Shitcoins Doing Better Than Snap, Says Crypto Analyst: Social Media Stock Down 90% From Sept 2021 - Bitcoin (BTC/USD), Snap (NYSE:SNAP)


A pseudonymous crypto analyst who goes by the username ‘Pentoshi’ on Twitter was quick to point out that shitcoins are doing far better than Snap Inc SNAP. This comes a  day after Snap reported its third-quarter financial results, and its stock tumbled 25%.

What Happened: Pentoshi told his 635,000 followers on Twitter that “shitcoins are doing better” than Snap.

According to Benzinga Pro, Snap’s stock plunged 90% from its record-high close in September 2021. However, shitcoins like Tamadoge TAMA/USD rose 22.7% since Oct. 2021, when it was launched. Dogelon Marks ELON/USD increased by 244.571%, since Sep. 2021. 

Shitcoins are viewed as having no identifiable purpose or value and they often don’t fall into a specific category. These coins often have little or no market value. 


The cryptocurrency market is overall bearish, with Bitcoin BTC/USD trading at $19,066.20, down 0.32% in the last 24 hours. At the time of writing, Ethereum ETH/USD is trading at $1,289.22, down 0.16% in the last 24 hours, as per CoinMarketCap.

Peers such as Pinterest PINS and Meta Platforms META are also trading sharply lower Thursday in the after-hours trading session.

Price Action: SNAP shares are down 25% to $8.10 in after-hours trading Thursday, according to data from Benzinga Pro

Read Next: As Bitcoin Holds $19K Fort, ‘Short’ Altcoin Season Arrives: Ethereum (ETH), Cardano (ADA) Plunge Further


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