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Meme coins have had a strong month so far. The three projects currently consolidating below their monthly highs are El Hippo, Shiba Inu, and Dogecoin.
Price may be supported by El Hippo token burn
El Hippo is a meme coin whose price rose to an all-time high this month, rising 450% since launch after being listed on Bitget and celebrating a $54,000 airdrop.
The project also regularly distributes giveaways to the community through Zealy every two weeks.
As many analysts expected, the sell-off occurred as community members cashed out their airdrop reward proceeds.
As of December 19, the token was still up 250% since its launch price, breaking even in December.
However, with a $150,000 token burn on December 19th and plans for more airdrops, the all-time high could be reached again.
Shiba Inu is highly volatile, but the upward trend is still evident.
SHIB had a strong month, hitting its highest point since March 2023 on December 17th, before falling again and continuing a volatile price pattern that appeared to be tentatively rising.
Activity on social media has increased. This surge could also support prices going forward.
As with all assets, it is impossible to predict what will come next. However, with the market still celebrating the recent Bitcoin price rise, there may be more room for growth.
Dogecoin gradual rise
Dogecoin is currently trading at $0.88 after hitting $0.105 earlier this month. Like El Hippo and Shiba Inu, Dogecoin is trending upward this month.
Analysts are watching Dogecoin closely to see if the recent price surge is a one-off event or if the market’s favorite cryptocurrency is making a comeback.
Dogecoin supporters were hoping for $1, but reaching $0.10 by the end of 2023 could be an optimistic sign for the altcoin in 2024.
welcome the new year
2023 has been a volatile year for cryptocurrencies. Major disruptions, such as the aftermath of the FTX disaster in late 2022, have undermined recovery efforts. However, Bitcoin (BTC) recently surpassed $44,000 and many are eagerly anticipating a potential bull market.
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