Shiba Inu and Pepe have started December in the red, with both tokens seeing 6% dips in the past day.
But many believe these dips are temporary and that the meme coin space will bounce back in the coming weeks.
Meanwhile, newcomer Crypto All-Stars continues to impress in its presale – raising $7.5 million ahead of its highly anticipated exchange debut.
Meme Coin Giants Struggle as December Starts on a Bearish Note
It’s been a rough 24 hours for meme coin traders.
Shiba Inu has dropped to $0.00028, losing 12% of its value since Sunday’s high.
Spot trading volumes are actually up 36%, but the extra activity seems to be more about selling than buying.
The coin’s technical outlook isn’t much better – SHIB has fallen below its 50-period EMA on the hourly chart, often a sign that more losses could be on the way.
Pepe is also looking bearish.
The popular frog coin has slipped to $0.00020, down 13% since Sunday, and is struggling to stay above key support.
Open interest has also taken a hit, which could mean traders are closing their PEPE positions.
The coin is now hovering near its 50-period EMA on the 4-hour chart, a setup that mirrors the broader weakness in meme coins right now.
With both SHIB and PEPE in the red, the market is clearly off to a poor start this December.
Santa Rally or Santa Slump? December’s Mixed Track Record for Meme Coins
The recent dips might feel like a warning sign, but December has historically been a mixed bag for meme coins.
There have been moments of pure bullishness – like Dogecoin’s rally at the beginning of December 2021.
However, that rally didn’t last long, and the OG meme coin sold off in the weeks after.
Shiba Inu’s track record in December is much the same, with poor performances in 2021 and 2022.
In 2023, SHIB rallied 35% in the first two weeks of the month before plummeting.
Evidence shows that the so-called “Santa rally” seems to favor newer meme coins that have yet to hit their peak, while the more established ones (like DOGE) often struggle for momentum.
This dynamic might explain why SHIB and PEPE are already feeling the heat.
But could there be opportunities for low-cap coins to shine this month?
Crypto influencer @itstylersays believes that’s the case – stating that the “best chance you have at making a million dollars is by buying meme coins.”
Can Crypto All-Stars Explode? New Meme Coin Hits $7.5M in Presale Ahead of DEX Listing
Crypto All-Stars is quickly making a name for itself as a meme coin with potential this December.
Unlike most meme coins that rely on hype, STARS brings real utility through its new MemeVault platform.
This platform lets investors stake popular meme coins, like SHIB and PEPE, to earn STARS tokens.
It gives investors a reason to hold these coins for the long run.
Crypto All-Stars’ presale numbers are impressive – over $7.5 million has been raised so far, with early buyers able to lock in prices at just $0.0016582 each.
However, that price won’t be available for long.
The presale will end in 18 days, meaning prospective investors have one last chance to buy early.
After the presale ends, Crypto All-Stars’ team plans to list STARS on a popular exchange, but they’re keeping the specifics under wraps for the time being.
The project’s Telegram channel members are hyped about this upcoming listing, believing the early presale demand will translate to massive price growth.
Even big names like Darryl Boo are excited about STARS’ potential.
So, can Crypto All-Stars defy the current conditions and rally in December?
Early signs suggest it’s possible – especially given the unique nature of the project’s MemeVault platform.
And with established players struggling, a gap might exist for a new coin like STARS to steal the spotlight.
Visit Crypto All-Stars Presale
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