I suspect that big corporations and big investment firms are pumping a lot of money into the cryptocurrency space to prevent innovation and to encourage scams in order to discredit the space. They want to buy it up, hype it up, then dump their bags on mom-and-pop investors while attempting a controlled demolition of the space.
This might sound far-fetched to outsiders, but not so far-fetched to those who have worked inside the industry and seen the waste. I've seen obvious shitcoins repeatedly succeed while legitimate tokens never get any attention. In this industry, you can feel the unlimited currency coming straight off the money printers. It's just like Wall Street Bets in reverse except it's worth over a $ trillion and they're going after regular people instead of big hedge funds.
You decide for yourself, but generally shitcoins are regarded as forks without any technical innovation who are not credibly trying to solve any problem or try out a new idea - just make money. They're often meme-themed (though not always, and there are many legitimate projects that are meme-themed).
I've met founders who launched shitcoins which raised a lot of money who acknowledged with no sense of irony that their own token was a shitcoin.
But in general, a shitcoin is a poorly designed project (or just a clone of an existing project) where the founder sells a lot of their tokens and quits immediately after the initial ITO/ICO sale.
This might sound far-fetched to outsiders, but not so far-fetched to those who have worked inside the industry and seen the waste. I've seen obvious shitcoins repeatedly succeed while legitimate tokens never get any attention. In this industry, you can feel the unlimited currency coming straight off the money printers. It's just like Wall Street Bets in reverse except it's worth over a $ trillion and they're going after regular people instead of big hedge funds.