to take when investing in a new coin there are no guarantees that the developers are dedicated to making their project top notch or competitive in the market, we have seen that on coins that were launch back 2018 and 2019 most of them are gone and out of the market, and there are still coins like that now.

How do people find new coins before they're listed on exchanges? Through forums or reddit? Researching developers active in the community?

Is all about coins, that is genius to Bitcoin, give Bitcoin a smooth research you would not miss it up.

Those shitcoins are coined as 'shitcoins' because they are shit. They're poop. People cannot find it's use for themselves. Shitcoins doesn't contribute  to the market they are just nothing and they do not function as real coin in the market.

Bitcoin is the safest of them, it won't be able to be moved and stable so far.

Investing to different altcoins is a bit risky if you're not ready for losses. But if you know how to deal with it and you have a strategy which you're aware of applying, you can also make money like what others can do.

that's probably true but i'd like to point out that name of the coin being familiar is not important at all. and the problem here isn't about the coin being unknown, the problem is a rather common one in this space which people "investing" in altcoins which is wrong by nature. "investment" demands longer term potential which is only possible if the coin has real utilities and real world applications. that is not true for altcoins and as a result they should only be traded in very short windows of time.

that is why majority of those who are losing money are losing it because they "invested" otherwise the traders who only get involved with an altcoin during its pump and get out before the dump comes never lose money overall (they may lose in a couple of trades but that loss is negated by the profit on other traders).

From your lesson I just made a little research about METP token and couldn't find anything special to buy it.Because its a newly launched token which isn't listed any big exchanges.Actually its only listed in one exchange.

So why you bought like these coins leaving other potential coins?

So before investing you just research about project fully.

That's a sad story  , first and foremost, why did you invested on that coin? Are you familiar on how shitcoins works the time you decided to invest into it?
I suggest dude that you should not invest what you can't totally afford to lose. That is to avoid depression that happened to you. Do not just jumped into something you didn't know.
Check first what's behind. Then make a decision, a rational one.

When you are new and do not know much about it then yes, it is correct to invest in the known coins or market movers like BTC, ETH etc which can give you returns once the upward moments happen. And, once you know and have good knowledge than can look for some other coins to invest which can grow multiple times in coming months.

Lesson learned. You should be more careful next time. If you are to invest on shitcoins, be much careful.
Look closely to it's current value and do not hope that it will stay on it's average price for a long time. Sell them quickly if you already profited.
It's a dangerous investment if you did not watch and do some action in a particular period of time.

Investing and buying shitcoin is at investors risks, here it is, there are many shitcoin that have been falling everb since they got listed but what save then is listing exchange, hey buddy, I will tell you that shitcoin you trade is on a poor exchange and probably high volume exchange could not ruin your money to zero as fast as that. Never buy shitcoin on low volume exchange. This is one if the factors that result in to dumped of shitcoin, exchange matters bro and let's keeps investing in altcoin that has future development.
It would be better to invest in some altcoin like cosmos, nano, ETH and all already making development, and not newly ones developed today.

He has already called it a shitcoin which we all know not all projects are shit definitely some will do better in future, but the main true fact is analysed the kind of shit you want to hold. In my wallet I basically have few shitcoin which am not putting my hopes on instead, I keep gathering more shitcoin because we don't know where the Lambo will come out From.😂🤣

The coin mention is not a familiar name to most traders, so I guess he bought from some fraud exchange or from startups. I think $100 is still a size you can look away. People have lost 100 to millions of dollars in this space and have not recovered. I sometimes like to advice that any purchase at the moment is good choice of time and select less risk project in top marketcap.

I'd say anyone doing careful analysis of technical parameters, 'partnerships' and community is basically wasting their time. None of that really matters. The only thing that does matter is pumpiness. Some of those things may induce pumpiness of course.

In 2017 all you needed to pump was a platform for it to pump on. It didn't even need to be a functioning product, or even one that actually existed beyond some nominal offshoot of it you can pump.

