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 positive factors.
As one ought to count on, in the crypto market, quickly rising costs generally tend to reverse course simply as quick and lots of the previously high-flying meme tokens now discover themselves struggling for survival because the market matures and traders search for real-world use circumstances.
Let’s check out a few of the hottest memecoins of 2021 to see whether or not they have been only a flash in the pan or if there are basic developments that will show fruitful in the long-term.
Dogecoin
DOGE is the unique memecoin and it helped kick off the rally of ‘21 after its price skyrocketed more than 20,000% from a low of $0.0036 on January 1, 2021 to an all-time high of $0.74 on May 8.
Since that time, the price has deflated along with the wider crypto market and currently trades at a $0.135.
Out of all the memecoins, DOGE continues to be the most high profile of the pack despite not having any major developments in the works. It remains one of Elon Musk’s favourite Twitter subjects and its value noticed a notable bump lately when Musk began making provides to purchase Twitter and take it personal.
The transfer by Musk led to hypothesis that DOGE may very well be added as a tipping foreign money on the social media platform if the deal finally goes by, which led to a quick pump in the value of DOGE.
Details 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 will probably be holding a workshop exploring messaging companies 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.
Shiba Inu
While Dogecoin receives loads of the large influencer consideration, Shiba Inu (SHIB) had one of many greatest 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 value of SHIB at the moment trades at $0.000024, a decline of 73% from its all-time excessive, and the token commonly 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 in the crypto market has all however erased these positive factors.
On the event entrance, the crew at Shiba Inu is at the moment 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 throughout the ecosystem.
The roadmap for the challenge additionally factors to the continued improvement of Shibarium, a layer-two scaling answer being designed particularly for Shiba Inu that may assist the protocol escape the excessive charges of transacting on the Ethereum (ETH) community.
Related: AMC Theatres cell app accepts Dogecoin, Shiba Inu and extra
SafeMoon
SafeMoon (SFM) additionally launched early-on in the meme coin hype cycle and set out to reward loyal traders and discourage speculators by the creation of an automated 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, nevertheless it has been on a downtrend since then.
At the start of 2022, the Safemoon protocol upgraded to v2, which included a token revaluation that decreased the availability by an element of 1,000.
Since the migration to v2, the value of SFM has continued to development decrease and at the moment trades at $0.00068 in accordance to information from CoinGecko.
On the event entrance, Safemoon introduced that it might be launching the Safemoon Card for group members and this might enable them to use their SFM in addition to different cryptocurrencies to make day by day purchases. The ready listing for the cardboard opened on April 8.
Other developments embody the discharge of a brand new model of the Safemoon pockets, the launch of Live Crypto Party, a “party-to-earn” metaverse platform that rewards customers in cryptocurrency and NFTs for having enjoyable on-line and offline.
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