Meme coins have seen an influx of fresh investment following a broader price rally in the crypto market last week with Bitcoin rising above $35,000, bringing the rest of the market with it.Meme coins are of particular interest to speculative investors due to their high-growth potential and gains that often move independently of the wider market, influenced by activity on social media instead.
PEPE and SHIB have spiked already while a trending new meme coin, El Hippo, is rapidly gaining followers and rising in price as well, leading many to speculate that HIPP might be the next meme coin to blow up.
PEPE Spikes 21% in a Week
PEPE, the world’s largest meme coin, saw major gains over the last month, rising 52% in total and bringing the market cap to almost half a billion dollars. PEPE is now ranked #75 by market cap.
The coin once stood at an incredible $1.53 billion market cap, seeing a massive price surge in 2021 along with many other altcoins before slowly falling to a three-year low in October.
Many investors had begun to think PEPE had lost momentum and was finished growing in price, making the latest price jump a surprise for all the PEPE bears out there. PEPE has seen some of the most meteoric price increases in crypto history with 1,000,000% gains in 2021, shining a light on the power of meme coins in general.
DOGE Rises 10% in a Month
Dogecoin, meanwhile, has seen a more modest increase, although the monthly volume shows a 64% increase in trading activity overall, meaning a massive increase in investors have been trading DOGE.
This increase in activity, plus a 10% monthly price gain, could be the beginning of a wider price rally for DOGE. The coin now sits at $0.06952, around ten times lower than the massive all-time high seen in 2021 of $0.68.
Meanwhile, meme coins like FLOKI and SHIB are either down on the month or trading in a sideways range with no gains to speak of.
El Hippo (HIPP) Followers and Price are Rising
HIPP, on the other hand, is showing very promising signs of a potential price rally. The project is just three months old and has already amassed 32,000 followers on Twitter and a similar amount on Discord.
El Hippo has launched a $10,000 aidrop which is still ongoing as well as giving out $700 every two weeks on Zealy, and all of this has helped foster a very loyal and active fanbase of meme creators working to make the project go viral.
For the uninitiated, El Hippo is a hippo-themed meme coin which launched on the Ethereum blockchain. Price rose 160% in the first month and the market cap is now at $3.78 million, high enough to demonstrate that many investors are taking interest, but low enough that a major price increase could still take place.
No matter how well DOGE and PEPE perform in an upcoming bull rally, the days of 1000x gains for these coins are likely over, simply because they have already happened.
This is not so for El Hippo, as it could skyrocket by 10,000x and still be worth just $0.000052 per coin. When an early stage meme coin begins to show strong activity on social media and upward trending price, the market takes notice. Everyone is on the hunt for the next big meme coin before it explodes, and it might just be El Hippo.
Of course, gains are never guaranteed in crypto, and it’s up to each individual investor to research projects and make their own decisions.
Meme Coin Market
The meme coin industry is a controversial one, both more volatile and more lucrative than more traditional crypto assets. When meme coins move, they tend to do so in a big way, and typically price jumps are dictated purely by the activity on social media and throughout the fanbase rather than due to other market forces.
However, Bitcoin price movements do still affect meme coins to an extent, making this latest rally an interesting time of potential investment opportunities throughout the world of meme coins.
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