Table of Contents
ToggleKey Takeaways:
- Memecoins, as an overall sector in the crypto market, have not been able to perform as well as one would have imagined.
- Memecoin king, Dogecoin, has stayed more or less flat all throughout 2023, along with Floki Inu – which saw a major rally in the early days but soon flatlined after that.
- The rest of the memecoins like Shiba Inu, Baby Dogecoin, and Dogelon Mars, have all managed to lose all through 2023 after seeing major rallies in the early days of the year.
Introduction
In the ever-evolving world of cryptos, memecoins have emerged as a unique and entertaining sub-section of the broader crypto asset class. These meme-inspired digital currencies have gained significant popularity, attracting both crypto enthusiasts and mainstream investors. Especially with the rise of social media and internet culture, memecoins have captured the attention and imagination of investors worldwide. Memecoins offer a lighthearted and often humorous approach to the crypto market, leveraging memes and viral content to engage communities. The surge in interest has led many individuals to explore how to buy memecoins, looking to participate in the meme coin frenzy and potentially benefit from their price appreciation.
In this article, we will delve into the performance of various memecoins during the month of May 2023, exploring their price movements, comparing their performance, and identifying potential gems that could explode in the coming months.
Read More: Top Meme coins in 2023
1. How Has Dogecoin (DOGE) Performed In May 2023?
- Dogecoin price action has been rather dull, for the lack of a better word, in the year 2023, despite the overall crypto market showing some bullish shoots.
- DOGE price has been oscillating in a very wide range between $0.065 to $0.1. This kind of wide rangebound movement in a price typically indicates there is indecisiveness in the token’s price – thus making it harder to invest in. However, savvy traders will be able to utilize this to buy low, sell high, and execute various strategies to profit from this.
- Additionally, DOGE price will face selling pressures too, as it is trading below both its 50-day and 200-day exponential moving averages, which also have suffered a death cross.
- The month of May 2023 for Dogecoin has mostly been flat, and thus unless there is some major news in the market, we can expect Dogecoin’s price action to remain pretty much the same.
Read On: Dogecoin Price Prediction
2. How Has Shiba Inu (SHIB) Performed In May 2023?
- Unlike Dogecoin, Shiba Inu’s native crypto token, SHIB had a solid beginning to the year 2023 but after rallying over 83% within the first month alone, SHIB price began its gradual descent over the next couple of months.
- In fact, since the beginning of February 2023, all the way till press time, SHIB price has nearly lost all of the gains it made in the month of January.
- In the early days of May, SHIB price suffered a death cross of the 50 and 200-day exponential moving averages and SHIB price is also trading below both of the aforementioned EMAs, both of which would bring about selling pressures in the second largest memecoin by market cap.
- However, SHIB price is trading marginally above the YTD low level (marked in blue), and thus, if this level holds, we can expect a pullback rally sometime later when the sentiment improves.
- However, if we were to see a breakdown below this level, then a continuation breakdown may ensure for the rest of 2023.
Additional Read: Shiba Inu Price Prediction
3. How Has Pepe Coin (PEPE) Performed In May 2023?
- One of the newest kids on the memecoin blog, PEPE has taken the crypto market by storm. Launched back in mid-April, this memecoin saw a meteoric rally, especially in the month of May, where its value rallied by over 400% in the first five days of May.
- Since then, however, PEPE has been on a steady decline and has lost much of all it had gained in those initial days of May 2023.
- Since the price action history on this coin is very limited, undertaking any meaningful long-term technical analysis becomes irrelevant. However, there are some things that can be noted.
- PEPE price is still nearly 80% down from the beginning of May to as of writing this article, despite having lost so much of its value. If PEPE falls down below its May lows, things could become worse for this particular memecoin.
- If the PEPE price is able to break out of its steady downtrend quickly, we might see some strong pullback rally coming back into the coin, fuelled by hype and community support.
4. How Has Floki Inu (FLOKI) Performed In May 2023?
- Very similar to the current reigning memecoin coin of the crypto industry, Dogecoin – Floki Inu, which can be called a descendent of the idea of Dogecoin – has followed a very similar price trajectory too.
- As you can see from the chart above, while the beginning of 2023 saw a massive 600%+ rally in a month and a half, ever since the beginning of March, things came to a standstill – which is arguably better than the likes of SHIB, which has lost all that it gained in the early days of 2023.
- From the chart above, we can clearly observe that the token will find it extremely difficult to break out of the three-month-long consolidation/accumulation zone (marked in grey), and it would require a major trigger to cause such a breakout.
- FLOKI price is trading below its 50-day exponential moving average, and also it is currently trading at the lower end of the accumulation zone, and thus the broader sentiment here can be said to be on the negative side.
- The YTD high would also serve as a region of stiff resistance for the FLOKI price as that is an untested level over the course of the past almost four months, making it another crucial resistance level traders need to look out for.
5. How Has Baby Dogecoin (BABYDOGE) Performed In May 2023?
- Similar to the price action of SHIB discussed above, Baby Dogecoin is another memecoin that has followed the trajectory of giving a massive rally early in the year, only to lose it over the next couple of months.
