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Worst Shitcoins 2022: Which Cryptos Should You Avoid?
When it comes to the world of cryptocurrency, as with all things in life, some of it is good, and some of it is… well, shit. Enter the worst shitcoins 2022 list – the crappiest cryptos you can invest in this year, and those you should definitely avoid treading into any further.
We’ve taken the liberty of giving you a heads-up before you decide to invest in one of these coins and the ‘you know what’ hits the fan. But before we do, let’s take a look at what a shitcoin actually is.
What are shitcoins and why do they exist?
The term “shitcoin” refers to cryptos that don’t really serve a purpose, offer speculative price predictions, or are simply a cheap copy and paste of larger and well-known crypto projects – pretty much useless coins that don’t offer any developments in the crypto space and possibly come from murky beginnings with no real goals set in place.
And yes, many have made a pretty penny from dipping their fingers into the smelly, yet sometimes satisfyingly-so pool of new shitcoins available out there – urged by the appeal of large gains in a short space of time.
But, for every new legitimate crypto project cleaning up the crypto space with clear objectives in mind, there are plenty more trying to drop a ‘deuce’ all over it by creating coins that serve only the needs of the creator, and flushing those of the user down the drain.
Of course, frequent disappointments and upsets in the crypto space have forced the majority of the crypto community to become an optimistic bunch, adopting this comical term with open arms in the usual attempt of seeing the brighter side with a little humor.
But again, the danger of stepping into a big pile of bullish shitcoins is a real one, and even if you’re brave enough to invest in one of these dodgy coins, you should still know what to watch out for when it comes to shitcoins.
So, what are the worst shitcoins 2022 has to offer? Let’s sniff ‘em out!
1. Bitcoin SV (BSV)
In an attempt to create a “more advanced version” of Bitcoin (improved scalability and versatility), a hard fork of the Bitcoin Cash protocol was implemented in 2018, creating what is known as Bitcoin SV (Satoshi’s Vision). The idea was to create the original cryptocurrency envisioned by Bitcoin’s anonymous creator, Satoshi Nakamoto.
Now, those who are fairly active in the crypto space will have heard the name Craig Wright – most famous for his claim of being the real Satoshi Nakamoto, but funny enough, is also the founder of Bitcoin SV.
So why avoid BSV? Well, this crypto project has indeed accomplished many of the initial goals it set out. Compared to Bitcoin’s block size of 2MB, Bitcoin SV’s block size was initially increased to 128MB.
But the Quasar network upgrade saw BSV’s block size increase to 2 GB, followed by the Genesis update in early 2020 which saw the default hard cap for block sizes removed on the BSV network, allowing for an unlimited potential of scaling.
This allows the BSV network to process between 10,000 and 15,000 transactions per second, compared to Bitcoin’s 7 and Bitcoin Cash’s 100+ TPS.
However, due to Craig Wright’s many disputes and lawsuits around his claim to fame as the Bitcoin founder, Satoshi Nakamoto, Bitcoin SV was delisted from many major exchanges in 2019, with the most prominent being Binance, whose founder, Changpeng Zhao (CZ), publicly announcing his support of the delisting on Twitter.
Yes, BSV has since found its way back onto major exchanges, but does one really want to invest in a coin with such a controversial past? The answer is probably not – especially since Wright’s Nakamoto claims and antics in the crypto space are still fairly prominent in the media.
Who knows what will happen to this coin’s public perception with such a contentious figure behind the brand – definitely one of the worst shitcoins 2022 has seen.
2. Terra Luna (Luna)
Okay, so here we have the perfect example of a shitcoin. Luna is the native token to the Terra blockchain, a crypto project launched in 2018 by founders Do Kwon and Daniel Shin that creates algorithmic stablecoins, which are cryptos that peg their value to reserve assets such as the U.S. dollar.
From May 5th to May 13th this year, the Terra Luna crypto crashed, seeing its price plummet from around $87 to $0.0005 in 8 days, and now sitting at $0.000282 at the time of writing – virtually nothing in comparison. But why?
