The War On Shitcoins Episode 2: Dentacoin (DCN). The war on shitcoins is a Crypto.IQ series that targets and shoots down cryptocurrencies that are not worth investing in either due to their being scams, having serious design flaws, being centralized, or in general just being worthless copies of other cryptocurrencies. There are thousands of shitcoins that are ruining the markets, and Crypto.IQ intends to expose all of them. The crypto space needs an exorcism, and we are happy to provide it.
Dentacoin (DCN) is branded as the global blockchain solution for the dental industry. Automatically, this should be put in the pile of things that do not need a blockchain solution. If any particular dentist liked cryptocurrency enough, they should just accept Bitcoin. Dentacoin has a highly centralized supply, with 327 billion DCN in circulation, while the Dentacoin Foundation holds 1.637 trillion DCN and can print up to 8 trillion DCN total. They might as well admit that DCN has an infinite supply, allowing the Dentacoin Foundation to suck money out of the DCN market at will, similar to the way dentists suck blood out of your gums after hitting you with a drill. This makes the DCN market completely centralized, so it makes no sense that DCN is ranked 103rd on CoinMarketCap with a market cap of $29 million.
Shockingly, DCN hit a market cap of over $2 billion when the ICO craze peaked in January 2019. This shows how naive the crypto space got and how fake the ICO rally was. Dentacoin is nothing but an ERC-20 token and has absolutely no unique characteristics besides the brand of dentists being slapped onto it. DCN’s price has since then followed a half-life curve similar to radioactive waste and is declining week over week. The total decline since DCN peaked in January is 98.5 percent, undoubtedly due in large part to DCN sucking the lifeblood out of the market with constant dumping.
One excellent example of the Dentacoin Foundation dumping for profit is when they purchased a $92 million dental clinic in London for 31.5 billion DCN. This was branded as the equivalent of the Bitcoin pizza since it was the first time DCN was used to buy something. But it is more comparable to if Satoshi Nakamoto dumped all of his Bitcoins in 2010 and destroyed the market before it ever had a chance. Disturbingly, this information was not made public until October 2017, when DCN had already been publicly trading for over a month.
One of the missions of Dentacoin is to be used as a form of payment for dental work. Realistically, if someone paid for a couple of root canals, corresponding caps, and a few cavities, which are standard dental conditions at this point in history since dentists are so unaffordable, the order books on the biggest DCN exchange would be saturated, and the price would plummet. Currently, the biggest DCN trading pair in the world has $13,000 of daily volume. Further, HitBTC is the only exchange in the world that can provide the liquidity to use DCN for any form of dental work. The other exchanges have such low volume that their order books would get rekt by a single cavity.
Dentacoin is among numerous ICOs that were hyped up when everything was rallying and blissful in the crypto space, but now, it is clear that DCN is truly valueless due to its centralization and lack of unique capabilities. Despite this, there are about 2,000 cryptocurrencies ranked lower than DCN on CoinMarketCap.