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Memecoins are eyeing major overhauls to return to their former glory

Memecoins briefly took the cryptocurrency market by storm in 2021 after steady attention and shillings from big-name influencers like Elon Musk and Mark Cuban helped push coins like Dogecoin (DOGE) up 100x.

As you might expect, rapidly rising prices in the crypto market tend to reverse course just as quickly, and many of the formerly high-flying meme tokens are now struggling to survive as the market matures and investors look for real-world uses in cases.

Let’s take a look at some of the most popular memecoins of 2021 to see if they were just a flash in the pan or if there are fundamental developments that could prove fruitful in the long run.

Dogecoins

DOGE is the original memecoin and helped start 21’s rally after its price surged more than 20,000% from a low of $0.0036 on Jan. 1, 2021 to an all-time high of $0.74 on May 8 .

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DOGE/USDT 1-day chart. Source: TradingView

Since then, the price has deflated along with the broader crypto market and is currently trading at $0.135.

Of all the memecoins, DOGE continues to be the most well-known of the pack, although no major developments are in the works. It remains one of Elon Musk’s favorite Twitter topics, and its price recently saw a notable surge as Musk began making offers to buy Twitter and take it private.

Musk’s move led to speculation that DOGE could be added as a tipping currency on the social media platform if the deal eventually goes through, prompting a brief spike in DOGE’s price.

Details on what’s next for Dogecoin are sparse, and previous discussions to make the network proof-of-stake are still being talked about, but nothing concrete has been announced.

A developer on the project will host a workshop exploring messaging services within person-to-person protocols like Dogecoin, indicating there is some research into other potential use cases for the longest-running meme-themed network .

Shiba Inu

While Dogecoin is getting a lot of attention from major influencers, Shiba Inu (SHIB) has had one of the biggest impacts on the meme scene in 2021 after its price surged more than 5,799,999,900% from its October 2020 low and a savvy trader helped win $3,400 bet on a $1.5 billion payday.

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SHIB/USDT 1-day chart. Source: CoinGecko

SHIB’s price is currently trading at $0.000024, down 73% from its all-time high, and the token regularly sees over $500 million in daily trading volume.

SHIB holders saw a slight price increase on April 12 when the token was listed on popular trading app Robinhood, but continued weakness in the crypto market has all but erased those gains.

On the development front, the Shiba Inu team is currently focused on expanding SHIB’s Metaverse capabilities by launching a land offering event that will offer members of the Shiba Inu community the opportunity to purchase virtual land within the ecosystem.

The roadmap for the project also points to the ongoing development of Shibarium, a layer-two scaling solution built specifically for Shiba Inu that will help the protocol bypass the high transaction fees on the Ethereum (ETH) network.

Related: The AMC Theaters mobile app accepts Dogecoin, Shiba Inu, and more

SafeMoon

SafeMoon (SFM) also started early in the meme coin hype cycle, setting out to reward loyal investors and discourage speculators by creating an automatic pool of liquidity.

The project originally launched on March 8 and its price quickly rose from under $0.00000006 to an all-time high of $0.00001399 on April 20, 2021, but it has been in a downtrend ever since.

In early 2022, the Safemoon protocol was upgraded to v2, which included a token revaluation that reduced supply by a factor of 1,000.

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SFM/USDT 1-day chart. Source: CoinGecko

Since migrating to v2, the price of SFM has continued to trend down and is currently trading at $0.00068, according to data from CoinGecko.

On the development front, Safemoon announced it would launch the Safemoon Card for community members, which would allow them to use their SFM as well as other cryptocurrencies for everyday purchases. The waiting list for the card opened on April 8th.

Other developments include the release of a new version of the Safemoon wallet, the launch of Live Crypto Party, a party-to-earn metaverse platform that rewards cryptocurrency users and NFTs for having fun online and offline.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.