Memecoins eye major revamps in an effort to return to their former glory

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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 count on, within 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 instances.

Let’s check out a number of the hottest memecoins of 2021 to see whether or not they have 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 worth skyrocketed greater than 20,000% from a low of $0.0036 on January 1, 2021 to an all-time excessive of $0.74 on Might 8.

Memecoins eye major revamps in an effort to return to their former glory
DOGE/USDT 1-day chart. Supply: TradingView

Since that point, the worth has deflated together with the broader crypto market and at the moment trades at a $0.135.

Out of all of the memecoins, DOGE continues to be probably the most excessive profile of the pack regardless of not having any main developments within the works. It stays one in all Elon Musk’s favourite Twitter matters and its worth noticed a notable bump lately when Musk began making gives to purchase Twitter and take it non-public.

The transfer by Musk led to hypothesis that DOGE could possibly be added as a tipping foreign money on the social media platform if the deal finally goes by way of, which led to a short pump within the worth 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 mission shall be holding a workshop exploring messaging providers inside person-to-person protocols like Dogecoin, indicating that there’s some exploration into different potential use instances for the longest-running meme-themed community.

Shiba Inu

Whereas Dogecoin receives a whole lot of the massive influencer consideration, Shiba Inu (SHIB) had one of many largest impacts on the meme scene in 2021 after its worth elevated greater than 5,799,999,900% from its low in October 2020 and helped one savvy dealer flip a $3,400 bet into a $1.5 billion payday.

Memecoins eye major revamps in an effort to return to their former glory
SHIB/USDT 1-day chart. Supply: CoinGecko

The value of SHIB at the moment trades at $0.000024, a decline of 73% from its all-time excessive, and the token usually sees a each day buying and selling quantity in extra of $500 million.

SHIB holders skilled a slight bump in worth on April 12 when the token was listed on the popular trading app Robinhood, however the continued weak point within the crypto market has all however erased these features. 

On the event entrance, the workforce at Shiba Inu is at the moment focusing its efforts on increasing the Metaverse capabilities of SHIB by way of the launch of a land bid occasion that provides members of the Shiba Inu group the chance to purchase digital land inside the ecosystem. 

The roadmap for the mission additionally factors to the continuing growth of Shibarium, a layer-two scaling answer being designed particularly for Shiba Inu that can assist the protocol escape the excessive charges of transacting on the Ethereum (ETH) community.

Associated: AMC Theatres mobile app accepts Dogecoin, Shiba Inu and more

SafeMoon

SafeMoon (SFM) additionally launched early-on within the meme coin hype cycle and got down to reward loyal traders and discourage speculators by way of the creation of an computerized liquidity pool.

The mission initially launched on March 8 and its worth 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.

Originally of 2022, the Safemoon protocol upgraded to v2, which included a token revaluation that decreased the availability by an element of 1,000.

Memecoins eye major revamps in an effort to return to their former glory
SFM/USDT 1-day chart. Supply: CoinGecko

For the reason that migration to v2, the worth of SFM has continued to development decrease and at the moment trades at $0.00068 in keeping with knowledge from CoinGecko.

On the event entrance, Safemoon introduced that it might be launching the Safemoon Card for group members and this may enable them to make use of their SFM in addition to different cryptocurrencies to make each day purchases. The ready record for the cardboard opened on April 8.

Different developments embody the discharge of a brand new model of the Safemoon pockets, the launch of Stay Crypto Get together, a “party-to-earn” metaverse platform that rewards customers in cryptocurrency and NFTs for having enjoyable on-line and offline.

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you must conduct your individual analysis when making a choice.