The most important thing people need in this area is a lack of emotion. The people who get married to a shitcoin are the ones who go down with the ship and years later they're still babbling about it taking over the world when literally no one else gives a shit.

If you see a profit grab it and don't look back. And you're probably better off not playing in the first place.

The same goes for people who work for shittokens on here as well. I don't know how common that is at the moment, but loads of people were slaving away for hours in 2017 for things that are now totally worthless. If you were offloading them as fast as you were making them you'd have something to show for it rather than still hoping for a future that never came.

It takes experience and a lot more expertises to analyze and determine the feature of a coin. This experience is what most of the newbies don't have hence, should they pause as it regards investment?
It feels so unfair!
But, it's worth waiting if you could get the hang on it after all the waiting and learning rather than loosing your money in shitcoins. Put everything into consideration.

It could happen, but it's highly unlikely now with all the shitcoins surrounding the cryptocurrency space. I think it should be a pure knowledge when investing, to have the background, and know what the currency has done and purpose. Most of the applications of the shit coins are repeating and no more innovation with the technology. What they want is the ICO part to be funded and just go away with it. That's their miracle, someone investing in the developed shitcoin.

All this once again tells us that we should not hope for a miracle, miracles usually do not happen, and if you inadvertently invested money in a project that you have not studied well enough, this will inevitably turn into problems for you in the future.

You should not base your investment on what you are seeing in the people who uses shitcoins.

The market is the only thing you need whether you will invest to other potential coins.

It is your call, if you are just hyped about what you see in them then you will probably not know what is really happening in the market towards those shitcoins. Hype is always temporary and time will come that the hype that they are making towards a coin will disappear. Just have your own decisions and be dependent with your investments but be independent with other people.

Right now that there is this price stir, sometimes we can lose our bearings and get distracted from bitcoin and want to start new investments. Your OP is a good reflection of the situations that one may encounter and that may have happened to several users of bitcoin, no one is exempt from the temptation to invest. Fortunately $ 100 is not a big hit on the pocket of many, but in your case such a situation may have been really bad.
Thank you for telling your experience, to many of us It serves as an experience and reflection.

Obviously you are a victim of the pump and dump scheme by other altcoins, it's very prevalent on new altcoins they pump their coin so they can attract investors who are looking on the market movement instead of on what's behind the project, this is very risky people should take time why the pump ans what causes it and is the coin really deserves the pump or people behind it are faking the volume.

Speaking from my own investment, in order to make money with shitcoins you have to either quickly sell at the right time or be lucky enough to catch one that doesn't only boom temporarily out of all those dozens of thousands of coins.

Most coins you would've bought back before the last crazy bull run are still under BTC's increase in %. Only few lucky ones got to sell at a good shitcoin/BTC ratio. BTC is the winner in >95% of the times.

the golden rule for investments is: higher risk, higher reward.

with shitcoins you can lose a lot of money and you can earn a lot of money.

using risk management is a must

There' even no price in here https://coinmarketcap.com/currencies/metaprediction/

You fail in choosing the right investment, instead of looking for new coin, why not just invest on existing and solid coins.
Up to now, most coins in the market are still undervalued, so why settle for the new and unpopular project where the chance of success is very low.

If you can move on and learn from your mistake, just follow my advise, check the CMC, lots of coins with great liquidity, you can choose among them.

Shitcoins are shitcoins, I am not talking about altcoins. There are many good altcoins but many are shitcoins. Shitcoins are coins that are subject to more fall in price like bump and dump of a coin. If you do your research and you see a coin to be good with professional analyses, then it is not a shitcoin if it does not dump in price and become a deadcoin.

Yes, indeed this has become a mindset for many newbie and doesn't have investment experience before. Because, many are asking beginners to start investing in crypto by suggest them to see CMC. Many articles that suggest this too, so we are easily trapped by it. However, be grateful for those of us who were victims of shitcoin in the early investment because of CMC. Because from here we are no longer easily fooled by ranking.

