Memecoins eye major revamps in an effort to return to their former glory

2 years ago

Memecoins concisely took the cryptocurrency marketplace by tempest successful 2021 aft dependable attraction and shilling from big-name influencers similar Elon Musk and Mark Cuban helped propel coins similar Dogecoin (DOGE) to 100x gains.

As 1 should expect, successful the crypto market, rapidly rising prices person a inclination to reverse people conscionable arsenic accelerated and galore of the formerly high-flying meme tokens present find themselves struggling for endurance arsenic the marketplace matures and investors look for real-world usage cases.

Let's instrumentality a look astatine immoderate of the astir fashionable memecoins of 2021 to spot whether they were conscionable a flash successful the cookware oregon if determination are cardinal developments that whitethorn beryllium fruitful successful the long-term.

Dogecoin

DOGE is the archetypal memecoin and it helped footwear disconnected the rally of ‘21 aft its terms skyrocketed much than 20,000% from a debased of $0.0036 connected January 1, 2021 to an all-time precocious of $0.74 connected May 8.

Since that time, the terms has deflated on with the wider crypto marketplace and presently trades astatine a $0.135.

Out of each the memecoins, DOGE continues to beryllium the astir precocious illustration of the battalion contempt not having immoderate large developments successful the works. It remains 1 of Elon Musk’s favourite Twitter topics and its terms saw a notable bump precocious erstwhile Musk started making offers to bargain Twitter and instrumentality it private.

The determination by Musk led to speculation that DOGE could beryllium added arsenic a tipping currency connected the societal media level if the woody yet goes through, which led to a little pump successful the terms of DOGE.

Details astir what comes adjacent for Dogecoin are sparse with immoderate chatter inactive circulating astir earlier discussions to marque the web proof-of-stake, but thing factual has been announced.

One developer for the task volition beryllium holding a store exploring messaging services wrong person-to-person protocols similar Dogecoin, indicating that determination is immoderate exploration into different imaginable usage cases for the longest-running meme-themed network.

Shiba Inu

While Dogecoin receives a batch of the large influencer attention, Shiba Inu (SHIB) had 1 of the biggest impacts connected the meme country successful 2021 aft its terms accrued much than 5,799,999,900% from its debased successful October 2020 and helped 1 savvy trader crook a $3,400 stake into a $1.5 cardinal payday.

The terms of SHIB presently trades astatine $0.000024, a diminution of 73% from its all-time high, and the token regularly sees a regular trading measurement successful excess of $500 million.

SHIB holders experienced a flimsy bump successful terms connected April 12 erstwhile the token was listed connected the fashionable trading app Robinhood, but the continued weakness successful the crypto marketplace has each but erased those gains.

On the improvement front, the squad astatine Shiba Inu is presently focusing its efforts connected expanding the Metaverse capabilities of SHIB done the motorboat of a onshore bid lawsuit that offers members of the Shiba Inu assemblage the accidental to bargain virtual onshore wrong the ecosystem.

The roadmap for the task besides points to the ongoing improvement of Shibarium, a layer-two scaling solution being designed specifically for Shiba Inu that volition assistance the protocol flight the precocious fees of transacting connected the Ethereum (ETH) network.

SafeMoon

SafeMoon (SFM) besides launched early-on successful the meme coin hype rhythm and acceptable retired to reward loyal investors and discourage speculators done the instauration of an automatic liquidity pool.

The task primitively launched connected March 8 and its terms rapidly climbed from sub $0.00000006 to an all-time precocious of $0.00001399 connected April 20, 2021, but it has been connected a downtrend since then.

At the opening of 2022, the Safemoon protocol upgraded to v2 which included a token revaluation which decreased the proviso by a origin of 1,000.

Since the migration to v2, the terms of SFM has continued to inclination little and presently trades astatine $0.00068 according to information from CoinGecko.

On the improvement front, Safemoon announced that it would beryllium launching the Safemoon Card for assemblage members and this would let them to usage their SFM arsenic good arsenic different cryptocurrencies to marque regular purchases. The waiting database for the paper opened connected April 8.

Other developments see the merchandise of a caller mentation of the Safemoon wallet, the motorboat of Live Crypto Party, a “party-to-earn” metaverse level that rewards users successful cryptocurrency and NFTs for having amusive online and offline.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

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