Summary:
For many people, 2021 was a peculiar year in human history. With the rise of remote work and limited gatherings, many spent far more time at home. However, it was an excellent time for our loveable canines, who were ecstatic to have somebody around the house all day. Not only did our dogs reap the rewards of this new societal change, but 2021 was also a colossal year in investing, particularly in cryptocurrency.
With billions of dollars paid directly to Americans as part of stimulus packages, a lot of this money found itself on cryptocurrency markets. Acting as the starting pistol, with several other positive variables collaborating to cause sensational price action, cryptocurrency investors, experts, and enthusiasts cite 2021 as the year Bitcoin broke into the mainstream and cryptocurrency finally saw some level of mass adoption.
Companies within the space utilized this newfound fame and popularity for digital assets. It's no fluke that cryptocurrencies have become so popular, it's a revolutionary way to send money without needing a bank, and you can send it directly to anybody's wallet wherever they are in the world. The safety of a crypto wallet, and the fact that you can remain anonymized, with no identifiable details that link you to your sensitive data like your name, credit card, bank account, or date of birth, the technology has resulted in a surge of usage, ranging from people purchasing digital artwork (NFTs) or playing a cryptocurrency casino game.
Crypto casinos exploded in popularity for the reasons we listed in the previous paragraph. The beauty of it is that a Bitcoin casino game works in the same way as a regular game; it's just that you're using the most well-known cryptocurrency to play instead of conventional payment methods such as the US Dollar or the Great British Pound. Although no crypto casinos currently accept dog-themed crypto coins, 2021 almost saw Dogecoin hit $0.75, so it felt like anything was possible at the time.
The Rise of the Doge
At times, it seemed like the incredible advances of specific cryptocurrency projects were being ignored by the meteoric, neverending meme-coin pumps courtesy of the tweets of Elon Musk. However, Dogecoin didn't just appear out of thin air; it had actually been around for several years; the project itself was created as a joke, with an outrageously high supply of tokens and no utility. Where the dog theme comes from, we're not too sure, but it proved to be quite the hit amongst retail investors, causing an influx of multi-billion dollar amounts.
While Dogecoin might not be a dog-based business project, in the traditional sense, it caught on. At one point, the token's price doubled almost every day at one stage, going from a figure with several decimal spaces, eventually becoming $0.01, soaring all the way to $0.74 before spectacularly collapsing and running out of steam. The fact it even managed to get to a cent is staggering, considering it had no practical use. However, the Shiba Inu dog that became world-famous fueled the rise of another dog-themed cryptocurrency that made similar meteoric gains during the same frivolous period.
Shiba Inu
The initial introduction of the Shiba Inu coin occurred during the bleak crypto winter of 2020 with little or no fanfare. However, dog-themed cryptocurrencies started to significantly surge up the cryptocurrency rankings during the 2021 bull run. Dogecoin initially acted as a catalyst for the first wave of dog tokens. Once Dogecoin had established itself as one of the market's most significant new meme-coins, Shiba Inu followed the slipstream created by the Dogecoin hysteria.
Similarly to Dogecoin, Shiba Inu has no actual use case, but people were captivated by the dog-themed tokens, and Shiba resulted in astronomical gains for early investors.
Conclusion
Nobody knows why dog-themed coins became such a big hit in 2021. There'll likely be more animal or dog-themed crypto coins that will rise to prominence over the next few years, too,
Nate Joseland is a writer who is in the field because
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