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

Visit the original article*

https://www.newsbtc.com/wp-content/uploads/2021/12/executium-r9dG85a7E_U-unsplash-460×306.jpg

With Dogecoin and Shiba Inu at the center, 2021 observed an incredible memecoin mania.. Both DOGE and SHIB saw rallies that were unprecedented even in the crypto world.

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

2021 had some absurd memecoin rallies, but at the center of it all was of course the battle between the two dog coins, DOGE and SHIB.

It all began when, soon after Tesla had made its purchase of Bitcoin, Elon Musk began to make frequent tweets about Dogecoin. This would become the spark for several incredible runs that the coin would have shortly after.

At the same time, the WallStreetBets community also started making deep option bets on AMC, GME, and CLOV. The rally was carried by memes, and one of the catchphrases used by users was “We Like The Stock.”

A similar thing was seen in the crypto community, where members would say “We Like The Coin” regarding Dogecoin and other memecoins.

Supported by community memes and Elon “Doge father” Musk’s tweets, the memecoin went on an absurd run. Many other new coins were inspired by it, including Shiba Inu.

Here is a chart that shows how Dogecoin performed over the course of the year 2021:

Doge’s incredible 2021 | Source: The Arcane Research Weekly Update – Week 51

SHIB (and some other memecoins) had rallies even more incredible than DOGE’s. However, following the Tesla CEO’s appearance at the Saturday Night Live where he jokingly called the coin “a hustle,” the coins had a quick market-wide crash.

Nonetheless, the market made a comeback later in the year. And in October, Shiba Inu had an out-of-the-world rally where at one point 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 below chart shows how SHIB’s price changed over the period of 2021:

SHIB’s run during 2021 | Source: The Arcane Research Weekly Update – Week 51

During the latest rally, Shiba Inu briefly entered into the top ten crypto by market cap list, and for a duration even surpassed Dogecoin on it.

However, both the coins have faltered in the past couple of months, and are now out of the top ten crypto list entirely.

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

The Arcane Research report predicts that most of the memecoins will have become obscure in 2022, only serving as a reminder of the bizarre year that was 2021.

DOGE Price

At the time of writing, Dogecoin’s price floats around 0.17043, down 18% in the past month. Here is a chart that shows the trend in the price of the coin over the last five days:

DOGE has plunged in the past couple of days | Source: DOGEUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Arcane Research