As a seasoned crypto investor, I’ve seen my fair share of ups and downs in the market, especially within the meme coin sector. The recent weeks have been particularly challenging for many assets, with Dogecoin (DOGE) being no exception. DOGE suffered a 15% weekly price decline but shows potential for recovery based on an increase in non-empty wallets, which suggests growing demand. I’m keeping a close eye on this trend as it could lead to a substantial bull run.
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 market has experienced significant declines in value lately. Its total worth has dropped significantly below $50 billion. Dogecoin (DOGE), the largest meme coin, is among those taking heavy losses. Over the last 24 hours, its price has decreased by 5%, and over the past week, it has dropped by 15%.
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.
An increase in that indicator indicates a rising demand. According to fundamental economic concepts, the price could potentially go up under this circumstance, provided the supply stays the same.
As a seasoned analyst, I’ve noticed some notable predictions regarding Dogecoin (DOGE) in the near future. Notably, respected analysts such as Ali, Javon Marks, and Mikybull Crypto have expressed optimistic views about a potential substantial bull run for this asset. In Ali’s perspective, if DOGE replicates its historical performance, the value could potentially surge towards the $1 milestone.
Shiba Inu (SHIB)
As a crypto investor, I’ve noticed that Shiba Inu, the so-called “Dogecoin-killer,” has taken a hit in terms of price recently.
Despite this, the project could get off to a good start next month with several key factors in place. For instance, its layer-2 scaling solution, Shibarium, underwent a significant update last week and is scheduled for another upgrade on May 2.
As an analyst, I’ve noticed a significant increase in SHIB‘s token burning program, with millions of tokens being eliminated from circulation. The objective behind this mechanism is to make the meme coin less abundant and potentially more valuable over time.
Pepe (PEPE)
As a researcher studying the financial market, I’ve noticed that the frog-themed asset stands out as one of the few gaining ground over the past two weeks. However, it’s important to remember that its value has decreased over the last seven days. The increased volatility and expanding community base associated with this asset should be carefully considered when assessing potential top performers for the month of May.
PEPE has recently received approval from several prominent cryptocurrency exchanges, such as Coinbase. Following these announcements, the price of PEPE has risen positively. Further endorsements in the upcoming days could lead to a more significant increase in value.
Dogwifhat (WIF)
The largest meme coin built on the Solana network, boasting a market capitalization of around $2.5 billion, is this one. It ranks as the fourth-largest in existence.
As a researcher investigating the world of cryptocurrency trading, I’ve come across several exchanges that support the use of Wallet Import Format (WIF) for enabling trading services. Some of these exchanges are Binance, OKX, Bybit, Bitget, and Crypto.com, among others.
I’d like to add that the asset has gained support from BitMEX’s co-founder Arthur Hayes. Moreover, its community has shown great creativity, recently managing to raise $650,000 to display the WIF logo on the Sphere, a renowned entertainment venue 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.
In the past two weeks, BONK has stood out as one of the top performers in the cryptocurrency market. Its price has surged by more than 50%, an impressive gain even amidst the broader market correction.
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2024-05-01 18:55