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 anticipate, 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 instances.
Let’s check out a few 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.
Dogecoin
DOGE is the unique memecoin and it helped kick off the rally of ‘21 after its value skyrocketed greater than 20,000% from a low of $0.0036 on January 1, 2021 to an all-time excessive of $0.74 on Could 8.
Since that point, the worth 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 among Elon Musk’s favourite Twitter matters and its value noticed a notable bump not too long ago when Musk began making provides to purchase Twitter and take it non-public.
The transfer by Musk led to hypothesis that DOGE could possibly be added as a tipping forex on the social media platform if the deal finally goes by, which led to a short pump within the value 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 challenge can be holding a workshop exploring messaging companies inside person-to-person protocols like Dogecoin, indicating that there’s some exploration into different attainable use instances for the longest-running meme-themed community.
Shiba Inu
Whereas Dogecoin receives quite a lot of the large influencer consideration, Shiba Inu (SHIB) had one of many largest impacts on the meme scene in 2021 after its value elevated greater than 5,799,999,900% from its low in October 2020 and helped one savvy dealer flip a $3,400 wager right into a $1.5 billion payday.
The worth of SHIB presently trades at $0.000024, a decline of 73% from its all-time excessive, and the token frequently sees a day by day buying and selling quantity in extra of $500 million.
SHIB holders skilled a slight bump in value 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 group at Shiba Inu is presently focusing its efforts on increasing the Metaverse capabilities of SHIB by the launch of a land bid occasion that gives members of the Shiba Inu group the chance to purchase digital land inside the ecosystem.
The roadmap for the challenge 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.
Associated: AMC Theatres cellular app accepts Dogecoin, Shiba Inu and extra
SafeMoon
SafeMoon (SFM) additionally launched early-on within the meme coin hype cycle and got down to reward loyal buyers and discourage speculators by the creation of an computerized liquidity pool.
The challenge initially launched on March 8 and its value quickly climbed from sub $0.00000006 to an all-time excessive of $0.00001399 on April 20, 2021, but it surely has been on a downtrend since then.
Initially of 2022, the Safemoon protocol upgraded to v2, which included a token revaluation that decreased the availability by an element of 1,000.
Because the migration to v2, the worth of SFM has continued to development decrease and presently trades at $0.00068 in response to knowledge from CoinGecko.
On the event entrance, Safemoon introduced that it might be launching the Safemoon Card for group members and this is able to enable them to make use of their SFM in addition to different cryptocurrencies to make day by day purchases. The ready listing for the cardboard opened on April 8.
Different developments embody the discharge of a brand new model of the Safemoon pockets, the launch of Reside Crypto Social gathering, a “party-to-earn” metaverse platform that rewards customers in cryptocurrency and NFTs for having enjoyable on-line and offline.
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