Shit happens most especially in crypto space, risks everywhere, I don't know about that project honestly but it's not wrong to accept your loss but I will advice you to leave the shit coins in your wallet, crypto space is full of surprises and I've seen few this year, dead or shitcoins can bounce back up

Way back in 2017 investing in new coins/tokens most of the time comes with a lot of profit because of the hype and bullrun but we are 2020 now. ICO days are gone, the hype is gone and we are not on bullrun. More people are educated now they will ignore not a reputable coin but there are still some not aware, Well, we all started as a newbie. Those useless coins have no future at all I prefer to invest in top coins only for smaller risks.

The thing is that most new altcoins get some advertisement in the first months of their launch usually attracting new investors and resulting in an price increase. But once the market is saturated people just tend to sell. I am being much more cautious now with altcoins and try to invest over time after doing more research.
There have been so many new coins already that it probably won't happen again with a new coin coming out and increasing a lot in just a few days.

Before I invested. I check coins team. No matter what the value is. I check twitter page, Reddit, Discord and the team. I also check the purpose of the project. Before investing. I've bought some coins recently and Ive not regret buying any of them. I also bough Some SLP at 0.003 usd  and now I'm looking like  .
Many people tends to invest because of low total supply. This is not the good way. Because some real project total supply might be much but the circulation will be just a dime or even if the circulation is much and the project has a real purpose just like kardiachain, there won't be loss for investors.

My experience :
Some years back. I invested in a token called empowr coin also.
Now its nothing.
I also invested 100  dollars. Then, I know nothing.

What happened to you happened to alot of us. It is not a big deal to make mistakes in a business you are new to. The big deal will be if you fail to learn your lessons from the mistake.

Yes for the beginners it is good to stay around this section and read the rules and regulations. Aside from the be newcomers should be cautious all the time and should not rush things especially when being offered to a something good. This is an old school trick but still effective so be aware of it always. And try also to read the testimony here to know how the scam works. Of course this include the risk in investing shitcoins. Full of good promises but in the end it will end up in giving bad news and full of reason. Others are doing refund but most are just running away.

Crypto market is volatile in nature, it can't be controlled by anybody. It can rise and decrease at any given time. Don't feel disappointed about the price, it will surely bounce back. By the way, the bull season is around the corner. Just hodl onto the token and be patient. This is not the time for negative energy about altcoin. Just be hopeful for the best from altcoin

Shit coin can make you filty rich and can also rekt you, if you do your research in choosing the right one you tend to have a lot of gains and if you don't do your research as OP didn't, you tend to loose all your money, I've seen shit coin move from $0.003 to $0.4 within just three days, imagine you invested 2 eth on it, that's pretty cool cash

maybe they forgot about Bitconnect when this coin became an "idol" because it offered so much profit. When bitconnect at CMC, many people are convinced that BCC is a legit company/altcoins. In fact, even though they are in the top 100 CMC, BCC is a scam. An example of this case should be one reason why not just "refer" to the CMC for crypto purchases/investments. Research before investing is the only way to be careful from shitcoin.

it has been said a million times and still people make the same mistake again.
a site that only lists all coins in existence is not a source for you to figure out which coin is "good" and which one is a "shitcoin". these sites don't even properly rank existing coins, they just multiply their price with their supply (both circulating and imaginary) then sort the list based on that.
in fact if you look at the site you linked here the coins that come immediately after bitcoin are the worst shitcoins:
ether= centralized, mutable, buggy and too expensive to create a smart contract
tether= centralized, shady, high risk and fully in control of the creators
xrp= centralized, useless bankster coin
bcash= centralized, poor copy of bitcoin, useless
bcashsv= centralized, poor copy of bcash, useless
ltc= copy of bitcoin, better than others so far but still not a decent coin
cardano= i'm that not familiar with it to give any opinion
binance= centralized, fully controlled by owners, useless

Knowledge and are simpler in any job i feel one should take care of shitcoins as they're mostly perforated. Therefore, it's better to take a position within the first 10 currencies within the list of cryptocurrencies before investing These are at the highest of the list and therefore the demand for this altcoin is high.

