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: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: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
