The meme coin sector is recovering after a crash in early May, but one top meme coin, Shiba Inu (SHIB), is not performing well over the past few weeks.
In fact, SHIB’s price is up only 2% this week, while other prominent meme coins like PEPE, dogwifhat (WIF), and BOME have produced returns of 10% or more during the same period.
Shiba Inu Price Prediction – Is This a Meme Coin to Avoid?
SHIB price is trading around $0.000023 at press time, up a modest 2% in the last 7 days. This underwhelming performance could potentially be attributed to lackluster metrics on Shibarium, the Layer-2 solution for SHIB.
There are only 9 deployed contracts today, and the number of active accounts is consistently lower than 1,500 in May, with an average of around 100 new accounts created daily, and some days seeing fewer than 50 new accounts. Last month, Shibarium produced over 25,000 new accounts on some days.
Also, Shibarium had fewer than 10,000 new transactions on a daily basis throughout the month so far. This is a stark contrast from the better activity witnessed in April, when Shibarium experienced days with over 900,000 new transactions. So, these low Shibarium metrics could negatively impact SHIB’s price action.
Technically, the MACD line is below the MACD signal line, indicating bearish momentum. Additionally, the Relative Strength Index (RSI) on the daily chart is currently at 27, suggesting oversold conditions. However, this could also signal a potential reversal if Shiba Inu token buyers step in.
Given SHIB’s sluggish performance, holders may consider exploring other opportunities within the meme coin sector if they seek higher returns. SHIB’s price trajectory does not look promising at the moment.
PEPE Coin Whale Accumulates as Price Pumps
On the other hand, PEPE token has seen 11% gain this week, trading around $0.0000086 at press time. PEPE is now not far from its all-time high set in March, around $0.00001.
Popular crypto analyst Cold Blooded Shiller, boasting an impressive 274,000 followers on the social media platform X (formerly Twitter), shared his bullish outlook on PEPE price.
According to Shiller, PEPE’s market structure remains simple and robust, positioning it as one of the strongest performers in the higher time frames. Shiller suggested that PEPE’s immediate objective is to maintain its recent upward momentum and then challenge its all-time high zone.
Still very simple on the $PEPE side.
One of the strongest markets on the HTF. Looking to try and hold this flip and then it's the challenge to the ATH zone.
Some very good levels for fresh set ups along the way as well. https://t.co/O1L0OWJ20c pic.twitter.com/CEEk2qCHCs
— Cold Blooded Shiller (@ColdBloodShill) May 9, 2024
Also, he noted that there are several favorable levels along the way that could present fresh entry opportunities for traders (anything around $0.000008 level based on his chart) and investors seeking to capitalize on PEPE’s potential.
Furthermore, on-chain data from SpotOnChain revealed that a fresh wallet (0x4f0) withdrew 357.34 billion PEPE ($2.91 million) from Binance at $0.00000815 yesterday. Notably, besides PEPE, the wallet has only withdrawn 3.32 ETH ($9,906) from Binance for gas fees, indicating an accumulation of PEPE meme coin.
With an RSI of 50 on the daily chart, PEPE’s price appears to be in better shape than SHIB at the moment, potentially attracting more investor interest.
Top Meme Coins to Buy Now in May
99Bitcoins, a popular cryptocurrency platform with a media outlet and a YouTube channel boasting over 700,000 subscribers, shared a video today highlighting their top meme coin picks for May, aimed at capturing significant gains.
One notable mention is Dogeverse, a presale gem that has already raised over $13 million in less than 30 days, despite not being launched yet. Designed as a multichain token, Dogeverse will be available on Ethereum, Binance, Polygon, Avalanche, Base and Solana, featuring superior bridge technology for seamless multi-chain transitions.
With a solid roadmap, great tokenomics, and staking opportunities offering a 69% APY, Dogeverse has growth potential, making it a meme coin to watch closely.
Another project worth mentioning is Sealana, a new Solana meme coin that has raised over $360,000 in its crypto presale so far. Sealana features a seal-themed mascot inspired by American cartoon culture, embodying a humorous take on the crypto and Web3 scene.
The token, represented by the symbol $SEAL, introduces Sealana the seal trader, a marine mammal living in his mom’s basement, consuming snacks and canned tuna while actively trading in the Solana-based meme coin market. 1 SOL is equating to 6,900 $SEAL at press time.
As the meme coin frenzy continues, investors might potentially keep a close eye on projects like PEPE, Dogeverse, and Sealana, which all have potential for gains in the upcoming weeks.
