In the previous month’s crypto market, the top meme coins by market cap experienced price dips. Emerging after the Dogecoin craze, these coins leverage humor, satire, and community engagement to foster a unique investment ecosystem. However, as the meme coin space grows, older coins are becoming faced out, and newer meme coins like El Hippo and Pepe Coin are taking over the space.

Investors are moving away from older meme coins

Dogecoin (DOGE) and Shiba Inu (SHIB), once the pioneers of the meme coin movement, have now become household names. These coins have achieved market maturity that might limit their potential for exponential growth with widespread adoption. Investors are now seeking out lesser-known coins with greater potential for rapid appreciation.

Newer meme coins leverage cutting-edge technology, unique use cases, and imaginative features that set them apart from their predecessors. This innovation-centric approach appeals to investors looking for projects that push boundaries and offer novel solutions.

Due to their popularity, older meme coins have also become targets for scams and fraudulent activities. Investors are increasingly cautious and conduct thorough due diligence before committing their funds. Newer projects focusing on robust security measures tend to offer a greater sense of trust and reliability.

As newer meme coins gain traction and generate buzz, investors might experience a ‘Fear of Missing Out’ on potential gains. This FOMO-driven behavior can lead them to explore and invest in these newer, more promising projects.

Dogecoin saw a strong rally initiated in June. The price went from $0.058 to $0.0835, a 44.2% rally in 41 days. The market structure of the coin flipped bearishly on August 15, when DOGE bulls could not defend a key support level at $0.0725. DOGE is trading at $0.0612, a decline of 0.1% over the last 24 hours and 4.7% over the last week. Meanwhile, the token is down 18.6% in the last month.

On the other hand, Shiba Inu is trading at $0.00000730, up 1% over the last 24 hours and down 4.6% over the last week. Meanwhile, the token is down 29.5% in the last month.

El Hippo takes over the meme coin market

El Hippo, a meme coin that recently joined the meme coin space, is already making major moves. El Hippo’s HIPP presents itself as a distinctive meme coin due to its transparent characteristics. Its unwavering dedication to fostering a robust and lasting community is a key aspect that sets it apart. This commitment is vividly exemplified by allocating 1% of its total supply for upcoming NFT holders, ensuring financial sustainability, and fostering active participation within its expanding ecosystem.

Currently, El Hippo is trading at $0.000000005182, and it has been consistently in the green over the past 30 days since its launch. Its rapid rise in popularity among investors can be attributed to several factors, including the anticipation of an upcoming airdrop, strategic partnerships, a thriving community, and rewarding community programs. The growing adoption of this meme coin signals a vote of confidence from investors, indicating their belief in the project’s potential to bring positive change to the space.

Impressively, within a mere week of its launch, the token achieved a significant milestone of garnering 1,000 holders, and it swiftly surpassed 1,700 holders just a few weeks after that. This remarkable growth underscores the strong traction El Hippo has gained within the crypto community.

PEPE’s momentum is rising

Pepe Coin (PEPE) has gained investor attention over the last weeks as it seamlessly combines internet memes’ entertainment value with the potential offered by blockchain technology. This blend of popularity and technological innovation bridges mainstream and crypto audiences, ensuring security and transparency through the power of blockchain.

The journey of Pepe Coin in early September has been nothing short of a rollercoaster, marked by significant price fluctuations and a concerning dip in performance. On September 1, the coin experienced a notable drop, breaching the crucial support level of $0.00000078.

However, a rapid reversal occurred just a day later, reclaiming the previously breached support. This surge in buying pressure left sellers in a precarious position, compelling them to exit their positions. Meanwhile, the coin has maintained its popularity, and more investors are using this chance to get in early on the project.

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Filed under: Bitcoin - @ September 19, 2023 1:23 pm