Yes, you are right and probabluly it has been discussed here over and over again but I am not against on it for this os only for the good of the users especially to the new comers.

I do believe that prevention is better than cure so this is why as early as possible we had to aware new comers in this forum to not to invest directly altcoins instead I pressume to invest on the strong coins like.bitcoin and ethereum.

It s not easy to dispose hard earn money in cryptocurrency unless it is for bitcoin and other good altcoins. Just refer https://coinmarketcap.com/ for you the guidnce of good coins in the crypto market.

Learn also the high risk to it and how one can earn to achieve the purpose in earning aside from using crypto as a medium of exchange.

Buying shitcoin will only throw money away. This is a fairly easy way to lose money, by buying various kinds of shitcoin that have no value. shitcoin only benefits developers who make it, they are not responsible and just leave it.
Instead of having to buy shitcoin that is not clear, it's better to buy Bitcoin and ethereum then hold it until the price goes up and then sell it. it will be better.

If what you're saying is "don't buy a coin if you don't know what it does and whether or not it's trustworthy" I completely agree.

It's like a classic tale of two Kings ruling between two empires. Inside cryptocurrency, BTC is King. But once you go outside crypto info fiat territory, USD is still the King nonetheless.

Shitty coins have been the bane of cryotocurrency investment especially for newbies,many are just out to fill their pockets, create a little hype and then never proceed to develop the project to have provide real solutions to problems

I applaud you for understanding that the value of something measured over time should be done in USD and not BTC.

Everyone starts as a newbie, whether they admit it or not. And what you said is basically true, using the term "shitcoin" may add insult to injury for some of those legit coins that do not deserve such stereotype thrown at them.

It's quite hard enough to rise above the cryptocurrency universe if you're not called "bitcoin," and being called or branded as an "altcoin" is a more civil or respectable way of calling these "other coins" instead.

Shitcoins are really terrible coins that will take away your profit instantly. Recently, my friend and I tried to take some risk in investing our 1 eth in a shitcoin, and it suprisingly gives us a profit in just an hour that the 1 eth that we have invested turns out to be 1.60 eth. But because of our greed we have only sold the coin about 1.26 eth.

Yes, you are right. There are thousands of shitcoins. You can pay even 100 USD for some stupid coins from some unknown creators which will only take your money and stop to develop that token. That's why I am only buy ICOs from well-known incubators.

market is always focused on bitcoin and it has always been like this in the past 11 years (from day 1).
the "altseason" has nothing to do with that focus either. of course "altseason" can be defined in two ways, one is the season when every single altcoin without exception is getting pumped. then you are right, it was only 2017 and won't be repeated for at least another year.
but altseason can also be defined as the time when altcoins get pumped. that is their whole purpose anyways. and they get pumped whenever bitcoin price is stable which is like right now.

your logic is flawed here.
for starters bitcoin dominance is as it has always been near 100%. that percentage you reported is the ratio of bitcoin's market cap versus the sum total of the market cap of a couple of thousands of altcoins. and since creating a shitcoin with billions of coins (supply) with little value (price) is easy their market cap (supply*price) is also fake hence the total is fake hence the ratio is meaningless.
for example bitcoin market cap right now is $169 billion you can easily and without any cost create a shitcoin that has 200 billion tokens and sell 1 for $1 and have a $200 billion market cap in a blinking of an eye. and that is what thousands of scammers did during 2017.
the only reason why that ratio is going up again is because in that example above such shitcoins can't survive for that long, as they decline in value and many die their market cap shrinks or disappears respectively so the ratio grows back up again.

Does it mean you buy METP without analyzing it first? Damn, it is a big mistake, buddy! Analyzing or taking research before buying a such coin is always a must, buddy. It is too risky buying a coin without analyzing it first, you have proven it that it was a big mistake. For now, I think you have nothing for the solution, but you have something big, it is about learning and experience. You know you mustn't do the same way in the future, a careless way will lead to losing all your funds. Be more selective and smarter to choose a proper coin for investment!!

