Token

El Hippo

Terra

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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> 
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El Hippo price rises after $150k HIPP token burn

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