Memecoins were all the rage for some time as they took the cryptocurrency market by storm in 2021. This was caused due to steady attention and constant shilling from the biggest influencers like Mark Cuban and Elon Musk. In fact, one could see their impact- as they helped propel crypto coins like Dogecoin to 100x gains. As one should ideally expect, rapidly increasing prices in the crypto market have a massive tendency of reversing course just as fast- with many of the formerly high-flying meme tokens now struggling for survival.
Memecoins Ruled 2021- Where Are They Now?
One of the memecoins which was all the rage the previous year was the Dogecoin. This cryptocurrency did help kick off the rally of 2021 after its price increased by around 20,000% from a low of $0.0036 on the 1st of January, 2021 to an all-time high of $0.74 on the 8th of May. Since that glorious period of time, the price of this cryptocurrency has been steadily deflating along with the wider market of crypto and has been currently trading at $0.135. Even now, DOGE has been the most high profile of all meme cryptocurrencies despite not going through any major developments in the works.
One of the biggest turnovers that the pack of memecoins saw was Shiba Inu. Although Dogecoin received the most attention from the influencers, Shiba Inu had the biggest impact on the meme cryptocurrency scene in 2021. This took place, especially after its price went up by around 5.7 billion% from its low in October 2020.
One of the lesser-known memecoins which received some much-deserved attention was SafeMoon. This was launched early on in the meme coin hype cycle and then went out to reward all of its loyal investors with the creation of an automatic liquidity pool. The project was originally launched on the 8th of March, 2021, with its price climbing rapidly from a sum of $0.00000006 to an all-time high of $0.00001399 on the 20th of April, 2021.