I don't know why so many people still insist on investing in altcoins with unclear background and almost no existing reputation, you have to realize that we are in 2020 now and altseason was in 2017, right now the market is mostly focused on bitcoin while altcoins at the same time losing even more volume.

Bitcoin dominance is at a rise for a long time now sitting at 66% and that means only 34% of liquidity of the market is going to altcoins, and no one really knows when bitcoin will stop being the center of attention and give altcoins a chance to recover and maybe and only maybe bring another altseason to the market.

The following is the daily chart for bitcoin dominance from the start of 2017 and that clearly tells you why altcoins struggle so much to sustain their higher prices after 2017.

That's right and i mention those alts indirectly in previous reply. Also, it's right that all traders not only trade bitcoin but also try to make profit form altcoins which are performable or going to have some major events. In this month, many traders already make more profits from BNT, KNC, NULS and so on because of those altcoins events, IMO . So, we need to do our own TA and FA before taking actions on any trading. Thus more more shitcoins will vanish because of no tradings, attentions and only real altcoins will be in this markets.

Not only bitcoin is the coin to invest on, ether, litecoin and EOS are all good coin someone can invest on too, but for people that do not know about crypto investment and trading, bitcoin is a good choice for such people, but investing in some altcoins are profitable for good traders, you can not see any good trader trading only bitcoin, that is not possible. But, it is easy to learn and less risky to invest in bitcoin than altcoin but not that altcoin can not be proftable excellent analyzes.

This is the best call and all your words are most powerfull. Yes, we should advice all to invest in BTC and stay satisfied with it. As we can know from the previous history , all altcoins dump when btc is starting to make a rally or make a little dump. So, altcoins are nothing but just a exchanging things in exchanges and worthless without any exchange. But some of the altcoins have uniqueness and they do good in every markets. So, everyone can also take a look into those. 

the problem as i have said numerous times is that these rankings on sites such as this one are completely arbitrary because they are based on a meaningless factor called "market capitalization". as long as it is trivial for an altcoin to create millions, billion, or even trillions of coins with a click of a button and end up having an enormous market cap we should never used this factor for ranking.
the result is that coins that are on top 20 are there because they could successfully inflate their market cap while keeping their actual circulating supply low (eg. XRP has an enormous supply while only a small amount of it is in circulation) which keeps their price at a level that gives them high market cap (=price*supply).
That does NOT make them safe investments.

Analyzing it first before investing in shitcoin is necessary. the analysis is not just analyzing the price of the coins, but analyzing everything like the team, the road map, their whitepaper and others. That will clarify the project and you can decide whether to invest or not.
now many projects fail, so many altcoins are unable to return the price to the ICO price or to the initial price they launched.
It takes a long time to reach the initial price when you buy the coin or even the project dies and is abandoned, it might be possible. Because I have a lot of worthless coins and the developer left them.
In my opinion, it's better to invest in altcoin in the top 20 Coinmarketcap, it's more secure. As with ETH, TRX, XRP and other coins.

One of the worst move of a trader/investor not to carefully analyse the team, the promises, usecase about to be purchased for holding. Most of altcoins are created for pumps and dumps. Good thing you admitted you are at fault and next time you see people shilling coins in groups or exchange chat, you do proper research.

I'd advise you to choose from coins with good trade volume(not fake volume) on a reputable exchange. That way you would know you can't lose everything the way you lose your money to that shit coin.

Glad you knew the fault was yours, many newbies still makes this mistakes today, maybe this post will actually make them have a second thought before blindly investing on altcoins, without the proper analysis you will easily fall for pump and dump altcoin projects

They chose that coin for pump and dump investment, that's what had happened. nowadays you should know how to identify those kinds of coins or else you will gonna lose some big amount of money by blindly investing in what you've seen seems legit coins. most of the time, those shitcoins will raise its price due to some manipulative works by its owners. they already have it planned. everything is just a drama whenever you see some that happen, don't make any move. instead, ignore it and let them be. Trust me, the risk is significantly high you should avoid it.

