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Meme coins have had a strong month so far. Three projects now consolidating below their monthly high are El Hippo, Shiba Inu, and Dogecoin.
El Hippo token burn could support prices
El Hippo is a meme coin whose prices rose to an all-time high this month, rallying 450% from launch after getting listed on Bitget and celebrating with a $54,000 airdrop.
The project also distributes regular giveaways to the community via Zealy every two weeks.
As many analysts may have expected, a selloff occurred due to community members cashing out the proceeds of their airdrop rewards.
As of Dec. 19, the token is still up 250% since its launch price, breaking even in December.
However, a $150,000 token burn on Dec. 19, plus plans for more airdrops, could launch it back toward an all-time high.
Shiba Inu is volatile but uptrend remains
SHIB has had a strong month, hitting the highest point since March 2023 on Dec. 17 before ticking back downwards to continue a volatile price pattern that appears to be tentatively climbing upwards.
There has been an uptick in activity on social media. This spike might support prices in the future.
As with any asset, it’s impossible to tell what will come next. However, with the market still celebrating the recent rise in Bitcoin price, there could be more room for growth.
Dogecoin gradual rise
Dogecoin is now trading at $0.88 after hitting $0.105 earlier in the month. Like El Hippo and Shiba Inu, Dogecoin has been trending upwards this month.
Analysts are watching Dogecoin closely to see if the recent price spike is a one-time event or if the market’s favorite cryptocurrency is making a comeback.
Dogecoin supporters were hoping for $1, but reaching $0.10 by the close of 2023 may be a bullish sign for the altcoin in 2024.
Entering the new year
2023 has been a volatile year for crypto. Major setbacks, like the aftermath of the FTX disaster in late 2022, dampened the recovery efforts. However, Bitcoin (BTC) recently surpassed $44,000, and many eagerly anticipate a potential bull run.
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