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Shitcoins Doing Better Than Snap, Says Crypto Analyst: Social Media Stock Down 90% From Sept 2021

Published 21/10/2022, 08:48
Shitcoins Doing Better Than Snap, Says Crypto Analyst: Social Media Stock Down 90% From Sept 2021
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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 (NASDAQ: NYSE: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 (CRYPTO:TAMA) rose 22.7% since Oct. 2021, when it was launched. Dogelon Marks (CRYPTO: ELON) 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.

See More: BEST COINS FOR STAKING CRYPTO

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

Peers such as Pinterest (NASDAQ: NYSE:PINS) and Meta Platforms (NASDAQ: 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

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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