2021 in retrospect delivered the most relevance on crypto prior to its conception a decade ago. Altcoins like NFTs, DOGE, and Shiba Inu stock rose to the market.
Nowadays, even million-dollar entities like McDonalds had teased a collaboration with an altcoin, and a fake “Grimacecoin” bulled in value for over 2 million USD overnight. Therefore, the virality of these sensational items is an effective marketing tactic.
Here in this Shibanatics blog, let’s look at the rise of Memecoins in 2021 and how it revolutionized the market in a short amount of time. What will this retrospective view bring in the future? How will you take advantage of this information? If you made it here with those questions in mind, buckle up and read on because you’re in for a ride.
GameStop
What happened on April 20, 2021 was unexpected as an international gaming entity called GameStop announced its closing. The next events were orchestrated in a single Reddit thread as a sign of protest from the crypto community of DOGE and Shiba Inu’s Robinhood crypto investors orchestrated one big plan to take their favorite Game Provider back to the people.
What’s surprising is that other companies like SpaceX, Dallas Mavericks, and GameStop gave crypto investors under DOGE and SHIBA opportunities to purchase their products after the event. This in itself skyrocketed Doge and Shiba’s market value overnight.
DOGE
The advent of Meme coins was really in 2013 when the DOGE meme was in full swing. At the same time, the climate for crypto was on a slow rise. It’s safe to say that the DOGE crypto was a sleeping giant in general. As far as Altcoins go, DOGE was in the low-tier of all of them at that time. No one was willing to invest in this low-value joke crypto. Not until the Gamestop incident happened.
SHIBA
Shiba is an Ethereum-based meme coin created in 2020 initially intended to make fun of Dogecoin.
During the Gamestop incident, Dogecoin and SHIBA served as vessels for social change. “Gamers unite” was not just a dumb meme catchphrase on the Internet. That night on April 20, 2021, Gamers had united for a communal change. What’s beautiful about it is this is not just the first time.
The GameStop investors created a community called “the Shiba Army”, which drove DOGE and SHIBA from just a meme coin into a crypto with a cult following that became one of the needle-driving crypto communities in recent memory.
NFTs
Non-Fungible Tokens were born out of desperation by Ethereum. That’s not a joke. NFTs were a byproduct of the ETC data breach. The million-dollar collapse of one of the integral Stablecoins in 2016 triggered a change in direction for the crypto company.
By that time, Ethereum had released limited edition NFTs for a cheap price of 1-40 USD. It was a social experiment. Unbeknownst to us, these initial NFTs are now worth millions in the market. The most notorious one is the original Cryptopunks line, which sold 4 million ETH.
What’s odd with NFTs are the level of security it has. The NFT community is stable, while the Crypto market is currently in the bull market as stocks have been deprecating since the first month of 2022. Will this change in the near few months? Only time can tell.
However, the rise of NFTs harboured controversy. Especially in the eyes of traditional curators and green activists over the toxic side effects of immortalizing art at the price of a whole country’s power supply. Additionally, a Medium writer does not rule out that this vicious cycle of Blockchain Technology can be revised and be less toxic in the years to come.
NFT’s Blockchain technology is driven majorly by Ethereum, and it functions under the ETH Crypto as the method of payment as well.
Conclusion
In all seriousness, we can all say that 2021 was the year of the “rise of the Memecoins.” With the Metaverse slowly rearing its own head, the bull market of these Memecoins means a storm is upcoming. The reality is that these meme coins and their value will just skyrocket soon. You just haven’t seen the end of it.
The value of crypto continually rises every year, and with a supportive demographic to back them up, it won’t be a surprise if these joke Altcoins does it again this year. April 20 is near, and the Gamestop incident’s first anniversary will be a needle mover in the industry again.
If the Memecoins don’t bull up by that point, the release of the Metaverse will be an exciting event to look at soon. A lot is coming in our way. It is important as a reader to know these facts as these events will be important in the future.
Are you ready to be part of the needle-moving market that is the Memecoin Industry?
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