The crash came about due to its link to TerraUSD (UST), the stablecoin addition to the Terra ecosystem. You see, when 1 UST (the stablecoin) coin is minted, $1 of Luna is burned, and vice versa.
After a large amount of UST was dumped in May, the coin’s price started to de-peg from its $1 value, resulting in a mass panic and causing users to dump more UST, seeing the price of Luna plummet.
There are, of course, many other reasons why Terra Luna could be a bad investment, but since it’s worth pretty much nothing at this point and has been dropped from most exchanges, it’s easy to see why you should stay clear.
3. Shiba Inu (SHIB)
Aha, another category of shitcoins comes to light in our worst shitcoins 2022 list – meme coins. Shiba Inu, much like Dogecoin, initially came about as a meme coin, which are coins that are created as a kind of joke or tribute to a meme, many of them pertaining to dogs. But if you are going to use a meme coin, Doge is your best bet – the original meme coin that had the world’s attention not too long ago.
Cryptocurrency investments in general are seen as high risk because of their volatile price swings. In October of 2021, Shiba Inu’s price skyrocketed by 173% in just a week, dropping again shortly after and continuing its descent to this day. This only proves that the ‘hype’ around these coins is short-lived.
And get this, the crypto’s whitepaper (a very important document that outlines the vision of the coin’s creators and explains the technology and purpose behind the coin) is known as the “woof paper” – very serious indeed. SHIB also doesn’t really hold any permanent value, as its price is pretty much determined on a basis of entertainment and hype, and might not hold very long.
Also, it’s important to look at the uses of these cryptos, and what you can actually use them for. As an investment, Shiba Inu probably won’t do you well in the long run, and you definitely won’t find the coin accepted at many of the top online casinos such as Punt, that’s for sure.
4. Luna Classic (LUNC)
Next up on our worst shitcoins 2022 list, is Luna Classic. Now, we’ve discussed Terra Luna and its crash already, but following this event, founder Do Kwon and supporters moved on to create a new blockchain, and with it, the Luna Classic token – which is basically the remains of what was left of Terra Luna after the crash.
In recent events, Kwon was charged by the Seoul Southern District Prosecutors’ Office for violating the county’s financial laws following the Terra crash. Kwon has since been issued a “Red Notice” arrest warrant from Interpol and reports speculate that he is officially “on the run”.
All this news around the network’s founder has taken its toll on the launch of this new crypto and the LUNC price, and uncertainty looms among crypto investors as to what will happen to the LUNC value once Kwon is apprehended.
5. Husky Inu (HDOG)
Another meme-based coin, and it’s even a rip-off of a rip-off, as Husky Inu is modeled after Shiba Inu. Husky Inu is a BEP20 token issued on the Binance Smart Chain with a total supply of 1,000,000,000,000,000,000 tokens – yes, a massive supply – one of the first indicators of a shitcoin.
Since its launch, Husky Inu has been shrouded in mystery and seems to have had a short run in the crypto space – especially when seeing price charts like this at reputable crypto sites such as Coinbase.
Coinmarketcap has even featured Husky Inu as an “Untracked Listing”. The lack of information around Husky Inu definitely secures its position on our worst shitcoins 2022 list and should be avoided – even though buying Husky Inu might be very, very difficult, as it is not really listed on any of the major exchanges, and its liquidity is very low, meaning that you probably won’t get your return on a larger investment.
Worst shitcoins 2022 list revealed – now let’s have some fun!
Well, there you have it – the worst shitcoins of 2022 (in our opinion, at least). One thing you don’t have to worry about is finding these shitcoins as accepted cryptocurrencies when playing at bitcoin casinos – definitely not at Punt!
But now that we have the riff-raff out of the way, why don’t you enjoy some premier casino gaming in our top online casino games at Punt? Check out our menu today to find your next big thrill.
Born on a blockchain with “HODL” as a middle name, the crypto-savvy Jordan Huxley guides our readers through the digital world of crypto with insightful guides and informative content, unveiling the power of crypto in his own, unique way. Get the latest updates on blockchain-related tech, advancements, news, and events with Jordan and our team of crypto gambling gurus on the Punt Casino Blog.