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- Insights
- Cryptocurrencies
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- Industry
- Geography
Memecoins have had a strong month so far, with monthly price records set in projects of all sizes throughout the meme coin industry. Three projects which are now consolidating below their monthly high are El Hippo, Shiba Inu, and Dogecoin.
El Hippo is a young meme coin that saw an all-time high in price this month after getting listed on Bitget and celebrating with a $54,000 airdrop, bringing price to 450% ROI since its launch in August. El Hippo also distributes regular giveaways via Zealy every two weeks to the community, creating further hype around the growing project.
As many analysts may have expected, a selloff occurred due to community members cashing out the proceeds of their airdrop rewards. Today, price sits at a healthy 250% ROI since launch, breaking even for the month of December.
However, a $150,000 token burn on December 19 plus plans for more major airdrops in the world could launch it back towards the all-time high once more, revitalizing a meme coin that was already trending upwards before the Bitget listing.
SHIB has had a strong month, hitting the highest point since March 2023 on December 17 before ticking back downwards to continue a volatile price pattern that appears to be tentatively climbing upwards over time.
It's certainly true that SHIB has seen an uptick of activity on social media, the lifeblood of any crypto meme coin project, which could spell upward momentum for Shiba Inu's near future. As with any asset, it's impossible to tell for certain what will come next, but with the market still celebrating the recent rise in Bitcoin price, altcoins have plenty of breathing room for further price hikes if market conditions align.
Dogecoin is now trading at $0.88 after hitting $0.105 earlier in the month. The world-famous meme coin is renowned for its bull run capabilities, and as we can see on the charts, like El Hippo and SHIB, DOGE has predominantly been trending upwards this month.
Analysts are now watching the father of all meme coins very closely indeed to see if the price spike was a once-off or if the boom is back for the market's most lovable cryptocurrency. Doge fans a few years ago were crossing their fingers to see DOGE at $1, and crossing the $0.10 mark at the end of 2023 is certainly a good start and a positive sign for the coming year for altcoins.
2023 has been an extremely tumultuous year for the cryptocurrency industry, with major setbacks like the aftermath of the late-2022 FTX disaster throwing cold water on an extremely promising bull run. With Bitcoin recently crossing $44k, everyone is waiting with baited breath to see whether the market can get back on its feet pick up where it left off with another bull run for the history books.
