Evolution of Cryptocurrency in 2021 (Trending projects from January till date)

The crypto world is currently going gaga on the Metaverse project and the scenario is just way too familiar with the occurrence of the past months. This year 2021 has been a roller coaster year with lots of projects trending and lots falling by the highway. That constitutes one of the major reasons why flying into a project without concrete will only see an investor lose all his/her funds. in that regard, proper research is to be done on a project before one invests his hard-earned money on a project.

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2021 started with the crypto world going crazy about Decentralize Finance (Defi), This was the talk of the town during this period as projects such as pancakeswap, bakeryswap, julswap, apeswap, and a whole lots of Defi projects started making waves. The token of these projects brought about the possibility of Staking, loans, and a whole host of utilities to the crypto world. For me, the staking function was much more enticing as it allows stakers to get more coins.

This went on for months as new projects were erected in the DeFi mode in other and before we knew what was happening, the space was crowded. that did not stop Developers from creating their own Defi Project have they tweaked their project to have just a little different in form of Automatic burning or Automatic Compounding staking. This worked for a while until it did not work again and that resulted in people moving into NFT projects and that spells the end of the hype around DeFi coins.

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The new Hype was centered around NFT and this was a region where a lot of people made lots of money while many lost a lot of money too and the reason is that, unlike coins and tokens which can easily be converted to cash, NFT was different. NFT are a community-targetted project as musicians, painters and a whole host of skilled personal creates a digital representation of their craft and try to seller to the highest bidder of that project.

NFT was the true representation of the higher the risk, the higher the reward or loss as the case may be. the hype around the project made the value of NFT arts skyrocket and also be inflated and then the hype died down at some point. Even with so many people creating art out of nothing and making gains from it, the project was unsustainable in my own opinion and should not have lasted up to the time of writing.

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Then a new wave of hype was on shitcoins right before a general correction in the price of coins and tokens took place. While a lot of shitcoins have been around for quite some time, they began getting attention at the tail end of April and this spread into the month of May. lots of shitcoins such as Feg, safemoon, pitmoon, Shiba Inu, fox, safemars, were the talk of the day and these coins prices continue to skyrocket.

The issue with these tokens is that they have no use cases and the hype around them came down suddenly as they went up. The reason for the increase in the value of these tokens was purely based on hype and also inflation. When the correction finally came in May it sent the value of this coin crashing and to date, these coins are still yet to attain the height formerly reached.

The next set of tokens to see the moon where the tokens built on the Solana blockchain as the Solana was on the moon. The speed at which the value of Sol move from $50 to Over $200 was quite amazing and that also affected the price of the tokens on the blockchain. The Solana blockchain in my opinion is still underused and one for the future as the likes of Ethereum and Binance smart chain gas fees continue to rise. Some of the Solana tokens which were on the rise were Woof, Floki, Ninja, Tox, Samo, Cope, Auss, and a whole other lots.

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Now the hype is on the Metaverse projects/token and it was heightened with the announcement by Facebook about going meta weeks ago. The metaverse tokens are still new and their usage is still unknown to many and at the time of writing, I don't have much info about this new trend but what I can advise is that get enough info before venturing into it so as not to lose all your funds.

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So that's all for now, catch up with the other post written by me:

• Stay safe with these 8 Security tips (Hints on how to secure your Crypto Assets)
• It is not a dip, it is an opportunity
• How my dream Christmas would look like

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