Over the past year, there have been at least several high-profile events in the crypto industry, when a coin that seems to be of no interest to anyone suddenly begins to rise in the ranking. In this article, we propose to recall those digital assets that have raised a high excitement around them, and their value has become higher by several hundred percent.
Polkadot (DOT)
Polkadot is a sharding-based, multi-chain, open protocol. Its essence is to segment networks into several blockchains.
The Polkadot platform appeared in 2017, the founder was the Web3 foundation, which operates on the Ethereum blockchain. One of the main differences from many other projects that emerged as a result of ICOs, Polkadot had a strong technical base.
The DOT token appeared on Coinmarketcap in the fall of 2020. In the summer of 2021, institutionalists became interested in the project, and the Osprey fund launched the Polkadot trust, providing accredited investors with access to the asset. A few months later, the token was able to enter the top ten in terms of cryptocurrency capitalization on Coinmarketcap. This happened thanks to the launch of parachains. In just a year, the token has risen in price by more than a thousand percent and reached the $41 mark.
Dogecoin (DOGE)
Dogecoin cryptocurrency appeared in 2013. It is a fork of the Bitcoin protocol and has a similar architecture, but there is a main difference from the first cryptocurrency – DOGE has unlimited emission. In the community, it is customary to call coins a meme-coin, since it was developed for fun by two programmers from IBM and Adobe, Bill Marcus and James Palmer. Dogecoin was inspired by the Shiba Inu dog meme.
Despite its humorous origin, the coin was able to become popular among the crypto community and is in the top 19 cryptocurrencies in terms of capitalization.
The popularity of Dogecoin is due in large part to the billionaire founder of Tesla and SpaceX Elon Musk, who launched the “dog trend”. He stated that mining Bitcoin is not a green business, and the DOGE meme-coin is much more efficient than the first cryptocurrency. The Dogecoin course reacted positively to the statements of the billionaire. Due to this, the price of the meme-cryptocurrency has grown more than 100 times over the year. To date, Dogecoin’s maximum is around $0.73. Elon Musk called the coin the best and most environmentally friendly alternative to BTC. Next year, SpaceX has planned to send a satellite called Doge-1 to the moon, the flight of which will be paid for with the Dogecoin cryptocurrency.
Terra (LUNA)
The Terra platform is a DeFi ecosystem based on the USDT stablecoin, the rate of which is algorithmically regulated by the emission of LUNA tokens. The cryptocurrency appeared in 2018 by Daniel Shin, director of the large South Korean e-commerce platform TMON, and Do Kwon, who was previously a programmer at Apple and Microsoft.
Three events can be attributed to the main reasons for the rise of the LUNA token:
- Launch of the Columbus-5 update, which introduced the LUNA token burn mechanism.
- Integration of the Inter Blockchain Communication (IBC) protocol, which provided users with access to the Cosmos Network ecosystem.
- Launch of the DeFi financial product Anchor Protocol, where users can receive loans in stablecoins, earn income on UST deposits (Terra’s own stablecoin), staking and LUNA farming.
Polygon (MATIC)
In 2017, when there was a meteoric rise in transfers, the community faced a major challenge in scaling the Ethereum blockchain. The web developers have been unable to provide any solution to this problem. However, there were third-party developers who began to make various attempts to scale the network. One such solution was Polygon, which was backed by the Ethereum Foundation.
Previously, the platform was popular under the name Matic Network, but after switching to its own network, it was renamed Polygon, but the name of the MATIC token was retained. The launch of the network contributed to a wave of token price growth. Since the beginning of 2021, the exchange rate has increased by about 80 times.
Axie Infinity (AXS)
The developers of Sky Mavis were inspired by Pokémon and the famous CryptoKitties game. This led them to create an educational blockchain game Axie Infinity on the Ethereum blockchain in the Play2Earn genre. The aim of the game is to introduce players to blockchain technology and cryptonomics. Game users can collect, breed axi monsters and fight with other players, receiving valuable NFT items as a reward.
Axie Infinity quickly gained popularity with the community. This made it one of the largest blockchain games out there. Now the game is played by over half a million people. The AXS token is required to conduct any transactions on the Axie Infinity platform.
In addition to AXS tokens, the platform provides NFT trading. The most expensive monster in the game is being auctioned for $92.5 million.
Shiba Inu (SHIB)
This collection could not be ignored by another meme-coin that made a splash in 2021. The SHIB cryptocurrency was created by an anonymous user in 2020 on the Ethereum blockchain as a Dogecoin clone. The name was given to the coin in honor of the Japanese breed of dogs Shiba Inu. One of the features of Shiba Inu is its emission, which is 1 quadrillion SHIB. The coin was able to capture the interest of the community due in part to its affordability.
The rise in quotes, as in the case of Dogecoin, the coin owes to billionaire Elon Musk, namely his tweets. In addition to Twitter, Musk acquired a Shiba Inu puppy, which triggered a 216% increase in the SHIB token.
Conclusion
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