It is true that we live in a world of controversies and rash investments. Speaking of controversies we can never pass the topic without mentioning Shitcoins. Moreover, Shitcoins represent a huge slice of the crypto community that is filled to the brim with controversy and, dare I say, red flags. The concept of shitcoins immediately raises questions about its legitness and whether to actually invest in it. We witnessed many shitcoins perform rug pulls and run away with the investor’s money. Yet, we can’t deny the effect shitcoins have on the market like the $PEPE coin. So, here is a guide to the Shitcoins terms and lingo used in the community.
What Are Shitcoins?
Technically speaking the term Shitcoins is a slang term used in the cryptocurrency community to refer to a Cryptocurrency or a token. The token is considered to have little to no value or potential. In addition, it is often used to describe coins that are perceived as scams, pump-and-dump schemes, or lacking in genuine utility or innovation.
Shitcoins Terms and Lingo
Like everything else in the crypto world, Shitcoins have their own terms and lingo. The terms are usually normal words but hold a different meaning in the world of shitcoins and for its users. Now, you may be familiar with some words as they hold the same meaning in the NFT world as well. But, there are many which are specific for Shitcoins. Let’s dig in.
Bots/Botted:
The term “bots” or “botted” refers to the use of automated software or algorithms to manipulate various aspects of the token, such as trading volume, price, or social media activity.
Blacklisting:
Blacklisting refers to the practice of identifying and flagging certain tokens or addresses due to their involvement in scams, fraudulent activities, or suspicious behavior. If you’re “blacklisted” the dev makes it so your wallet specifically cant sell the tokens you bought. It’s a contract function devs call to exclude a defined address from the token transfer (transfer is needed to sell).
Buy Contests:
The term “buy contests” typically refers to promotional activities where participants are incentivized to buy or hold a particular cryptocurrency for a chance to win prizes or rewards. These contests are often organized by the creators or promoters of the “shitcoin” to generate hype, increase trading volume, and attract new investors.
Clogged:
When a ‘router is clogged’ it refers to when a token sometimes gets stuck and people can’t sell for a period of time. Often, when it gets ‘unclogged’, you can see a huge dump as people’s sale transactions finally process.
Copper Launch:
Or ‘Copper’ refers to a token/shitcoin presale. Some tokens will have a presale/launch through a platform called Copperlaunch. These are often scams too but have been the source of a few very large tokens that got startup funding through there.
Calls/Callers:
It refers to Telegram callers are people who have public or private Telegram channels and promote new tokens. Almost all callers are paid, have bought bags of the tokens, and are not unbiased.
CT:
Crypto Twitter. Refers to the group of callers/influencers for the shitcoin/token space that hypes coins up. A lot of the space runs just on hype and marketing through these callers and influencers.
CEX:
Centralized exchanges like Binance, Coinbase, Kucoin, etc.
Deployer:
The creator of the contract is known as the person who deploys it. AKA deployer.
“Dirty” or “clean” deployer:
When a deployer is dirty, it means the transactions in their wallet are not ‘clean’ (or solely related to the creation of the token in question). They may have incoming transactions from random wallets, have launched other tokens, etc. Huge red flag.
DEX:
Decentralized exchanges like 1inch, Uniswap, PancakeSwap, etc.
Honeypot:
A token that allows you to buy, but doesn’t allow you to sell is a honeypot. Your money is stuck in honey.
Insider:
A coin or person who has ‘insider’ information about a good coin and buys early. “Insider” coins often will be honeypots or have super high sell tax at launch to dissuade most buyers from the loop.
Liquidity Pool (lp):
Liquidity Pools are the trading pools for a token. They have both ETH (or USDC, BNB, DOGE, etc) and the token/shitcoin you are buying. Initial liquidity is provided by the contract deployer. An LP has to exist for a token, so you can switch between ETH and what you are buying.
Liquidity Pulled:
Refers to a situation where a significant amount of liquidity (usually in the form of funds or tokens) is removed from a specific cryptocurrency or trading pair. This withdrawal of liquidity can have various consequences for the market and investors.
Locked:
When liquidity is “locked’ it means that the deployer has either sent the tokens for the LP to a burn address (so they can’t rug/remove LP). Or they use an external token/liquidity locking service to lock up the LP for a specific amount of time.
Larp:
Live Action Role Play – As it relates to shitcoins, a Larp is a token whose value is derived from potential connections to other tokens/developers. Moreover, Larps can pump hard, and not always fade.
MC:
Market cap of a token. Due to its price, the supply token is multiplied.
Rug:
Rugs are tokens that are scams/malicious or abandoned. They can prevent you from selling, remove the trading pair, etc.
Renounced:
When a contract is ‘renounced’ it means that the deployer/creator can no longer alter the parameters of the contract. They can not change the taxes to make it take 99% of your sale and rug you, or change the contract in other malicious ways.
