Memecoins
Here are the 5 Best Meme Coins to Watch Out for in May
TL;DR
- Dogecoin (DOGE) faces a 15% weekly price drop, but shows recovery potential with an increase in non-empty wallets, hinting at increased demand.
- Shiba Inu (SHIB) and Bonk Inu (BONK) are also showing signs of resurgence; SHIB, through network upgrades and token burns, and BONK with a significant price increase, positioning it among the top 5 meme coins.
Dogecoin (DOGE)
The meme coin industry has suffered heavy losses recently, with its market capitalization falling well below the $50 billion mark. The largest such asset – Dogecoin (DOGE) – is among those deep in the red, with its price plunging 5% on a 24-hour scale and 15% weekly.
However, trends may change in May, leading to a new rally for the dog-themed token. One factor hinting at such a scenario is the growing number of non-empty DOGE wallets. Like CryptoPotato reportedthese addresses have surpassed the 54 million level, representing an increase of 13.8% over the last three months.
An increase in this metric signals growing demand. Basic economics suggest that the price could head north due to this condition (assuming supply remains constant).
Popular X users Ali, JAVON MARKS, and Mikybull Crypto are among the analysts predicting significant upside for DOGE in the near term. Ali claims that the value of the asset can reach the $1 mark if it reflects its performance from years ago.
Shiba Inu (SHIB)
The self-proclaimed Dogecoin killer is another meme coin that has recently seen a significant price retracement.
However, he could start next month off on the right foot thanks to many essential elements. One example is the resurgence of its Layer 2 scaling solution – Shibarium. The network underwent a major upgrade last week and is together to cross another on May 2.
SHIB’s burn program also increased, resulting in millions of tokens being removed from circulation. The ultimate goal of the mechanism is to make the coin rarer and potentially more valuable over time.
Pepe (PEPE)
The frog-themed asset is one of the few in the green on a two-week scale, but still down on a 7-day basis. Its increased volatility and growing community base should be taken into account when trying to predict top performers in May.
PEPE recently gained approval from many cryptocurrency exchanges, including Coinbase, and its price reacted positively following the announcements. Additional support in the near future could trigger a new rally.
Dog Hat (WIF)
It is the largest Solana-based coin and the fourth largest in the field, with a market capitalization of approximately $2.5 billion.
WIF market capitalization, source: CoinGecko
Cryptocurrency exchanges that have enabled trading services with WIF include BinanceOKX, Bybit, Bitget, Crypto.com and others.
Additionally, the asset received support from BitMEX co-founder Arthur Hayes and its community became increasingly creative. Not so long ago, supporters raised $650,000 to put the WIF logo on the Sphere, a famous entertainment arena in Las Vegas, Nevada.
Bonk Inu (BONK)
This token recently reversed Floki Inu (FLOKI) will join the club of the 5 greatest meme coins. It is the second largest asset of its kind built on the Solana blockchain, with a market capitalization of over $1.5 billion.
BONK is also among the best performers in the crypto market over the past two weeks, with its price up over 50% despite the overall correction.
BONK Price, Source: CoinGecko
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