Did these five most hated-on crypto projects deserve the hate they got this year? Covered: Ethereum (ETH) Zcash (ZEC) XRP Cardano (ADA) Shiba Inu (SHIB) Crypto is arguably more tribal than mainstream politics. For as much love that a project can receive, it can create an equal amount of haters. Whether or not the hate […] The post Top Five Most Hated-On Cryptos Of 2021 appeared first on CryptosRus.

Top Five Most Hated-On Cryptos Of 2021

Did these five most hated-on crypto projects deserve the hate they got this year?

Covered:

  • Ethereum (ETH)
  • Zcash (ZEC)
  • XRP
  • Cardano (ADA)
  • Shiba Inu (SHIB)

Crypto is arguably more tribal than mainstream politics. For as much love that a project can receive, it can create an equal amount of haters. Whether or not the hate is deserved is debatable, so let’s take a look back at five of the most hated-on crypto projects from this year so that you can decide.

5. Ethereum (ETH)

Starting things off, I think Ethereum has actually been one of the most hated-on cryptocurrencies this year. Despite being a favorite among many traders, ETH tends to be the catch-all recipient of altcoin hate in general from Bitcoin maximalists.

Gas fees have been a major talking point for Ethereum this year. During peak traffic times, single transactions can cost users literally hundreds of dollars. Proponents of alternative layer-1 (L1) platforms like Solana (SOL) and Terra (LUNA) have also made sure to rag on the original smart contract platform’s absurdly high gas fees to highlight the cheaper, faster alternatives that other platforms provide.

While the gas fees, I agree, are a major issue for Ethereum, it’s undeniable how much traction and development is building up underneath. When Ethereum 2.0 launches in 2022, it may finally be Ethereum’s time to send the haters back into hibernation.

RECOMMENDED: TOP FIVE ETHEREUM STORIES OF 2021

4. Zcash (ZEC)

Zcash (ZEC) is the next most hated-on crypto of 2021. Despite being around since the 2017 bull run, ZEC has gone basically flat ever since the 2018 bear market wiped out the crypto market. As a “boomer coin,” a lot of the newcomers to the crypto space like to rag on these old tokens that move at grandma’s pace.

However, we should note that “grandma pace” in crypto just goes to show how disconnected the crypto markets are from traditional finance. Since the 2020 bear market low under $20, ZEC has still appreciated by more than 600% to a current price of $148. I guess a 7x in less than two years is something to scoff at in the cryptoverse.

ZEC, and more specifically Barry Silbert, really felt the hate this bull run when the Grayscale executive went against the grain of Crypto Twitter (CT) and announced that he bought up more ZEC in mid-November.

While no one seemed to pay much attention to Zcash in the first place, Silbert’s promotion of ZEC got the chatter going online; however, the conversation wasn’t anything a ZEC bull would want to see.

The price since Barry’s bet has gone underwater, and crypto traders are making sure to remind him. Only time will tell if Barry’s call for a $1,500 ZEC will come to fruition, but I think it’s safe to say that CT will take massive pleasure in watching it crab sideways until that happens.

3. XRP

I think it’s safe to say that the next coin on this list is rather self-evident. XRP has been the butt of the joke for a long-time now in the crypto space.

The one thing that bugs crypto traders more than anything else is sideways price action, and I think XRP is one of the closest major cryptos to an actual stablecoin that you can get in crypto. Despite being up over 700% since the March 2020 crash, XRP’s relatively slow pace is due to a combination of endless CT fud (fear, uncertainty, doubt) and the token’s ongoing lawsuit with the Securities And Exchange Commission (SEC).

Somehow, XRP has managed to stay afloat among the top 10 cryptocurrencies. I think just a few too many traders from the 2017 bull run have been lulled into complacency from the meteoric crash after its historic rise to over $3.50 in January of 2018.

2. Cardano (ADA)

Cardano (ADA) definitely deserves the #2 spot on this list. Despite appreciating by more than 7000% since its bear market low price under $0.02, the amount of Cardano haters being born this year seems to have also correlated 1:1 with the price appreciation.

ADA was one of the first movers out of the gate when the bull run kicked off in 2020, however, the sentiment from many crypto traders suggests that Cardano’s rally was built entirely on the hype for the release of smart contracts.

And it’s not just Crypto Twitter (CT), either. A prediction market from July opened up to allow traders to bet on whether Cardano would release smart contracts by October 1st.

Although ADA smart contracts launched in September, the upgrade left many crypto traders underwhelmed, as the platform has gone basically stagnant ever since due to the lack of a decentralized exchange (DEX).

Despite the hate, however, I wouldn’t totally overlook ADA. While there isn’t any flourishing activity now, the launch of the SundaeSwap DEX could turn Cardano’s momentum back around.

RECOMMENDED: CHARLES HOSKINSON RESPONDS TO CARDANO ETORO DELISTING

1. Shiba Inu (SHIB)

I think the one token that takes the cake for the most hated-on crypto this year, though, is none other than the infamous Shiba Inu (SHIB). Bitcoin maximalists spend their time evangelizing about the morality behind sound money, and crypto traders spend hundreds if not thousands of hours digging deep into research to find the next undervalued gem.

And then you have Shiba Inu, the meme token that took the world by storm just by being a dog coin with no utility but looks like a dog that’s really cute.

Anyone who held on to a well-timed, decent-sized initial investment into the “useless” scam that is SHIB made life-changing gains. And I think what’s gotten SHIB to grind the crypto community’s gears, even more, is the fact that SHIB is one of the few meme tokens to actually break the mold of a useless meme token — it’s being actively developed on, and the team is dropping all kinds of new features, such as ShibaSwap, to bring real utility to the meme economy.

On top of its runaway success in the cryptoverse, mainstream businesses like AMC have also taken notice of the meme tokens’ success and are considering adding it as a payment option, right up alongside the top dogs, Bitcoin and Ethereum.

So much for “sound money,” I guess…

The post Top Five Most Hated-On Cryptos Of 2021 appeared first on CryptosRus.