With Dogecoin and Shiba Inu at the center, 2021 observed an incredible memecoin mania.. Both DOGE and SHIB saw rallies that were unprecedented even in the crypto world.
Dogecoin Vs Shiba Inu: The Stage Of The 2021 Memecoin Mania
Last year, the two major meme coins, Dogecoin and Shiba Inu, rose to become a major phenomenon in the 2021 cryptocurrency market. However, now this trend seems to be significantly cooling off, as evidenced not only by the significant drop in coin prices, but also by the Google search trends for these two dog-themed coins
According to Google Trend data, the global search interest for both Dogecoin and Shiba Inu has plummeted to its lowest level in over a year.
It all began when, soon after Tesla had made its purchase of Bitcoin, Elon Musk began to make frequent tweets about Dogecoin. This would become the spark for several incredible runs that the coin would have shortly after.
At the same time, the WallStreetBets community also started making deep option bets on AMC, GME, and CLOV. The rally was carried by memes, and one of the catchphrases used by users was “We Like The Stock.”
A similar thing was seen in the crypto community, where members would say “We Like The Coin” regarding Dogecoin and other memecoins.
Supported by community memes and Elon “Doge father” Musk’s tweets, the memecoin went on an absurd run. Many other new coins were inspired by it, including Shiba Inu.
Here is a chart that shows how Dogecoin performed over the course of the year 2021:
Doge's incredible 2021 | Source: The Arcane Research Weekly Update - Week 51
SHIB (and some other memecoins) had rallies even more incredible than DOGE’s. However, following the Tesla CEO’s appearance at the Saturday Night Live where he jokingly called the coin “a hustle,” the coins had a quick market-wide crash.
Nonetheless, the market made a comeback later in the year. And in October, Shiba Inu had an out-of-the-world rally where at one point 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 below chart shows how SHIB’s price changed over the period of 2021:
SHIB's run during 2021 | Source: The Arcane Research Weekly Update - Week 51
During the latest rally, Shiba Inu briefly entered into the top ten crypto by market cap list, and for a duration even surpassed Dogecoin on it.
However, both the coins have faltered in the past couple of months, and are now out of the top ten crypto list entirely.
Related Reading | Why Bitcoin Will Never Surpass The Market Cap Of Gold
The Arcane Research report predicts that most of the memecoins will have become obscure in 2022, only serving as a reminder of the bizarre year that was 2021.
At the time of writing, Dogecoin’s price floats around 0.17043, down 18% in the past month. Here is a chart that shows the trend in the price of the coin over the last five days:
The Google search interest for Dogecoin reached its peak of 100 points in mid-May last year with the help of various public figures, including “Daddy Musk,” but it has since experienced a cliff-like decline in interest. Its current score is only 2 points, the lowest point since mid-January last year.
Since the end of last year, global search interest in “Shiba Inu” coin has remained low, currently only at 4 points. It has dropped by 96% from the peak of 100 points set during the “Shiba dog war” in late October last year, reaching its lowest level since early May 2021.
CoinGecko data shows that the price of Dogecoin has dropped more than 91% from its historical high of $0.73 in May last year and is currently trading at $0.0624, ranking as the 10th largest cryptocurrency by market capitalization.
The value of Shiba Inu coin has fallen by more than 70% in 2022, currently trading at $0.00001 and ranking as the 13th largest cryptocurrency by market capitalization. In addition, Finbold data shows that SHIB trading volume hit a 15-month low in June.
In related news, a whale recently bought 20 trillion Shiba Inu coins, marking the largest single transaction in history. SHIB is also planning to launch a stablecoin and a reward token. Uber Eats now accepts payments in Dogecoin, Shiba Inu coin, Bitcoin, and other cryptocurrencies. Elon Musk has recently discussed his support for Dogecoin and Twitter’s acquisition, while the Shiba Inu team has introduced SHIB: The Metaverse and plans to sell 100,000 plots of land in batches.
DOGE has plunged in the past couple of days | Source: DOGEUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Arcane Research