TL;DR
Dogecoin (DOGE) faces a 15% weekly price decline but shows potential for recovery with a rise in non-empty wallets, hinting at increased demand.
Shiba Inu (SHIB) and Bonk Inu (BONK) also exhibit 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 sector has suffered heavy losses recently, with its market capitalization dipping well below the $50 billion mark. The largest asset of that type – Dogecoin (DOGE) – is among those deep in the red, with its price plunging by 5% on a 24-hour scale and 15% weekly.
However, the trends can change in May, resulting in a fresh rally for the dog-themed token. One factor hinting at such a scenario is the rising number of non-empty DOGE wallets. As CryptoPotato reported, those addresses have surpassed the 54 million level, representing a 13.8% increase in the last three months.
A surge in that metric signals a growing demand. Basic economic principles suggest that the price may head north due to this condition (assuming supply remains constant).
The popular X users Ali, JAVON MARKS, and Mikybull Crypto are among the analysts predicting substantial bull run for DOGE in the short term. Ali claimed that the asset’s value may reach the $1 milestone if it mirrors its performance from years ago.
Shiba Inu (SHIB)
The self-proclaimed Dogecoin-killer is another meme coin that experienced a significant price retrace lately.
Nevertheless, it could start the next month on the right foot due to numerous essential elements. One example is the resurgence of its layer-2 scaling solution – Shibarium. The network underwent a major upgrade last week and is set to pass through another one on May 2.
SHIB’s burning program has been on the rise, too, resulting in millions of tokens being removed from circulation. The mechanism’s ultimate goal is to make the meme coin scarcer and potentially more valuable in 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 enhanced volatility and growing community base should be taken into account when trying to predict the best performers in May.
PEPE recently gained the thumbs up from numerous cryptocurrency exchanges, including Coinbase, with its price reacting positively after the announcements. Additional support in the near future may trigger a further rally.
Dogwifhat (WIF)
This is the biggest Solana-based meme coin and the fourth-largest in the realm, with a market cap of approximately $2.5 billion.
WIF Market Cap, Source: CoinGecko
Cryptocurrency exchanges that enabled trading services with WIF include Binance, OKX, Bybit, Bitget, Crypto.com, and others.
In addition, the asset received backing from BitMEX’s co-founder Arthur Hayes, and its community became increasingly creative. Not long ago, supporters raised $650,000 to put WIF’s logo on the Sphere, a famous entertainment arena in Las Vegas, Nevada.
Bonk Inu (BONK)
This token recently flipped Floki Inu (FLOKI) to join the club of the top 5 largest meme coins. It is the second-biggest asset of that type 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 in the last two weeks, with its price spiking by over 50% despite the overall correction.
The post Here Are the Top 5 Meme Coins to Watch in May appeared first on CryptoPotato.
