Shiba inu and Dogecoin at the centre, 2021 witnessed an amazing memecoin mania. SHIB, DOGE, and SHIB witnessed rallies unprecedented in crypto-world.
Dogecoin vs Shiba Inu – The Stage Of 2021 Memecoin Mania
There were some ridiculous memecoin rallies in 2021, but the heart of the whole was the fight between DOGE AND SHIB, the dog coins.
This all started when Elon Musk, shortly after Tesla bought Bitcoin, began tweeting frequently about Dogecoin. It would be the catalyst for many incredible runs the coin would experience in the following months.
WallStreetBets began placing deep option bets in GME, AMC, and CLOV at the same time. 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. The memecoin inspired numerous other coins including Shiba Inu.
This chart shows the performance of Dogecoin over the period 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.
The market did make a rebound later in the year. Shiba inu also had an unprecedented rally, with the memcoin up 1000% for 30 consecutive days.
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The below chart shows how SHIB’s price changed over the period of 2021:
SHIBs will run in 2021| Source: The Arcane Research Weekly Update - Week 51
Shiba Inu temporarily climbed into the top 10 cryptos according to market capital, surpassing Dogecoin in that position for a short time during the rally.
The coins, however, have been unable to perform in recent months and have now fallen out of the top ten cryptocurrency lists.
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Arcane Research predicts most memecoins will be obscured by 2022. It is only a reminder that 2021 was a bizarre year.
At the time of writing, Dogecoin’s price floats around 0.17043, down 18% in the past month. Below is a chart showing the trends in Dogecoin’s price over the past five days.
DOGE plunged over the last few days. Source: DOGEUSD at TradingView| Source: DOGEUSD on TradingView
Unsplash.com featured image, Charts from TradingView.com and Arcane Research charts