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

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 good points. 

As one ought to anticipate, 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 buyers 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 which will show fruitful within the long-term.

Dogecoin

DOGE is the unique memecoin and it helped kick off the rally of ‘21 after its price skyrocketed more than 20,000% from a low of $0.0036 on January 1, 2021 to an all-time high of $0.74 on May 8.

Since that time, the price has deflated along with the wider crypto market and currently trades at a $0.135.

Out of all the memecoins, DOGE continues to be the most high profile of the pack despite not having any major developments in the works. It remains one of Elon Musk’s favourite Twitter matters and its value noticed a notable bump lately when Musk began making provides to purchase Twitter and take it non-public.

The transfer by Musk led to hypothesis that DOGE may very well be added as a tipping foreign money on the social media platform if the deal ultimately goes by way of, which led to a short pump within the value of DOGE.

Details 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 challenge will probably be holding a workshop exploring messaging companies inside person-to-person protocols like Dogecoin, indicating that there’s some exploration into different attainable use instances for the longest-running meme-themed community.

Shiba Inu

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

The value of SHIB at present trades at $0.000024, a decline of 73% from its all-time excessive, and the token commonly sees a every day trading quantity in extra of $500 million.

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

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

The roadmap for the challenge additionally factors to the continuing improvement 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.

Related: 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 buyers and discourage speculators by way of the creation of an automated liquidity pool.

The challenge initially launched on March 8 and its value 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.

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

Since the migration to v2, the value of SFM has continued to pattern decrease and at present trades at $0.00068 in response to information from CoinGecko.

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

Other developments embody the discharge of a brand new model of the Safemoon wallet, the launch of Live Crypto Party, a “party-to-earn” metaverse platform that rewards customers in cryptocurrency and NFTs for having enjoyable on-line and offline.

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