There are several aspects of a single and seemingly simple thing in the world of blockchain and crypto assets. For example, few people know that a blockchain can be both public and private, and an asset can be a regular cryptocurrency or a stablecoin. This had led to multiple and sometimes conflicting definitions of terms such as utility token, metaverse and NFT.
Another confusing term in the cryptoverse is “shitcoin”. Many may even be wondering if meme tokens like Dogecoin and Shiba Inu are shitcoins. On the one hand, since both have no apparent short-term use or purpose, both can be. However, some people take the word shitcoin at first glance and consider a not so popular asset like Ggool to be a shitcoin.
Let’s explore the topic of shitcoins today and find out why the Ggool crypto may not have been your typical shitcoin.
What is a shitcoin cryptocurrency?
First of all, there is a cryptocurrency that goes by the name of Shitcoin with the ticker STC. CoinMarketCap, which tracks more than 20,700 cryptoassets, reports that Shitcoin (STC) has a very low market cap of around $50,000.
Apart from that, shitcoin is a category, not a particular crypto. One view is that any cryptocurrency that has no immediate utility and is based purely on speculation, without regard for the fundamentals, is a shitcoin. The second is that any failed cryptocurrency project, say crypto Squid Game, falls under the shitcoin category.
All cryptos other than Bitcoin are also known as altcoins. This means that any altcoin can be a shitcoin.
What is Ggool Cryptography?
Ggool crypto was created almost a year ago as a virtual currency to reward people for using an eco-friendly toilet designed by South Korean professor Cho Jae-weon. It may sound strange, but the so-called cryptocurrency, which may not be blockchain-based, was awarded in exchange for feces, which were used to produce biogas and manure.
The setup was such that a vacuum pump would send the faeces to an underground reservoir, helping to reduce water consumption. It was said that 10 Ggool tokens were rewarded to a person who used the toilet. Now the toilet lab has reportedly been shut down by authorities and the Ggool token project has also come to an end.
Read also: What Is The Sandbox Alpha Season 3 And How Does SAND Crypto Do?
When Buffett Beat Bitcoin
Warren Buffett, who is considered one of the most influential investors of all time, said he would not take “all Bitcoin”, even for US$25. This is a big statement, which contradicts the opinions of Bitcoin- and cryptocurrency enthusiasts. That said, the price of one Bitcoin is close to US$21,500 at the time of writing, up from nearly US$47,500 as of January 1 this year.
Data provided by CoinMarketCap.com
At the end of the line
There is no conclusive definition of the term shitcoin. The most relevant is probably the one that regards these cryptos as shitcoins that have no obvious and immediate use. The Ggool token, which was linked to an eco-toilet lab, may have had at least some use, but the project is now over.
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