When they say "shitcoin" different people may put different meaning into this word, to some it's only the lowest coins that are obviously bad, to others it's nearly or literally all altcoins, including the top coins like Ethereum. I personally would rather advice beginners to be wary of altcoins rather than shitcoins, because of this ambiguity of the latter word, because it's easy for a newbie to mislead themselves into thinking that the coin they are about to invest into isn't a shitcoin because it has good review on some blog or news site.

Did he trade them in 2018?

It clearly shows that you did not take the research seriously and that cost you your money from investing in such shitcoins. Why not invest on top coins or those coins which you can earn profit. I already tried investin on a bankroll of a gambling site. Why not also try investing on a bankroll maybe you'll earn profit there. Knowledge is power.

I also got victim of investment in shitcoins. One of my friend was a trader and he used to trade in low cap coins as he believed that low cap coins gives more profit. I invested in few such coins and those coins never recovered their prices after the dump.
If you want to be 100% safe in this altcoin trading, then invest only in top 20 altcoins.

It's a hard lesson to take but but you need to move on and be a better investor, still many people are not aware that there are a lot of coins in the market that was just launched to take away your investment, these projects do not have a platform or a services to speak of, they are copy of of past dead projects, this is something that people newbies and old to be aware of.

Bitcoin's the market leader of course. So, unless you'd want to diversify in crypto, just stick purely with anything that has BTC on it instead.

Otherwise, you've got to really do your research if you'd like to invest with altcoins (be smart enough to understand the real ones from the shitty ones), since no altcoin has ever exceeded the success of Bitcoin. At least, not yet as of the moment.

Investing on the wrong coin, have taught me a big lesson that I can't forget so easily. If I should invest in any altcoin now, if have to be trading already for at least 2years and above before I think of investing into it. By then, I would have gotten to know the actual value of the coin, also analyze her highest and lowest price on cmc. Whether it's a shitcoin or not.

Almost all of the altcoin I have in my portfolio, it's taking them year's before the go above their ICO price even after their price reduce tremendously

A wiser move would supposed to be investing within this time frame because this is the time where most of the investors did not dump their coins yet. But unfortunately, you already invested on the time when the coin is considered a sh*tcoin already. From $0.0145 to $0.0004 and going down to $0.000002, the trend continue to fall down and I don't think it will bounce back. I feel sorry for you but I think you should sell now even if it's hard. At least you able to cut your losses somehow.

So next time, don't invest in new token or if you really are into alts then at least dump fast . Good luck.

I see on their telegram group, they are still active and has a plans to being relisted on HitBTC. Since this project not died yet, maybe OP still have a chance to get your money back someday. Of course, relisted on HitBTC wouldn't guaratee the price will be back, if their development was good in the future maybe it will happens. Take every chances if you can sell it.

Why don't you invest with the best coin and forget these shitcoins all over the place?. Currently I have been warned about trading altcoins and investing with the altcoins because of their nature. Don't be fool by what you see during their pumps, always sell off your altcoins portfolios when there is a sign of dump. Many of my.investment with some altcoins last few years, I hold against any slight opportunity and sell for profits but my last journey was a blast as i lost huge amount to MDT coin. Always do your thorough research before making any step to invest with the altcoins, always think Bitcoin first.

Topic name is misleading. Instead of "being careful in investing in shitcoin", one should be aware of investing without examining an altcoin.
Same can be said about bitcoin - I've bought it in January 2018, when the price was about $20k, and not it is $9.3k.

OP is an excellent example of how not to invest. METP - Metaprediction. Price prediction platform. The idea is not even close to being new in cryptocurrency. You should have googled more. Based in info on their webpage, this project is young (they are about to release alpha in this quarter according to roadmap), and maybe they still have a bright future. Maybe it is early to panic. (but according to coinmarketcap, price is already dumped during may, sorry).

In my opinion, almost 80 percent of all altcoin are shit coins. I would never recommend anyone to think about altcoins other than the top 50 listed on CMC. I am sure most of the members will agree to it. There are few altcoins that are listed above the top 100 list but you need to analyze those coins properly before investing in them.

