Monday, May 16, 2022

Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More

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With Dogecoin and Shiba Inu on the heart, 2021 noticed an unimaginable memecoin mania.. Both DOGE and SHIB noticed rallies that had been unprecedented even within the crypto world.

Dogecoin Vs Shiba Inu: The Stage Of The 2021 Memecoin Mania

2021 had some absurd memecoin rallies, however on the heart of all of it was in fact the battle between the 2 canine cash, DOGE and SHIB.

It all started when, quickly after Tesla had made its buy of Bitcoin, Elon Musk started to make frequent tweets about Dogecoin. This would develop into the spark for a number of unimaginable runs that the coin would have shortly after.

At the identical time, the WallStreetBets group additionally began making deep choice bets on AMC, GME, and CLOV. The rally was carried by memes, and one of many catchphrases utilized by customers was “We Like The Stock.”

The same factor was seen within the crypto group, the place members would say “We Like The Coin” relating to Dogecoin and different memecoins.

Supported by group memes and Elon “Doge father” Musk’s tweets, the memecoin went on an absurd run. Many different new cash had been impressed by it, together with Shiba Inu.

Here is a chart that exhibits how Dogecoin carried out over the course of the 12 months 2021:

Doge's unimaginable 2021 | Source: The Arcane Research Weekly Update - Week 51

SHIB (and another memecoins) had rallies much more unimaginable than DOGE’s. However, following the Tesla CEO’s look on the Saturday Night Live the place he jokingly referred to as the coin “a hustle,” the cash had a fast market-wide crash.

Nonetheless, the market made a comeback later within the 12 months. And in October, Shiba Inu had an out-of-the-world rally the place at one level the memecoin was 1000% up over the span of 30 days.

Related Reading | Bitcoin Bearish Signal: Trend Is Again Shifting From Outflows To Inflows

The beneath chart exhibits how SHIB’s worth modified over the interval of 2021:

Shiba Inu

SHIB's run throughout 2021 | Source: The Arcane Research Weekly Update - Week 51

During the most recent rally, Shiba Inu briefly entered into the highest ten crypto by market cap checklist, and for a period even surpassed Dogecoin on it.

However, each the cash have faltered up to now couple of months, and are actually out of the highest ten crypto checklist completely.

Related Reading | Why Bitcoin Will Never Surpass The Market Cap Of Gold

The Arcane Research report predicts that a lot of the memecoins could have develop into obscure in 2022, solely serving as a reminder of the weird 12 months that was 2021.

DOGE Price

At the time of writing, Dogecoin’s worth floats round 0.17043, down 18% up to now month. Here is a chart that exhibits the development within the worth of the coin during the last 5 days:

DOGE Price

DOGE has plunged up to now couple of days | Source: DOGEUSD on TradingView
Featured picture from, charts from, Arcane Research

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