Analysis

Dogecoin, Shiba Inu, & More

With Dogecoin and Shiba Inu on the heart, 2021 noticed an unbelievable memecoin mania.. Both DOGE and SHIB noticed rallies that have been unprecedented even within the crypto world.

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

2021 had some absurd memecoin rallies, however on the heart of all of it was in fact the battle between the 2 canine coins, DOGE and SHIB.

It all started when, quickly after Tesla had made its buy of Bitcoin, Elon Musk started to make frequent tweets about Dogecoin. This would turn into the spark for a number of unbelievable runs that the coin would have shortly after.

At the identical time, the WallStreetBets group additionally began making deep choice bets on AMC, GME, and CLOV. The rally was carried by memes, and one of many catchphrases utilized by customers was “We Like The Stock.”

An analogous factor was seen within the crypto group, the place members would say “We Like The Coin” relating to Dogecoin and different memecoins.

Supported by group memes and Elon “Doge father” Musk’s tweets, the memecoin went on an absurd run. Many different new coins have been impressed by it, together with Shiba Inu.

Here is a chart that reveals how Dogecoin carried out over the course of the yr 2021:

Dogecoin

Doge's unbelievable 2021 | Source: The Arcane Research Weekly Update - Week 51

SHIB (and another memecoins) had rallies much more unbelievable than DOGE’s. However, following the Tesla CEO’s look on the Saturday Night Live the place he jokingly known as the coin “a hustle,” the coins had a fast market-wide crash.

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

Related Reading | Bitcoin Bearish Signal: Trend Is Again Shifting From Outflows To Inflows

The beneath chart reveals how SHIB’s price modified over the interval of 2021:

Shiba Inu

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

During the newest rally, Shiba Inu briefly entered into the highest ten crypto by market cap listing, and for a period even surpassed Dogecoin on it.

However, each the coins have faltered previously couple of months, and at the moment are out of the highest ten crypto listing totally.

Related Reading | Why Bitcoin Will Never Surpass The Market Cap Of Gold

The Arcane Research report predicts that a lot of the memecoins may have turn into obscure in 2022, solely serving as a reminder of the weird yr that was 2021.

DOGE Price

At the time of writing, Dogecoin’s price floats round 0.17043, down 18% previously month. Here is a chart that reveals the pattern within the price of the coin over the past 5 days:

DOGE Price

DOGE has plunged previously couple of days | Source: DOGEUSD on TradingView
Featured picture from Unsplash.com, charts from TradingView.com, Arcane Research

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