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It was a crazy year for cryptocurrencies.
One country achieved full legitimacy for the digital currency. shiba inu and dogecoin went from being jokes to delivering mind-blowing gains. The market cap hit $3 trillion at one point, as the number of coins ballooned to more than 16,000.
The most expensive work of digital art in history was sold for a staggering $69 million, making it a non-fungible token.
Insider looked at the top five craziest moments in the year 2021.
El Salvador made a legal tender.
No one thought it would happen. The president of El Salvadoran, Nayib Bukele, first floated the idea of making the digital currency legal tender in June. He hoped that introducing the virtual currency would lead to El Salvadoran becoming an industrialized, advanced nation.
The resolution dubbed "Bitcoin Law" was approved by a supermajority. In September of this year, El Salvadoran became the first country in the world to make legal tender of the digital currency, elevating it to the same status as the US dollar.
Doge coin was the top 10 biggest coin.
The doge coin was a joke. The joke is on investors who doubted the meme token. The shiba-inu-themed coin was able to climb to the top 10 by market cap thanks to random boost from advocates such as Musk.
The coin's transformation has been amazing. Dogecoin is the most searched coin on the internet and can be used to purchase things like AMC gift cards andTesla merchandise.
Doge coin was surpassed by Shiba inu.
Riding on the back of doge coin's popularity is a spin-off that achieved even more heights. At one point, Shiba inu surpassed dogecoin's market cap to join the top 10. It's now $18 billion, behind doge coin's $23 billion.
The Shib Army, an overenthusiastic group of investors backing the token, helped to fuel the rally. shiba inu's price went up 440,000% this year, while dogecoin went up 3,600%.
The NFT sold for 69 million dollars.
Beeple sold the most expensive work of digital art in history. His "Everydays: The First 5,000 days" NFT was sold for $69.3 million at an auction. He told Insider that he just kept producing art.
The surge in popularity of NFTs, digital representations of artwork tied to a blockchain, is a result of the mania behind this purchase. The NFTs are next to impossible to alter because they have the rights to the unique token on the blockchain.
A bunch of randos were close to buying the Constitution.
A group of internet friends raised $46 million in November to buy a rare print of the US Constitution. It may have sounded crazy, but the DAO was close to winning the auction before Ken Griffin bought it for himself.
The ConstitutionDAO, a group of 17,000 people, made headlines for their attempt. The power of decentralization was laid bare by the dissolution of the DAO.
Business Insider has an original article.
