The 2021 crypto bull run phenomenon: a retrospective analysis of the biggest winners

The year 2021 will be etched in the history of digital markets as one of the most extraordinary periods of the crypto bull run. Dozens of cryptocurrencies significantly increased their valuations, transforming early investors’ portfolios and redefining the dynamics of the digital asset market.

Five years later, in 2026, it is relevant to revisit these remarkable appreciation phenomena to understand what motivated these movements and the lessons they have brought to the crypto ecosystem.

Solana and Next-Generation Protocols

Solana (SOL) is among the most impressive successes of the 2021 bull run. The blockchain grew from about $1 at the beginning of the year to over $260 at its peak, gaining increasing recognition as a high-performance alternative to Ethereum.

In January 2026, SOL trades around $125.59, illustrating the characteristic volatility of crypto markets even after several years. This initial performance reflected investors’ confidence in the Proof of History consensus technology and its fast transaction processing capabilities.

Axie Infinity and the Play-to-Earn Wave

Axie Infinity (AXS) saw a staggering increase of over 16,000% during 2021, driven by the emergence of the play-to-earn movement. This innovative economic model, allowing players to generate income by playing, captivated communities in Southeast Asia and beyond.

The AXS token, currently valued at $2.39, shows a significant correction since the 2021 peaks. Nevertheless, the game’s impact on the positioning of governance tokens as investment assets marked a turning point in the sector’s evolution.

Meme Currencies: Dogecoin and Shiba Inu

Dogecoin (DOGE) rose from $0.007 to $0.73 in 2021, a dizzying appreciation fueled by virality and media support. The currency, born as a joke, demonstrated the power of community dynamics in crypto asset valuation.

Shiba Inu (SHIB) even surpassed these performances, generating astonishing returns thanks to its positioning as the “Dogecoin killer” and its growing market capitalization. Although volatile, these meme tokens revealed how behavioral trends can redefine asset appreciations.

DOGE is currently trading at $0.12, showing market consolidation after the bull run.

Cardano and Polygon: Scalability Champions

Cardano (ADA) reached over $3 during the bull run, especially during the highly anticipated deployment of smart contracts on the platform. This major update strengthened the project’s credibility and attracted institutional investors.

Polygon (MATIC, later renamed POL) exploded with expectations around Ethereum scalability solutions, offering faster and cheaper transactions on the most used network.

ADA is currently trading at $0.36 in 2026, reflecting the fluctuations in market sentiment post-2021.

Lessons from the 2021 Crypto Bull Run for Current Investors

The 2021 bull run taught fundamental truths: timing, identifying emerging technological trends, and patience are key factors for success in crypto. Projects with solid fundamentals (scalability, real use cases) generally fared better through correction cycles.

As crypto markets in 2026 show increasing maturity, investors are contemplating the next potential bull run with a more informed perspective. The exceptional performances of 2021 do not recur annually, but they continue to inspire a new generation of yield seekers and technological innovators.