First, before diving into the article, we would like to clarify that the term “shitcoin” is an expression used in the world of cryptocurrencies to describe digital currencies that are seen as worthless, weak in terms of fundamentals, or useless in the long term, while being overly promoted without any clear benefit.
Recently, US President Donald Trump’s announcement of the establishment of the “US Cryptocurrency Reserve” sparked widespread controversy within the industry, as not everyone was satisfied with the digital currencies that were announced to be included.
Although Bitcoin and Ethereum were on the list, the inclusion of XRP, SOL, and ADA sparked a wave of criticism from industry officials and analysts.
Brian Armstrong, CEO of Coinbase, expressed his interest in the idea, but questioned the selection criteria, indicating that Bitcoin may be the best option as it is the simplest and clearest as a successor to gold.
For his part, Raoul Pal, founder of Real Vision, supported the idea of choosing currencies according to the market index, so that the decision remains neutral and the market decides what is best.
Bitcoin dominance declines:
The announcement led to significant jumps in the prices of listed cryptocurrencies, causing Bitcoin’s market dominance to decline.
Its dominance percentage fell to about 60% on Sunday, after reaching a four-year high of 64% earlier in the month, according to TradingView data.
But despite this momentum, the implementation of the US crypto reserve still depends on a vote in Congress, meaning the plan is far from becoming a reality at the moment.
