Token

El Hippo

Terra

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. 
The El Hippo meme coin recently burned a major portion of its supply. This action has made the token scarcer and led to increased trading volumes, contributing to the coin’s upward trend. 
<h2 class="wp-block-heading" id="what-is-el-hippo">What is El Hippo?</h2> 
El Hippo, a meme coin launched in August 2023, rose 450% after launching despite contracting slightly.&nbsp; 
The project gained popularity through meme contests, regular airdrops, and biweekly giveaways on&nbsp;<a href="https://zealy.io/c/elhippo/questboard" target="_blank" rel="noreferrer noopener">Zealy</a>.&nbsp; 
 You might also like: <a href="https://crypto.news/el-hippo-burns-150000-worth-of-hipp/"> El Hippo burns $150,000 worth of HIPP </a> 
The distinctive hippo-themed memes went viral, attracting influencers and news outlets.&nbsp; 
Analysts compare the community camaraderie to early-stage DOGE or <a href="https://crypto.news/pepes-price-explosion-whats-behind-meme-coins-surge/" data-type="post" data-id="14213838">PEPE</a>, explaining why some investors consider El Hippo in their portfolio. 
<h2 class="wp-block-heading" id="el-hippo-market-analysis">El Hippo market analysis</h2> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/kbJq5IdwPM38ZSb1_OISWlWnsGNxOzuVV4XG11BIZScpaQHiyzM8kaOMzSN3__KRnEIJiKCqC2o-t1F_QHamK_7PWtLdz49J6wPPH8Uredz6vBtgQFKNS2nABLIiJrhwHVaMZA-0OlqcQqGVHdVmXMo" alt="El Hippo price rises after $150k HIPP token burn - 15">
</figure> 
The token has been listed on MEXC and recently, Bitget, celebrating this listing with a $54,000 airdrop.&nbsp; 
The listing last month saw prices and trading volume spiking to a new all-time high. At its peak, El Hippo traded at $0.0000000133. 
 You might also like: <a href="https://crypto.news/chatgpt-makes-price-predictions-for-ordi-el-hippo-and-terra-luna-classic/"> ChatGPT makes price predictions for ORDI, El Hippo, and Terra Luna Classic </a> 
This spike was followed by a selloff as users cashed out the proceeds of their airdrop winnings. 
The token burn on Dec. 19 added to the positive sentiment as the team&nbsp;<a href="https://twitter.com/elhippomeme/status/1737146750979162431" target="_blank" rel="noreferrer noopener">burned</a>&nbsp;2% of the entire supply or 15.7 trillion HIPP valued at $150,000. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/SaLV7e_pCpy6amjN5_oYBQhH91LQiZdmUBRxqvYaIM2aW37mZ85JL7q8iyKWcd0HLirXJ3bRd3eF3G9TNhyIFSXQu6jqebGPOszxDLZZXLRbZeOTyuZWC377WLN6_87pHF_KK5xIou4VIgo_x-gYTCY" alt="El Hippo price rises after $150k HIPP token burn - 16">
</figure> 
Token burns, like the recent one in El Hippo, can benefit existing holders by reducing the overall supply. This scarcity tends to drive bullish price movements.&nbsp; 
Given El Hippo’s small market cap below $6 million, it can be more responsive to price trends, making potential price swings more significant than those seen in larger assets.&nbsp; 
However, it’s essential to recognize that this dynamic applies to bullish and bearish trends, emphasizing the importance of proper risk management for investors. 
<h2 class="wp-block-heading" id="looking-to-the-new-year">Looking to the New Year</h2> 
El Hippo plans for upcoming NFT releases, a merch store, new listings, and additional airdrops.&nbsp; 
The project’s focus on fostering positive sentiment and building a vibrant online community is bullish. 
Still, as El Hippo continues on this path, its potential destination in 2024 remains uncertain but optimistic. 
 Read more: <a href="https://crypto.news/bitget-listing-triggers-el-hippo-price-surge/"> Bitget listing triggers El Hippo price surge </a> 
 Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

El Hippo price rises after $150k HIPP token burn

Tabla de contenidos

crypto.news

Otros artículos publicados el 21 dic 2023

Outcoming Court Rulings in 2024 Which Can Reshape Crypto Industry

Record Token Burn occurred in the Popular Memecoin!

Polkadot (DOT) Records Transaction Blow up, What Is Happening?

Google’s AI Dominance in 2023: A Year in Review

Phantom Wallet expands crypto horizon with Bitcoin integration

Ethereum Founder Vitalik Buterin Sold a Large Amount of Mem Tokens! Prices Have Declined!

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!