Before investing in any altcoin you must research by own and don't go for new launched altcois.Actually Shitcoins are now increasing rapidly.So if you want to safe from them you should invest in top 40-50 coins from Coinmarketcap.

There are many risks involved in trading shitcoins they're almost scammed It doesn't take long for currencies to fall Bitcoin is that the best currency to trade the crypto market and its demand from other currencies is large. The shitcoins are slowly losing their existence Everyone has reduced their use of it for his or her own protection in doing business These shitcoins are far below the flat market.

There are many risks in trading or investing on shitcoins, I can still remember vividly when I invested on a shit coin that later became dead too, it is better to invest on strong coins like bitcoin that can not be pumped and dump in a way it will become dead because it has high marketcap. Infact, one of the most lucrative scam in vogue is pumping and dumping coins, new coins fall into this category. I checked about metaprediction coin online like five minutes ago, and I have fast noticed that it is just a pump and dump coin. Many investors and traders would have lost after buying the coin.

Most of shitcoins  fail to reach 20% of the maximum rise it reached, so be careful when it comes to investing in them and try to cut your investment earnings for a day or a week in the maximum term.
Keeping these shitcoins for longer time means losing your money and therefore you are betting on the developing team that will sell at any height.
$ 100 is a good lesson to learn from in the future.
Try to buy a currency listed on more than one platform to be able to withdraw if any problems occur.

I invested in ICO before and spent more than $100. They had sig campaign handled by known BM here so I thought that project was solid. Never got back the money. All lost. So I think the OP got his lesson as well. But on his case, it is already existing coin, he should have studied the price trend. But anyway, all of us have their own share when it comes to failure in crypto investments. Our mistakes will give us more awareness the next time around.

When I was new to cryptocurrency. I've already heard people talking about a new coin that can have a fair match with bitcoin. Luckily, I didn't believe those and instead did my research although I did my alt invested but didn't go as they have directed.

I was near into that trap and that's why I've learned that it's always bitcoin is the best crypto to invest.

it is not so much about the coin you chose but about what you did. and what you did was to "invest" in an altcoin instead of "trading" it.
altcoins have existed for many years, a little less than bitcoin. and in all this time none of them have proven to have any long term potential. majority of them die and the rest that remain alive are always declining in price even though they may have some moderately long period of pumping and keeping their price up.

so when you "invest" that means you think that coin has long term potential whereas it really doesn't. but when you "trade" it means you only get involved with that altcoin during its pump and when it is hyped up and more importantly exit by dumping it before others dump. that way you protect you money while increasing it.

It's always a need to research and research before investing. So, always be on the look, follow the project's social media platforms before making any investment.

Technical analysis is useless with shitcoins. TA predicting future by observing past market action. New shitcoins don't have past action or have so little of it that you cannot do anything with that data.

What you have to do is check their site see if people involved are clean or maybe they used to run ponzis in the past. You can also look at fundamentals. What that coin is supposed to do. Is it unique or another clone of an existing coin.

Those are the common traps on the market in the first place why you bought that coin? There is a reason behind on it, I guess someone told you or you saw someone bought this coin and someone talking about this coin that they earn profit as you want to earn more income you will buy those coins too and in some instance you lose your profit and earning on this coin.

Those are the probably happens to the people who try to make an investment to a new coin we cannot make sure that this coin will provide us a good market income or profit because it is just starting sometimes they become successful but not immediately just take time and always take a look about the market movement this is a lesson learned to you that you need become prepared and not just bought a lot of coins does not sure that you can earn.

This sounds good in theory, but on practice beginners and even more experienced traders don't have the skills needed to perform a good market analysis. Most people simply read some articles, that very easily can be paid shilling, Looking at charts isn't very useful either, simply buying at the bottom isn't a guarantee for profit. Checking fundamentals is hard for beginners too, because they don't have a deep knowledge of technology, so they are easily misled by buzzwords.

