Here are the top 5 meme coins to watch in May

TL;DR

Dogecoin (DOGE) faces a weekly price drop of 15%, 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, placing it in the top 5 meme coins. Dogecoin (DOGE)

The meme coin industry has suffered heavy losses recently, with its market cap well below $50 billion. The largest such asset, Dogecoin (DOGE), is among the deep red, with its price falling 5% on a 24-hour scale and 15% weekly.

Price DOGE, Source: CoinGecko

However, trends may change in May, leading to a new rally for the dog-themed tab. One factor hinting at this scenario is the growing number of non-empty DOGE wallets. As reported by CryptoPotato, these addresses have crossed the 54 million mark, representing a 13.8% increase over the past three months.

An increase in this metric indicates growing demand. Basic economic principles suggest that price can go north due to this condition (assuming supply remains constant).

Popular X users Ali, JAVON MARKS and Mikybull Crypto are among the analysts predicting a substantial bull run for DOGE in the near term. Ali stated that the value of the asset can reach the $1 milestone if it reflects its performance in past years.

Shiba Inu (SHIB)

The self-proclaimed Dogecoin killer is another meme coin that has seen a major price pullback lately.

SHIB Price, Source: CoinGecko

However, it could start next month on the right foot due to numerous essentials. An example is the resurgence of their layer 2 scaling solution: Shibarium. The network underwent a major update last week and is scheduled to undergo another on May 2.

SHIB’s burn program has also been on the rise, resulting in millions of tokens being withdrawn from circulation. The ultimate goal of the mechanism is to make meme currency more scarce 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 it’s still down on the 7-day. Its higher volatility and growing community base should be taken into account when predicting the best results in May.

PEPE Price, Source: CoinGecko

PEPE has recently earned the thumbs up from numerous cryptocurrency exchanges, including Coinbase, and its price has reacted positively following the announcements. Additional support in the near future may trigger another recovery.

Dogwife (WIF)

This is the largest meme coin based on Solana and the fourth largest in the realm, with a market cap of approximately $2.5 billion.

WIF Market Head, Source: CoinGecko

Cryptocurrency exchanges that enabled trading services with WIF include Binance, OKX, Bybit, Bitget, Crypto.com and others.

In addition, the asset was supported by the co-founder of BitMEX, Arthur Hayes, and its community became more and more creative. Not long ago, supporters raised $650,000 to put the WIF logo on the Sphere, a famous entertainment venue in Las Vegas, Nevada.

Bonk Inu (BONK)

This token has flipped Floki Inu (FLOKI) to join the club of the 5 biggest 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 top performers in the crypto market over the past two weeks, with a price increase of over 50% despite the general correction.

Price BONK, Source: CoinGecko SPECIAL OFFER (Sponsored) LIMITED OFFER 2024 for CryptoPotato Readers on Bybit – Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!