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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.