Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More

Keshav Verma

1 year ago

3 mins read

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With Dogecoin and Shiba Inu at the center, 2021 observed an incredible memecoin mania.. Both DOGE and SHIB saw rallies that were unprecedented even in the crypto world.

Dogecoin Vs Shiba Inu: The Stage Of The 2021 Memecoin Mania

2021 had some absurd memecoin rallies, but at the center of it all was of course the battle between the two dog coins, DOGE and SHIB.

It all began when, soon after Tesla had made its purchase of Bitcoin, Elon Musk began to make frequent tweets about Dogecoin. This would become the spark for several incredible runs that the coin would have shortly after.

At the same time, the WallStreetBets community also started making deep option bets on AMC, GME, and CLOV. 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. Many other new coins were inspired by it, including Shiba Inu.

Here is a chart that shows how Dogecoin performed over the course of the year 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.

Nonetheless, the market made a comeback later in the year. And in October, Shiba Inu had an out-of-the-world rally where at one point the memecoin was 1000% up over the span of 30 days.

The below chart shows how SHIB’s price changed over the period of 2021:

SHIB's run during 2021 | Source: The Arcane Research Weekly Update - Week 51

During the latest rally, Shiba Inu briefly entered into the top ten crypto by market cap list, and for a duration even surpassed Dogecoin on it.

However, both the coins have faltered in the past couple of months, and are now out of the top ten crypto list entirely.

The Arcane Research report predicts that most of the memecoins will have become obscure in 2022, only serving as a reminder of the bizarre year that was 2021.

DOGE Price

At the time of writing, Dogecoin’s price floats around 0.17043, down 18% in the past month. Here is a chart that shows the trend in the price of the coin over the last five days:

DOGE has plunged in the past couple of days | Source: DOGEUSD on TradingView

Featured image from Unsplash.com, charts from TradingView.com, Arcane Research

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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