It’s an understatement to say that 2021 was a crazy year for cryptocurrencies.
Bitcoin has soared to new highs, but it has also achieved full legitimacy in one country. On the other hand, meme tokens such as Shiba Inu and Dogecoin have come to bring tremendous benefits from jokes. The number of ciphers has grown to over 16,000 and the market capitalization has reached $ 3 trillion at one point.
In other parts of the space, non-fungible tokens have surprised the world of art and earned $ 69 million, making it the most expensive digital art piece in history.
Insiders look back at the top five wildest cryptocurrency moments in 2021.
El Salvador made Bitcoin legal tender
No one expected it to happen-until it happened. Nayib Bukele, the 40-year-old president of El Salvador, first highlighted the idea of making Bitcoin legal tender at the Bitcoin 2021 conference in Miami in June. He said he hopes that the introduction of Bitcoin will trigger the transition of El Salvador from a developing country to an industrialized developed country.
Just a few days later, a resolution called the Bitcoin Act was approved by a majority in June. Then, in September, El Salvador became the world’s first fiat currency in Bitcoin and was raised to the same status as the US dollar, which replaced Colon as the local currency in 2001.
Dogecoin cracked the top 10 biggest ciphers
Dogecoin started as a joke in 2013. But today, jokes are aimed at all investors who suspect meme tokens. Shiba Inu-themed coins have risen to the top 10 in 2021 market capitalization, thanks in part to random boosts from stubborn supporters such as Elon Musk.
The transformation of the coin was amazing. Dogecoin is currently Google’s most searched cryptocurrency and can also be used to purchase certain items such as Tesla products and AMC gift cards.
Shiba Inu surpassed Dogecoin
Behind the popularity of Dogecoin is the spin-off, which has achieved even more dizzying heights. The self-proclaimed Dogecoin killer Shiba Inu jumped out of nowhere, and at some point exceeded the market capitalization of Dogecoin and joined the top 10. It is currently $ 18 billion, following Dogecoin’s $ 23 billion.
Created in August 2020, the Shiba Inu has seen an astronomical recovery thanks to Shiba Inu, a group of enthusiastic investors who support tokens. In fact, Shiba Inu prices soared 44,540,000% this year, while Dogecoin soared about 3,600%.
NFT sold for $ 69 million
In March, artist Mike Winkelmann, well known as Beeple, sold the most expensive digital art piece in history. His “Everydays: The First 5,000 Days” NFT consisted of 5,000 days of work and won a whopping $ 69.3 million at the auction. He told the insider that he didn’t think much about it. He just kept making art.
The mania behind this extraordinary purchase symbolizes the soaring popularity of NFTs, a digital representation of the artwork usually tied to the blockchain on Ethereum. When people buy NFTs, they get rights to unique tokens on the blockchain and it’s almost impossible to change them.
Many Lands almost bought the Constitution
A decentralized autonomy (basically a group of Internet friends with a common goal) raised about $ 46 million in November to buy a very rare print of the US Constitution. It may sound ridiculous, but DAO was actually about to win the Sotheby’s auction until Citadel CEO Kenneth C. Griffin shattered his hopes and bought it himself.
Constitution DAO, a roughly organized group of about 17,000 people, still made the headline for this attempt. And although DAO was disbanded after losing its bid, it exposed the power of decentralization.