Which cryptocurrency has become the most discussed in 2021?
Social platform Reddit shared a very interesting summary of the year 2021: Over the past twelve months, cryptocurrencies were the most viewed category of the site’s posts. Digital assets have overtaken video games, sports, and more in popularity among Reddit visitors. The term “crypto” itself was used more than 6.6 million times by the authors of the posts. We tell you more about what’s going on.
It should be noted that such impressive popularity of cryptocurrencies proved to be quite predictable. The fact is that during 2021 many of coins brought their investors thousands percent of profit, and this concerns not just one or two projects, but their much larger number. And because such levels of profitability in such a short timeframe are not even dreamt of by the traditional economy, the topic of digital assets has attracted a plethora of new investors.
For example, LUNA grew by 12,380 per cent during 2021, while SAND grew by 13,832 per cent. Then there was MATIC with its equivalent of 12,133 per cent and AXS with more than 17,000 per cent. Read more about the most successful – and not so successful – investments in the cryptocurrency world over the last twelve months in a separate article.
Chart of cryptocurrency exchange rates by month and for 2021 as a whole
Most popular cryptocurrencies
Perhaps the biggest surprise was that the discussion section or so-called Dogecoin altcoin sabreddit surpassed the Bitcoin channel in the number of views. In addition to DOGE and BTC, r/superstonk, r/cryptocurrency and r/amcstock subreddits were in the top five most popular channels. Excluding the second channel, they are all about what is happening in the stock market.
In general, Dogecoin’s success has been attributed to the fact that billionaire Elon Musk created quite a furor with his series of tweets about the altcoin back at the beginning of last year. As it turns out, he is a big fan of the project and even plans to integrate it as a means of payment in his Tesla company.
Specifically, Musk announced the idea of selling certain company merchandise for DOGE in mid-December. Moreover, his approach was that Tesla will implement this option, and its effectiveness will be evaluated later.
Dogecoin exchange rate in 2021
Of the more than 500 different subreddits about crypto, “superstonk” has seen the most growth this year, with the number of its subscribers rising 917 percent to 713,000 users over the year. While it is more likely to discuss the traditional stock market, superstonk has also become a platform for discussions about NFT, GameStop stocks and the crypto ban in China.
DOGE – the sensation of 2021
According to Decrypt, crypto subreddits on Reddit have been around for more than a decade, but only in 2021 did the digital assets set a truly impressive record. Their popularity among individual young investors is hard to exaggerate, so there’s also a chance of rapid market growth in the new year.
We don't think this kind of outcome for 2021 is strange. Dogecoin has indeed been one of this year's big hits in the cryptocurrency world - and primarily thanks to Ilon Musk. As his popularity extends far beyond the digital asset industry, such announcements by the world's richest man have indeed attracted those who were not yet familiar with the coin niche. Consequently, for many, DOGE has become the first cryptocurrency in their portfolio.
One would like to believe that meme-coins will eventually cease to be the main focus of newcomers who are just getting involved in the industry. But the fundamental features of such assets are much better than large projects like Fantom, Solana, Avalanche and so on.
What do you think about it? Share your opinion in our millionaires cryptochat. There we will talk about other topics related to the world of blockchain and decentralisation.
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