As shown on Google Trends, in recent days Google searches for the term shitcoin have reached their annual peak, undergoing substantial growth.
The reason for this would be a recent speech by Member of Parliament Warren Davidson, during which he mentioned the term shitcoin several times.
In fact, during some questions addressed to Meltem Demirors of Coinshares, who was testifying, the deputy asked to illustrate some of the benefits of the immutable ledger of bitcoin and the advantages of decentralisation vs centralisation.
Davidson would have expressly said:
“You know, a lot of people in this space will use the phrase… I think you may be familiar with: there’s bitcoin and then there’s shitcoin. Are you familiar with that phrase and what people might mean by that?”
The following questions explained some of the reasons why many of the other cryptocurrencies created after bitcoin are called shitcoins. Libra, the Facebook cryptocurrency, has also been mentioned, apparently called shitcoin because it is controlled by a central authority.
Shitcoin on Google Trends
The term shitcoin has always been used to group all those cryptocurrencies secondary to bitcoin, particularly for the most unusual and lesser-known projects on the market.
It was only from 2013 onwards, in fact, that the term altcoin began to be used to refer to cryptocurrencies that were an alternative to bitcoin. Until then, due to the presence of a very small number of altcoins, the term shitcoin was often abused to define everything that was not bitcoin.
Analysing the search history for the term shitcoin, it is possible to notice that the ATH peak was reached during 2017, precisely in conjunction with the ICO explosion, which occurred between 2017 and 2018.
Naturally, the search volumes compared with those for bitcoin are a meagre fraction, but nevertheless remarkable for such a specific term and known only to those who have been in the cryptocurrency space for a considerable period of time.