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The meme coin market remains under pressure given the performance of the last 24 hours. The five most liquid meme coins including Dogecoin (DOGE), Shiba Inu (SHIB), BONE and Floki Inu (FLOKI) are up 17%, 15.7%, 10.7%, 24.2% and 17, respectively, 34% down.
Memecoins down. Source: Coinmarketcap
Data from Coingecko shows that most of these coins were on the receiving end and posted losses. Some of them, including DOGE, SHIB and BONE, rose slightly up until seven days ago. Meanwhile, others like FLOKI and PEPE have fallen in recent weeks.
Despite the decline across the board, some remain steadfast. Some including HarryPotterObamaSonic10Inu (ERC-20), HarryPotterObamaPacMan8Inu, Shibarium Token, and CAT are up, up 56.52%, 79.98%, 1290.31%, and 448%, with the last two being new launches.
Shibarium is now trading at $0.02 after starting at $0.0015. After the launch of Shibarium on August 16, prices rose to $0.05. While markets have not had a significant impact on prices, overall sentiment points to potential weakness in the coming sessions.
Will HIPP take over?
As meme coins turn red, other investors are looking at El Hippo’s HIPP, a project that can be probed for opportunity.
El Hippo developers want to build a bigger community than their predecessors Shiba Inu and Dogecoin. It builds communities on X (formerly Twitter), Telegram and Coinmarketcap. However, the HIPP is not listed on popular trackers such as CoinMarketCap (CMC) or Coingecko.
According to CoinBrain data, HIPP is trading at $0.00000002237, up around 88% in 24 hours. Trading volume has now more than doubled, bringing the token’s liquidity to $90,100.
The token has a fully diluted market cap of around $2 million out of a total supply of $777 trillion. According to the team, however, burning will reduce supply, which could support prices in the long run.
92.1% of the total supply is sent to the liquidity pool, 6.9% is stored in a multisig wallet and 6.9% is spent on listings, bridges and liquidity pools.
Additionally, the team is providing 1% of the total supply to reward HIPP holders of non-fungible tokens (NFT). For transparency, El Hippo has provided multiple Ethereum Name Service (ENS) domains for investors to track the offering portfolio.
Rely on the community
Typically, a meme coin is only as strong as the community behind it. Shiba Inu’s token was launched as a meme coin in August 2020 and is based on the popularity of Dogecoin.
It gained attention due to its association with the Shiba Inu dog meme and broader altcoin craze. SHIB was also launched during the last bull cycle, fueled by the success of established projects like Bitcoin and Ethereum.
Meme coins thrive in active and engaged communities that champion a common interest or meme. These communities often include passionate supporters, developers, and influencers who actively promote the meme coin, driving demand and fostering a sense of community ownership.
SHIB, for example, gained traction in its early days and rallied as investors saw it as an opportunity to ride the meme coin wave. SHIB’s initial price was around $0.00000068, but it rose as the hype grew.
As more people adopt and use a given meme coin, its network effects become stronger. This means that as the user base grows, the meme coin’s value and utility tends to increase, attracting even more users and potentially increasing its value. For this reason, the team at HIPP plans to onboard more than 1 million token holders according to the token’s roadmap.
The El Hippo team has completed the first steps of a four-stage roadmap and the token is now available on decentralized exchanges like Uniswap. The developers plan to tick off CEX listings, NFT collection launch, partnership formations and community growth in the coming weeks.
The rise of HIPP in its early stages highlights the speculative nature of meme coins and the impact of market sentiment.
More information about El Hippo:
Visit the El Hippo website
Buy HIPP meme coins
Join the community
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