Memecoins briefly dominated the cryptocurrency market in 2021, thanks to a sufficient amount and trying to peddle from big-name influencer marketing including Elon Musk and Mark Cuban, who helped to push coins such as DOGE to 100x gains.
As one would expect, rapid price increases in the cryptocurrency world have such a propensity to change tack just as rapidly, and several of the that used to be elevated catchphrase tokens now are starting to struggle for continued existence even as the market evolves and shareholders take a gander for real-world utilization cases.
Let’s take a closer look at the more famous meme coins of 2021 and see if they were all a trend and if there were foundational advancements that might prove valuable in the long term.
Dogecoin DOGE is the initial meme coin, and its value shot through the roof well over 20,000 percent from the drop of $0.0036 on Jan 1, 2021, to an all-peak of $0.74 on May 8.
Since then, the price has fallen including the rest of the cryptocurrency market, and it now trades at $0.135.
Even though there are no significant breakthroughs in the tends to work for DOGE, it continues to remain a most visible meme coin. This is still one of Elon Musk’s favorite Tweet topics, as well as its price had also recent times risen since Musk began to make offers to purchase Twitter and start taking it personally.
Musk’s move fueled the supposition that DOGE might be decided to add a leaving a tip monetary system on the social platform if indeed the contract falls through, resulting in a relatively short increase in price for DOGE.
There is still some speculation about what will happen to Dogecoin in the future. Dogecoin’s future is unclear, with some rumors making the rounds regarding the previous conversation to make the system evidence, and nothing tangible has indeed been announced.
One project developer will hold a workshop adventuring messaging apps inside of person-to-person procedures such as Dogecoin, implying that there is a certain inquiry into the other potential use instances for the lengthiest catchphrase network.