Memecoins briefly took the cryptocurrency market by storm in 2021 after regular consideration and shilling from big-name influencers like Elon Musk and Mark Cuban helped propel cash like Dogecoin (DOGE) to 100x features.
As one ought to count on, within the crypto market, quickly rising costs generally tend to reverse course simply as quick and most of the previously high-flying meme tokens now discover themselves struggling for survival because the market matures and buyers search for real-world use circumstances.
Let’s check out a number of the hottest memecoins of 2021 to see whether or not they had been only a flash within the pan or if there are basic developments that will show fruitful within the long-term.
DOGE is the unique memecoin and it helped kick off the rally of ‘21 after its worth skyrocketed greater than 20,000% from a low of $0.0036 on January 1, 2021 to an all-time excessive of $0.74 on Might 8.
Since that point, the value has deflated together with the broader crypto market and presently trades at a $0.135.
Out of all of the memecoins, DOGE continues to be essentially the most excessive profile of the pack regardless of not having any main developments within the works. It stays one in every of Elon Musk’s favourite Twitter subjects and its worth noticed a notable bump just lately when Musk began making provides to purchase Twitter and take it non-public.
The transfer by Musk led to hypothesis that DOGE may very well be added as a tipping forex on the social media platform if the deal ultimately goes by way of, which led to a quick pump within the worth of DOGE.
Particulars about what comes subsequent for Dogecoin are sparse with some chatter nonetheless circulating about earlier discussions to make the community proof-of-stake, however nothing concrete has been introduced.
One developer for the undertaking can be holding a workshop exploring messaging providers inside person-to-person protocols like Dogecoin, indicating that there’s some exploration into different doable use circumstances for the longest-running meme-themed community.
Whereas Dogecoin receives lots of the massive influencer consideration, Shiba Inu (SHIB) had one of many greatest impacts on the meme scene in 2021 after its worth elevated greater than 5,799,999,900% from its low in October 2020 and helped one savvy dealer flip a $3,400 guess right into a $1.5 billion payday.
The value of SHIB presently trades at $0.000024, a decline of 73% from its all-time excessive, and the token often sees a every day buying and selling quantity in extra of $500 million.
SHIB holders skilled a slight bump in worth on April 12 when the token was listed on the favored buying and selling app Robinhood, however the continued weak spot within the crypto market has all however erased these features.
On the event entrance, the staff at Shiba Inu is presently focusing its efforts on increasing the Metaverse capabilities of SHIB by way of the launch of a land bid occasion that gives members of the Shiba Inu neighborhood the chance to purchase digital land inside the ecosystem.
The roadmap for the undertaking additionally factors to the continued improvement of Shibarium, a layer-two scaling resolution being designed particularly for Shiba Inu that may assist the protocol escape the excessive charges of transacting on the Ethereum (ETH) community.
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SafeMoon (SFM) additionally launched early-on within the meme coin hype cycle and got down to reward loyal buyers and discourage speculators by way of the creation of an computerized liquidity pool.
The undertaking initially launched on March 8 and its worth quickly climbed from sub $0.00000006 to an all-time excessive of $0.00001399 on April 20, 2021, nevertheless it has been on a downtrend since then.
In the beginning of 2022, the Safemoon protocol upgraded to v2, which included a token revaluation that decreased the availability by an element of 1,000.
For the reason that migration to v2, the value of SFM has continued to development decrease and presently trades at $0.00068 in line with information from CoinGecko.
On the event entrance, Safemoon introduced that it could be launching the Safemoon Card for neighborhood members and this may enable them to make use of their SFM in addition to different cryptocurrencies to make every day purchases. The ready record for the cardboard opened on April 8.
Different developments embody the discharge of a brand new model of the Safemoon pockets, the launch of Dwell Crypto Occasion, a “party-to-earn” metaverse platform that rewards customers in cryptocurrency and NFTs for having enjoyable on-line and offline.
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