The meme coin market remains under pressure, looking at performance in the past 24 hours. The top-5 most liquid meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), BONE, and Floki Inu (FLOKI), are down 17%, 15.7%, 10.7%, 24.2%, and 17.34%, respectively.
Coingecko data shows that most of these coins have been on the receiving end, posting losses. Some of them, including DOGE, SHIB, and BONE, edged higher until seven days ago. Meanwhile, others like FLOKI and PEPE have been falling in the past weeks.
Despite the drawdown across the board, a few are firm. Some, including HarryPotterObamaSonic10Inu (ERC-20), HarryPotterObamaPacMan8Inu, Shibarium Token, and CAT, are up, rising 56.52%, 79.98%, 1290.31%, and 448%, with the last 2 being new launches.
Shibarium is now trading at $0.02 after launching at $0.0015. Prices rose to $0.05 following the Shibarium launch on Aug. 16. Even though the markets did not significantly impact prices, the general sentiment points to a possible weakness in the upcoming sessions.
Will HIPP take over?
As meme coins turn red, other investors are looking at El Hippo’s HIPP, a project that can be examined for opportunities.
The El Hippo developers aim to build a bigger community than its predecessors, Shiba Inu and Dogecoin. It is building communities on X(formerly Twitter), Telegram, and Coinmarketcap. However, the HIPP is not listed on popular trackers like CoinMarketCap (CMC) or Coingecko.
According to CoinBrain data, HIPP is trading at $0.00000002237, adding roughly 88% in 24 hours. Meanwhile, trading volumes have more than doubled, pushing the token’s liquidity to $90,100.
The token has a fully diluted market cap of about $2 million with a total supply of 777 trillion. However, according to the team, burning will reduce the supply, which may support prices in the long run.
92.1% of the total supply will be sent to the liquidity pool, 6.9% will be held in a multisig wallet, and 6.9% will be issued for listings, bridges, and liquidity pools.
Moreover, the team is allocating 1% of the total supply to reward HIPP non-fungible token (NFT) holders. For transparency, El Hippo has provided several Ethereum Name Service (ENS) domains for investors to track the supply wallet.
Banking on the community
Typically, a meme coin is only as strong as the community behind it. Shiba Inu’s token launched in August 2020 as a meme coin riding on the popularity of Dogecoin.
It gained attention due to its association with the Shiba Inu dog meme and the broader altcoin craze. SHIB also launched during the last bull cycle, driven by the success of established projects like Bitcoin and Ethereum.
Meme coins thrive on active and engaged communities that rally around a shared 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 instance, gained traction and rallied in its early days as investors saw it as an opportunity to ride the wave of meme coins. The initial price of SHIB was around $0.00000068 but rose as hype increased.
As more people adopt and use a specific meme coin, its network effects strengthen. This means that as the user base grows, the value and utility of the meme coin tend to increase, attracting even more users and potentially driving up its value. This is why HIPP’s team plans to ship in more than 1 million token holders, per the token’s roadmap.
El Hippo’s team has completed the first steps of a four-phased roadmap, and the token is now available on decentralized exchanges like Uniswap. The developers plan to tick the CEX listings, NFT collection launch, partnership formations, and community growth boxes in the coming weeks.
The surge of HIPP in its initial phase highlights the speculative nature of meme coins and the impact of market sentiment.
For more information on El Hippo:
Visit the El Hippo website
Buy HIPP meme coin
Join community
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