Kaleidoscope 2021: The Rise Of The Meme Coin, Starting From Dogecoin (DOGE), Shiba Inu (SHIB), Baby Doge Coin (BABYDOGE), To Dogelon Mars (ELON)

The competition between Dogecoin and Shiba Inu meme coins has sparked another meme coin. (TheFXPost)

JAKARTA – Cryptocurrencies are increasingly gaining a place in most of the global community, this is indicated by the intense competition between two meme coins, namely Dogecoin (DOGE) and Shiba Inu (SHIB). This is despite the various decisions of a number of countries that forced cryptocurrencies to undergo a massive correction.

DOGE and SHIB are known to have large and solid communities. Both communities often engage in a number of charitable activities, both for social and environmental actions. Throughout 2021, the performance of Dogecoin and Shiba Inu price increases was so impressive that they managed to invite new investors and traders into the crypto world.

The difference is, DOGE was born as a joke but lately it can't be underestimated anymore because of its positive development. Dogecoin, which was created by two programmers, Jackson Palmer and Billy Markus, often has the support of a number of well-known figures including Elon Musk, Mark Cuban, and Snoop Dogg.

Meanwhile, SHIB created by Ryoshi has become DOGE's toughest rival. Shiba Inu earned the title “Dogecoin Killer.” This year Shiba Inu successfully launched the ShibaSwap decentralized exchange (DEX) and entered some of the largest crypto exchanges in various countries including Kraken. Even Binance launched the DOGE/SHIB trading pair. A few days ago, SHIB was named the most popular cryptocurrency of 2021 by CoinMarketCap.

Even so, some might think that memecoins rose to prominence in 2020 during the so-called DeFi summer, but meme coins are objectively in the limelight this 2021.

Massive adoption of DOGE and SHIB began to be crowded. America's largest cinema chain company, AMC accepted the payment for both meme coins. The largest travel booking platform Travala accepts payments with DOGE and SHIB. Not to forget, the biggest retailer, Newegg, is also adopting payments using the Shiba Inu token. Following the announcement from Elon Musk via his Twitter tweet stating that Tesla accepted Tesla merchandise purchases with DOGE.

At the time of writing, data from Coigecko explained that the performance of DOGE's price increase was 3,653.9 percent in one year. While the SHIB is even more astonishing at 44,644,766.7 percent in one year. The all-time highest price (ATH) of DOGE occurred in May 2021, where the price of Dogecoin broke Rp10,338. Shiba Inu posted its ATH in October 2021 at a price level of US$0.00008616 (around Rp. 1.22).

The emergence of Dogecoin as the king of meme coins has succeeded in inspiring the emergence of various other meme coins including Dogelon Mars (ELON), Buff Doge Coin (DOGECOIN), and Baby Doge Coin (BABYDOGE) which skyrocketed 228 percent in July 2021. Google Trends released the world's most searched keywords for 2021, and Dogecoin is on the list of the world's most searched keywords, along with Ethereum.