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This article highlights ten recommended meme coins to watch this May as the market anticipates a bullish relief from the recent widespread bloodbath.
While April was already a challenging month for altcoins, May opened with a significant bearish tone, forcing them to hit lower lows. Meme coins expectedly took a more significant hit than the broader altcoin landscape.
However, prominent market watchers believe the market recovery is imminent. They argue that Bitcoin’s plunge to $56K signals the end of the two-month-long downturn.
As a result, the crypto community is confident in the potential for meme coins to again lead the bullish market narrative during the altcoin comeback. Widely followed X account @SharkyCoins recently highlighted ten meme coins that crypto enthusiasts should keep a close watch on as the anticipated market recovery unfolds this month.
Top 10 memecoins to watch in May (by market cap):
1. $DOGE ($18.3B)
2. $SHIB ($12.9B)
3. $PEPE ($2.8B)
4. $WIF ($2.5B)
5. $BONK ($1.5B)
6. $MEW ($340.5M)
7. $MYRO ($135.3M)
8. $WEN ($130.4M)
9. $MANEKI ($113.2M)
10. $DUKO ($22M)
Any others?👇— Sharky 🐬 #Altcoin #crypto HUNTER (@SharkyCoins) May 2, 2024
Dogecoin and Shiba Inu
Dogecoin ($DOGE) led the list with its $18.4 billion market valuation. At press time, $DOGE trades at $0.1282, with a 4% gain in the last 24 hours. The leading meme coin is currently 15% below the price it traded seven days ago, and it has experienced a more substantial 30% decline over the past month.
This suggests its market value of $0.1282 is a considerable buying opportunity regardless of the 24-hour 4% gain.
Similarly, Dogecoin’s closest contender Shiba Inu ($SHIB) has registered a 24-hour uptick of 5% with its prevailing value of $0.00002213. However, $SHIB traded in the $0.00003 range a month ago, reflecting a 16% loss in the past 30 days.
Historical data has suggested that Shiba Inu’s profitability rate in May over the past three years is 90%, implying that 2024’s May could be favorable for investors. Yet, it is worth noting that the high-profit score was influenced by Shiba Inu’s extraordinary performance in May 2021.
$PEPE, $WIF, $BONK
$PEPE, Dogwifhat ($WIF), and $BONK were some of the most prominent meme coins that led the bull market frenzy during the first quarter of the year. For instance, a report highlighted that $WIF registered a staggering quarter-to-date gain of 2,721%.
The gains $PEPE, $WIF, and $BONK recorded early this year are still reflected in their current market value despite the recent landslide dips. In particular, $PEPE is up 660% in the last 90 days with its price at $0.000006984. Likewise, Solana meme coin $BONK retains a 117% gain in its 90-day trajectory with its value at $0.00002299.
5 Other Meme Coins to Watch
The meme coins comprising the other half of SharkyCoins’ recommendation included assets with a market cap of million dollars. They are all Solana-based meme coins, including $MEW, MYRO, WEN, MANEKI, and DUKO. Essentially, these assets are anticipated to leverage the positive sentiment surrounding Solana meme coins in the bullish market trend.