It's better to simply ignore altcoins, investing in Bitcoin is already highly profitable, why take big and unnecessary risks?

For newbies, it is challenging for them to verify such promised usages that are given by developers in whitepaper, websites, etc. They are often satisfied with what are given by developers.
Everthing that is said "too good to be true" should never be trusted. I totally agree with your advise.
Besides innovation, the current or recent development activities of developer team are important.

---

Using price chart to support for all aforementioned things.

If team have still actively developed their projects (one of easy method is to check their Github: Altcoin season, scam altcoin projects will appear. Check their Githubs first) and the chart of price shows a very long term down trend with a very stable little price fluctuation at bottom range. Yes, it is a good project to consider for portfolio.

You don't need to use market/price analysis skill to determine whether a cryptocurrency is altcoin. Usually i only check/evaluate these points :
1. Whether the coin have practical usage
2. The promise by developer team sounds too good to be true
3. Are there any new innovation or not

You invested in a clear shitcoin. Metaprediction?   lol

Just reading the few lines on their website should have made you turn away from ti


You were new to trading and to investment also if this is the motive you invested in that coin.
But by looking at it' graph and market cap and volume at the peak of its growth it still puzzles me why you bought this one and not other shitcoins, a lot of them grow for a brief time just like this one has. Or....you did buy a lot of others too...right?

In the real sense of the word, shitcoins doesn't really become a shitcoin until everyone's convinced that they are. Therefore, until proven otherwise, it's a mislabeling and it's a generalization that's undermining the real essence of an altcoin since every coin or token that came after bitcoin falls into this category.

Pump and dumps are very common. Those early investors will hype up the price and once they're satisfied, quickly selloff their assets. Then the latecomers or those none the wiser lose it all.

Altcoin season is here and shitcoins are here too. They are likely shitcoins from the past or newborn ones.

Altcoin season, scam altcoin projects will appear. Check their Githubs first. With some guided steps to check those coins, you will easily find which ones are shitcoins.

Right now, btc is still the king and there's a reason why they're called shitcoins to begin with. Nonetheless, since it's always ideal to somehow diversify nd spread your investments, but if you're doing that with crypto, make sure that you do your homework, or else risk experiencing what you've recently experienced indeed.

You could easily lose your investment in investing in these dead altcoins, Even it other altcoins without enough research you should not gamble investing in an altcoin that you don't really know chances are the token market price is going to drop.

As there are so many altcoins in the market doesn't really have a real volume, so investing in a fake market price is not really going to be a good investment to investor like you, you don't have a lot of experience in trading I think you should stick investing in popular cryptocurrency or altcoins.

The coin was launched in April 2019 or so, if not April but I am sure it was in 2019. But after the launch, the price has been decreasing, although, it can increase little but decrease the more in a way investors will certain lose huge amount of money.

I saw the price increasing at first, I thought if I invested in it the coin price will continue to increase, I was new to crypto at the time and nobody to put me through to avoid mistakes.

The time of all these altcoins is long gone, in my opinion.
The highlight was during 2017 and then with a bit of luck you could make some money but now it's just not worth investing in any shitcoins.

So if you didn't know anything about it (you didn't analyse it), why exactly did you buy it in the first place? Surely you had some reason when there's so many shitcoins to choose from.

I believe this could be helpful for some people here on this forum as I falled into shitcoin trap. I could not believe I can lose my whole fund in just a little time and I want to use this forum to advice the newbies to be careful of shitcoins. I hope you all know how dumped price can wreck the funds of people that invested in such coin.

The coin was METP, I invested at the price of $0.0004 some weeks ago, but the coin is now at $0.000002, I invested $100 and it has now vanished, I do not even have $1 remaining again and it was a lost that really depressed me.

Recently, I checked the price since when it was launched in 2019, it was $0.01245, it has been fallen since after even till now, if I has first analysed the coin, I will not not fall into the trap, but I have no idea about analyses at the time.

I will advice people to analyse market and the coin that want to be used to trade or invest before buying such coin because some coins are just existing to take away your money before it becomes fully dumped.