Memecoins
Shiba Inu (SHIB) Delays, PEPE Whale Piles Up – Top Meme Coin Price Predictions
The meme coin sector is recovering after the early May crash, but one major meme coin, Shiba Inu (SHIB), has not been doing well in recent weeks.
In fact, the price of SHIB is up just 2% this week, while other major meme coins like PEPE, dogwifhat (WIF), and BOME have produced returns of 10% or more during the same period.
Shiba Inu Price Prediction: Is It a Meme Coin to Avoid?
At the time of writing, SHIB price is trading around $0.000023, up a modest 2% over the past 7 days. This disappointing performance could potentially be attributed to lackluster metrics on Shibarium, the Layer-2 solution for SHIB.
Today there are only 9 activated contracts and the number of active accounts is consistently under 1,500 in May, with an average of around 100 new accounts created every day and some days seeing fewer than 50 new accounts. Last month, Shibarium produced over 25,000 new accounts on some days.
Furthermore, Shibarium has recorded fewer than 10,000 new transactions on a daily basis throughout the month so far. This is in stark contrast to the improved activity seen in April, when Shibarium experienced days with over 900,000 new transactions. Therefore, these low Shibarium parameters could have a negative impact on SHIB’s price action.
Technically, the MACD line is below the MACD signal line, indicating bearish momentum. Furthermore, the Relative Strength Index (RSI) on the daily chart is currently at 27, suggesting oversold conditions. However, this could also signal a potential turnaround if Shiba Inu token buyers take action.
Given SHIB’s sluggish performance, holders may consider exploring other opportunities in the meme coin sector if they seek higher returns. SHIB’s price trajectory does not look promising at the moment.
The PEPE coin whale accumulates as a price pump
On the other hand, the PEPE token recorded an 11% gain this week, trading around $0.0000086 at the time of writing. PEPE is not far from its all-time high set in March, around $0.00001.
Renowned cryptocurrency analyst Cold Blooded Shiller, who boasts as many as 274,000 followers on social media platform X (formerly Twitter), shared his bullish view on the price of PEPE.
According to Shiller, PEPE’s market structure remains simple and solid, positioning it as one of the best performing companies over longer time frames. Shiller suggested that PEPE’s immediate goal is to maintain its recent upward momentum and then challenge its all-time high zone.
Still very simple on the $PEPPER side.
One of the strongest HTF markets. I try to try to maintain this turnaround and then it will be the challenge at the ATH zone.
Some very good levels for new builds along the way too. https://t.co/O1L0OWJ20c pic.twitter.com/CEEk2qCHCs
— Cold Blooded Shiller (@ColdBloodShill) May 9, 2024
Additionally, he noted that there are several favorable levels along the way that could present new entry opportunities for traders (anything around the $0.000008 level based on his chart) and investors looking to capitalize on the potential of PEPPER.
Plus, on-chain data from SpotOnChain revealed that a new wallet (0x4f0) withdrew 357.34 billion PEPE ($2.91 million) from Binance yesterday at $0.00000815. Notably, in addition to PEPE, the wallet only withdrew 3.32 ETH ($9,906) from Binance for gas fees, indicating an accumulation of PEPE meme coins.
With an RSI of 50 on the daily chart, PEPE price appears to be in better shape than SHIB at the moment, potentially attracting more interest from investors.
Best Meme Coins to Buy Now in May
99Bitcoins, a popular cryptocurrency platform with a media outlet and YouTube channel boasting over 700,000 subscribers, today shared a video highlighting its top meme coin picks for May, aiming to make significant gains.
A notable mention is Dogeverse, a pre-sale gem that has already raised over 13 million dollars in less than 30 days, despite not yet being launched. Designed as a multi-chain token, Dogeverse will be available on Ethereum, Binance, Polygon, Avalanche, Base and Solana, with 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 noteworthy project is Sealana, a new meme coin from Solana that has raised over $360,000 in its cryptocurrency pre-sale 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, features Sealana, the seal trader, a marine mammal who lives in her mother’s basement, consuming snacks and canned tuna while actively trading in the Solana-based meme coin market. 1 SOL is equivalent to $6,900 SEAL at the time of this writing.
As the meme coin frenzy continues, investors could potentially keep an eye on projects like PEPE, Dogeverse, and Sealana, all of which have earning potential in the coming weeks.