Most types of investors are always on the lookout for the next big thing. Cryptocurrency’s meteoric rise in 2021 raised eyebrows and drove millions of individuals and billions of dollars into space. The industry has grown exponentially, and CoinMarketCap, a key listing platform, now lists over 17,000 different cryptocurrencies. With the start of a new year, new cryptocurrencies emerge. Some are more renowned than others; one of these is FIREPIN Token (FRPN).
2021 Dog Coins Set Ablaze
Meme coins were one of the key types of cryptocurrency that saw significant growth last year. Meme coins, as the name implies, are frequently inspired by jokes or memes seen on social media and the internet. Dogecoin was the first meme coin (DOGE). It began as a joke among software engineers in 2013 and had little success. However, it truly took off in 2021. From the beginning of last year until May 2021, when it reached a high of $0.68.
Shiba Inu (SHIB), another dog-themed coin, debuted in August 2020 and dubbed itself the “Dogecoin killer.” It may not have killed DOGE, but it did exceed its larger canine competitor in terms of price increase %. At the time of writing, it had reached an all-time high of $0.00008845, a gain of over 70,000,000 per cent.
2022 Started Poorly But DOGE and SHIB Bounce Back
Despite the successes of last year for both Dogecoin and Shiba Inu, 2022 did not start well. DOGE dipped by 22%, and SHIB fell 35% in January. Thankfully for the proponents of these two meme coins, February has started more positively. The progress made in 2021 is beginning to come to fruition; Dogecoin (DOGE) is up 10%, and Shiba Inu (SHIB) has soared by almost 50%. DOGE and SHIB are ranked 12th and 14th by market cap, respectively.
FIREPIN Token (FRPN) is a decentralised protocol backed by the Metaverse DAO. FRPN will launch on the Binance Smart Chain (BSC), and in order to maintain the stability of the token, FIREPIN will use the Algorithmic Reserve Currency algorithm. FIREPIN has its eyes on the long-term.
Its creators have aimed to use treasury funds allocated from users towards NFT games and 3D & Metaverse VR Games. It will also invest in other projects that have designs on the Metaverse. The community will be able to vote on where these funds are invested. There will be 1,000,000,000 FPRT tokens at launch.
Shiba Inu shows the importance of being an early adopter of a cryptocurrency in which you believe. Despite having dipped considerably at the start of the year, a $10 investment in SHIB during January of 2021 would, thanks to its February recovery, now be worth an extraordinary $2,700,000. With the added utility that comes with FIREPIN Token (FRPN), an argument could be made that this new token has a chance of emulating the success of 2021’s most popular coins.