While the year-end is nearing fast, yet there is no expected surge for the global crypto economy. However, one thing is for sure i.e. meme coins such as Dogecoin and Shiba Inu had performed outstandingly in 2021. They both represent almost 3% of the entire crypto economy.
The year 2021 would never be forgotten at least for the meme-themed cryptocurrencies i.e. Dogecoin (DOGE) and Shiba Inu (SHIB). Both of these cryptocurrencies were developed on the basis of inspiration from the globally renowned meme-dog. Interestingly, both these meme-themed crypto coins are amongst the top 10 leading cryptocurrencies of the world. In terms of popularity as well, they both enjoy the same level of fame amongst the crypto community. But Doge has a slight edge over SHIB when it comes to global fame and adoption.
At the individual levels, Doge and SHIB, both performed extremely well in 2021. For Doge alone, the value of this meme-themed cryptocurrency surged by almost 4,376% from 1st January to 19th December 2021. With this phenomenal growth in less than 12 months, Doge is now the biggest crypto coin amongst meme-based cryptocurrencies. As a matter of fact, there are numerous cryptocurrencies that are either based on inspiration or developed on meme themes. Amongst the meme-themed coins, again Dogecoin is the biggest digital currency having the highest market capitalization of US$ 23 Billion.
At the number two spot of the world of meme-themed cryptocurrencies, then comes SHIB and its year-to-date growth were higher than any other cryptocurrency. From 1st January till 19th December 2021, SHIB saw an exponential increase in its value up to 46,961,505.7%.
Because of the exponential growth of these two coins, other meme-themed cryptocurrencies too saw price hikes. For instance, there is this meme-themed cryptocurrency called “Dogelon mars (ELON)”. ELON’s market capital has gone past US$ 590 Million, making it the fifth-biggest meme-themed digital currency. Similarly, there is another meme coin namely BABYDOGE whose market capital has jumped to US$ 258 Million. BABYDOGE is now the 6th largest meme coin after ELON.
There are literally more than 10 cryptocurrencies currently in the market which are inspired by the dog breed “Shiba Inu”. On the other hand, there are more than dozen tokenized digital assets which too are dog-inspired tokens. However, amongst all Shiba Inu-inspired cryptocurrencies and tokens, Doge and SHIB share more than 85% of the dog-inspired economies.
Doge is also one of the favorite cryptocurrencies of Elon Musk, who is the head of Tesla Inc. Musk has been seen very often supporting Dogecoin. In one of his latest comments, he regarded Doge better than Bitcoin in terms of Doge’s convenience for transactions. Even his company has announced the integration of a Dogecoin-based payment mechanism.
Similarly, there was a public petition filed by SHIB supporters insisting upon Robinhood to provide for SHIB trading. Robinhood has accepted the public view and is in the process of SHIB’s incorporation at its crypto trading platform.