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The Crypto industry hit north of $3 trillion in its peak bullish season. This industry also includes little utility tokens, popularly known as shitcoins. This branch of blockchain assets offers utility. Shitcoins also refers to largely undervalued digital assets. This guide explores the worst performing cryptos in the past month looking at their price change or growth. We will also review the best alternative to shitcoins for long term growth.
1. Dogecoin (DOGE) – Shitcoin With Strong Social Media Following
Dogecoin is our number one pick for the worst performing cryptos this year. This digital asset is a comic take on the proliferation of crypto projects following the popularity of Bitcoin, the first digital asset. The parody coin has since become the official emblem for the shitcoin niche as it comes with little utility.
Asides from being a shitcoin, Dogecoin is used as a form of tipping system for great content. Other major features include faster transaction speed than the Bitcoin network. The digital asset also has an unlimited supply. DOGE is minted daily, making the digital asset largely inflationary due to excess supply. Some have argued that this feature is why DOGE is best suited to be used as a currency.
“Dogecoin has a steady inflationary supply trait which makes it ideal for usage as a currency” pic.twitter.com/AoAvYatZ5S
— (@0MindOutLoud0) February 20, 2022
Despite what many would term a bad investment choice, DOGE is still one of the most popular shitcoins online. The project’s laid-back approach has attracted lots of celebrity attention, including that of Tesla’s boss Elon Musk, who became one of the most popular figures behind the project’s continued relevance. This backing drove several investors to buy the shitcoin and fill their bags.
May 8, 2021 To The Moon @elonmusk #dogecoin pic.twitter.com/RFSmLSLBYz
— Doge Dillionaire (@DogeDillionaire) May 8, 2022
Price-wise, DOGE has not been able to rediscover its 2021 form. The digital asset has dipped 75.8% in the past year and 50.97% year-to-date (YTD). At press time, the shitcoin is trading at $0.08, down 4.6% in the last 24 hours.
Dogecoin still remains the meme king and you can buy Dogecoin by following our detailed guide.
Cryptoassets are a highly volatile unregulated investment product.
2. Terra (LUNA) – Shitcoin Built on House of Cards
Recently, Terra’s LUNA picked up the tag as one of the worst performing cryptos this month. Launched in 2018 by Terraform Labs – an Asian blockchain company – Terra focused on developing algorithmic fiat-backed stablecoins in the decentralised finance (DeFi) ecosystem.
Terra also serves as a layer-1 smart contract network that allows decentralised applications (dApps) to build on it. However, things turned sour following a series of large withdrawals from its UST stablecoin deposits.
How to make a >800 million dollars in crypto attacking the once 3rd largest stablecoin, Soros style:
Everyone is talking about the $UST attack right now, including Janet Yellen. But no one is talking about how much money the attacker made (or how brilliant it was). Lets dig in pic.twitter.com/nGVfqjpVJb
— Onchain Wizard (@OnChainWizard) May 10, 2022
Desperate efforts to return the UST stablecoin to its $1 peg proved abortive as the digital asset dropped below 1 cent, hitting a record low of $0.005. The ripple effect saw the price peg of the utility token, LUNA, slump more than 99% from its then high of $100. At press time, LUNA is trading at $0.00016, while recording a YTD slump of 100%.
Founder Do Kwon is proposing a revival plan that would see the Terra network split into two, reminiscent of the Ethereum DAO debacle of 2016. Will investors continue to buy Terra Luna or switch to the new network? Only time would tell. To buy Terra Luna, follow our detailed guide to get started.
Cryptoassets are a highly volatile unregulated investment product.
3. Shiba Inu (SHIB) – Top Contender for the Meme Crown
Shiba Inu is an Ethereum-based meme cryptocurrency that broke into the limelight in 2021. The digital asset gained investors’ attention after it recorded a 21,000% increase in just two weeks. At its core, Shiba Inu is a spin-off of the Dogecoin project. The coin even features the popular Japanese dog breed Shiba Inu that is associated with Dogecoin. Ryoshi, the shitcoin’s developer, believes investors can buy Shiba Inu as it was designed to become a Dogecoin alternative.
Much like Dogecoin, Shiba Inu depends a lot on social media hype and has been building a vibrant community. Although it started off with little utility, the Shiba Inu project has been growing its ecosystem steadily. The coin even launched its Metaverse project. This is focused on enabling dog-themed non-fungible tokens (NFTs) to be traded and bred in the virtual space. Furthermore, the digital asset has since been added to the list of supported crypto by Swiss luxury watchmaker, TAG Heuer.
Swiss Luxury Watchmaker, TAG Heuer Now Accepts Shiba Inu $SHIB as a Payment
If you want to get RICH! Buy and HodL! Today Millionaires are Made! $TREES $BONE $LEASH #ShibainuCoin #SAFETREES @Trees_token #Shibaversehttps://t.co/uOAYf9qe5T
— Shiba Inu (@ShibainuCoin) May 22, 2022
SHIB has not been able to rediscover its parabolic price surge and has so far dropped 64.8% YTD. At press time, SHIB is trading at $0.0000117.
Cryptoassets are a highly volatile unregulated investment product.
4. Dogelon Mars (ELON) – Shitcoin on Mars
Dogelon Mars is a meme coin that is focused on comics. According to its founder, Dogelon Mars zooms in on the re-colonisation of Mars in 2420 as a form of tribute to meme lord, Elon Musk.
Dogelon Mars is based on both Ethereum and Polygon networks and borrows heavily from Dogecoin, Shiba Inu, Floki Inu, and several other meme tokens. The digital asset has little utility to offer and mainly thrives on social media hype.
.@VitalikButerin What an amazing ride! It’s been out of this world connecting, learning, and innovating with @DogelonMars folks in our #Elongevity Discord community!
https://t.co/sMLAejGtl4#tothemars #LONGEVITY #making90thenew50 pic.twitter.com/pdZ2tx0wsV
— Methuselah Foundation (@mfoundation) May 12, 2022
Price-wise, ELON has shed a significant chunk of its gains. The digital asset has lost 69.3% YTD. At press time, ELON is trading at $0.0000005. In a market in which other digital assets have only shed a minimal part of their gains, ELON’s massive loss puts it among the worst performing cryptos for the first half of 2022.
Cryptoassets are a highly volatile unregulated investment product.
Worst Cryptos – 2022 Shitcoins List Conclusion
We have itemised some of the worst performing cryptos in our worst cryptos. While many are only focused on creating a feel-good concept for their users, a few are recent debacles.
If you are on the hunt for the best crypto under $1 to invest in, consider LBLOCK. The native token of the Lucky Block ecosystem, LBLOCK, serves as a digital ticketing system for games on the platform. Lucky Block intends to revolutionise the $230 billion gaming industry by promoting fairness and transparency. The platform’s digital asset is also useful in generating passive income. Once sales are made, Lucky Block rewards token holders and when jackpot winnings are made from raffle draws.
Price-wise, LBLOCK has been one of the standout stars in a bearish clime. The digital asset has so far recorded over a 4,000% increase from its presale price of $0.00015, after hitting a 52-week high of $0.096 in mid-February.
LBLOCK’s current price of $0.0023 puts the digital asset 1,000%+ higher than its presale price. You can buy Lucky Block by perusing our detailed guide.
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Cryptoassets are a highly volatile unregulated investment product.