Slippage:
In Shitcoins Slippage refers to the difference between the expected price of a trade and the actual executed price. It is a common phenomenon in trading, including within the cryptocurrency market.
Sandwich or Sandwich Bot:
Refers to a specific trading strategy or tactic employed by some individuals or automated trading bots. They take advantage of low-tax tokens, and people buying/selling them with high slippage.
Smell Test:
Is used metaphorically to refer to a basic evaluation or assessment to determine if something seems legitimate or trustworthy. Additionally, it is a way to gauge the credibility or potential risks associated with a particular Cryptocurrency project.
Token Drainer:
When a shitcoins dev can “drain” the qty of only that token you purchased from your wallet.
Verified:
When a contract is ‘verified’ it means that it can be read on Etherscan, and the contents of it can be examined for safety. An unverified contract could have functions that rug you 100 different ways. So having a contract be ‘verified’ is crucial for knowing it’s safe to buy.
Terms For Understanding Token Alerts
When we talk about Token Alerts we mean the literal alerts set up by the investors or traders to monitor specific tokens or Cryptocurrencies. Various platforms or tools create alerts to inform users about price movements, trading volume, news updates, or other relevant information in relation to a particular token. This process also has specific terms related to it. Let’s dig in.
Buys/Sells:
Refers to the number of swaps that bought or sold the token in the last 24 hours. One transaction may have multiple swaps. Moreover, this number is counted in the exact same way that DexScreener counts buys & sells.
Created:
The creation time of the primary token contract.
Contracts:
Refers to the deployed contracts by either the deployer of the primary token or the funding sources (excluding exchanges). The contracts contain a name field from the ERC-20 interface function, so not every contract will have a name. If a contract has a name then it’s possible that it is an ERC-20 token.
Contract Links:
Refers to links or URLs that provide access to the smart contract associated with a particular token or Cryptocurrency project. These links allow users to view the code and details of the smart contract deployed on a blockchain platform.
Dead Addresses:
Refers to Cryptocurrency wallet addresses that are inactive or no longer associated with any active transactions or balances. Subsequently, the tokens or cryptocurrencies in these addresses are often abandoned or have been untouched for a significant period.
Deployer:
Typically refers to the individual or entity responsible for deploying or creating the smart contract associated with a particular token or Cryptocurrency project.
Description:
Refers to the information or details provided about a particular token or Cryptocurrency project. Therefore, it is a summary or explanation of the project’s purpose, features, technology, team, and other relevant aspects.
Externally Owned Accounts (EQA):
Any account that is not a smart contract. These will display the ENS name if you link the account to one. EOA will also contain the ETH balance of the account.
Funding Sources:
Generally refers to the means by which a Cryptocurrency project or token obtains financial resources or capital. So, these sources can vary depending on the specific project and its funding strategy.
Liquidity:
Refers to the amount of liquidity the pair has. At the time of writing: Under $1,000 is red, under $3,000 is yellow, and anything over that is green.
Links:
Refers to the useful links for the pair.
Marketcap:
Refers to the current market capitalization of the pair.
Max Wallet & Max Transactions:
Refers to specific limitations or restrictions on the size of wallets or the number of transactions that can be conducted for a particular token or Cryptocurrency. The “max wallet” restriction specifies the maximum number of tokens that are in a single wallet address. While, the “max transactions” limitation determines the maximum number of transactions that are in execution within a specific timeframe, usually within a certain block or time interval.
Owner:
Refers to the individual or entity that has control or ownership over the smart contract and/or the initial supply of the token.
Primary Token:
People use this term to describe the main token in the pair. A pair consists of two tokens, a primary token and paired against token – or the “other” token. The other token is always a well-known token such as WETH, USDC, USDT, and DAI.
Pair:
A pair consists of two tokens, a primary token and the paired against token – or the “other” token.
Renounced:
Has 3 states: True, False, and Not Ownable. True means that the contract inherits the Ownable contract and that it has called the renounce ownership function. False, means the contract inherits the Ownable contract and has not called the renounce ownership function. Therefore, Not Ownable means that the contract does not inherit from the Ownable contract.
Smart Contracts:
Refers to self-executing contracts with the terms of the agreement directly written into code. These contracts are in application on a Blockchain platform, such as Ethereum, and automatically execute actions that are predefined when certain conditions are met.
Taxes:
Refers to the potential tax obligations and responsibilities that individuals or entities may have in relation to these Cryptocurrencies. Moreover, this includes the reporting and payment of taxes on any income or gains derived from the ownership, sale, or use of such Cryptocurrencies.
Unlock:
Typically refers to the release or availability of tokens that were previously subject to a lock-up period or vesting schedule.
Verified:
Can be true or false. When true verified means that the contract has been verified with Etherscan. And that anybody is able to view the source code of the contract.