Cryptocurrency bonanza in 2021, all thanks to these heavyweight events

3. Meme coin becomes a real force

Dogcoin was born as a joke in 2013 and has been hovering on the edge of the market ever since. Until this year, fueled by a tweet from Musk, dogcoin soared about 5,000% in the past 12 months (despite many fluctuations in between). In addition to dogcoin, there are a host of Meme coins such as Shiba Inu coin that have also been strong for a while.

Most Meme coins have been the focus of attention and debate, and some Memecoins have become a scam, such as Squid Game token: the coin collapsed instantly after soaring nearly 2,400 times, suddenly going from nearly $3,000 each to zero, and the founder ran off with the money. However, some Memecoins such as dogcoin and shiba coin have taken a more formal turn and have been accepted as a form of payment by some businesses (such as AMC Theatres and the Houston Rockets). The enthusiasm for Meme coins shows no signs of waning, but investors should beware due to the lack of regulation and the large amount of risk in this market.