- BABYDOGE price is currently trading just below a descending triangle pattern on the price chart, which is well known as a bearish price pattern.
- BABYDOGE price is also trading well below its 50-day exponential moving average and also just below its 200-day exponential moving average, which would result in sustained bearish pressures across the board.
- Thus overall, BABYDOGE can be said to be undergoing a major bout of bearishness, and given its high volatility, traders can expect major whipsaw movement going ahead.
6. How Has Dogelon Mars (ELON) Performed In May 2023?
- ELON is one of the smallest memecoins by market capitalization on this list and also one of the poorest performers. While others had a strong rally of several hundreds of percentage points, ELON only managed to gain a little over 70% in the first two months of the year.
- Similar to Baby Dogecoin, ELON price too has broken down below its descending triangle pattern in the early days of May.
- Further, it is also trading below its 50 and 200-day exponential moving averages. Additionally, these two EMAs have also suffered a bearish death cross, both of which would bring about further bearish pressures on this coin.
- With a Relative Strength Index under 40, we can expect to see sustained bearishness in the token in the future.
Comparing Top Memecoins By Market Cap
Parameter | Dogecoin | Shiba Inu | Pepe | Floki Inu | Baby Dogecoin | Dogelon Mars |
---|---|---|---|---|---|---|
Launch Date | December 2013 | August 2020 | September 2021 | October 2021 | June 2021 | September 2021 |
Founder | Billy Markus | Unknown | Unknown | Unknown | Unknown | Unknown |
Blockchain Protocol | Dogecoin | Ethereum | Ethereum | Ethereum | Ethereum | Ethereum |
Native Token | DOGE | SHIB | PEPE | FLOKI | BABYDOGE | ELON |
Market Cap | $10 billion | $5 billion | $468 million | $295 million | $287 million | $111 million |
Token Type | Utility | ERC-20 | ERC-20 | ERC-20 | ERC-20 | ERC-20 |
Circulating Supply | 139 billion DOGE | 589 trillion SHIB | 398 trillion PEPE | 9.5 trillion FLOKI | 152 quadrillion BABYDOGE | 550 trillion ELON |
Max Supply | Unlimited | Unlimited | Unlimited | Unlimited | 1,000,000,000 | 1,000,000,000 |
Consensus Method | Proof-of-Work | Proof-of-Work | Proof-of-Work | Proof-of-Work | Proof-of-Stake | Proof-of-Stake |
Values as on June 5, 2023.
Should you invest in Top Memecoins?
Investing in top memecoins can be an intriguing prospect, but it’s important to approach it with a realistic mindset and an understanding of the risks involved. Memecoins have gained significant attention and popularity due to their association with memes and internet culture. While some investors have experienced substantial gains, it’s essential to carefully consider the factors before making any investment decisions.
One key aspect to consider is the inherent volatility of memecoins. These coins are often subject to rapid price fluctuations, driven by market sentiment and speculative trading. Extreme price movements can be both a risk and an opportunity. While they offer the potential for substantial gains, they also come with the risk of significant losses.
Additionally, memecoins often lack the same level of fundamental value as traditional cryptos or assets. Their valuations can be heavily influenced by social media trends and online communities, which can result in sudden price spikes or crashes. This unpredictability can make it challenging to assess the long-term viability and sustainability of memecoins.
Investors should also be cautious of potential scams and fraudulent projects in the memecoin space. The hype and excitement surrounding these coins can attract malicious actors who aim to exploit unsuspecting investors. Thorough research and due diligence are crucial before investing in any memecoin.
Despite the risks involved, there have been instances where investors have seen substantial returns by investing in top memecoins at the right time. The potential benefits include the possibility of significant short-term profits and the excitement of being part of a rapidly evolving market.
In conclusion, investing in top memecoins can be tempting, but it comes with risks and uncertainties. It is essential to approach such investments cautiously, conduct thorough research, and carefully consider your risk tolerance. Diversifying your investment portfolio and seeking professional advice can also help mitigate some of the risks associated with memecoin investments.
So, how can you invest in these memecoins?
Unlock the door to memecoin investments effortlessly on the CoinDCX app! Experience the simplicity of crypto investing with our user-friendly app. Simply download the CoinDCX crypto investment app, complete the necessary details, and let us verify your profile. Once approved, fund your wallet and embark on your memecoin journey!
FAQs
Which meme coin will reach $1?
While predicting which memecoin will reach $1 the first is a nearly impossible task, a simple way to look at it would be to see which memecoin has the biggest price per coin, and in the current situation, it is Dogecoin. DOGE needs less than 20X jump in price to touch the $1 level - which is significantly less than other memecoins.
Which meme coin is best for future?
Determining the best meme coin for the future is a challenging task as the market is highly volatile and unpredictable. Various meme coins have gained popularity, each with its unique features and potential. It's crucial to conduct thorough research, analyze market trends, and consider individual risk tolerance before making any investment decisions.
Is it safe to invest in meme coins?
Investing in meme coins carries inherent risks due to their speculative nature and volatility. The crypto market, including meme coins, is known for its unpredictability. Investors should exercise caution, conduct thorough research, and consider their risk tolerance before engaging in meme coin investments. It's important to understand that investing in any asset involves potential risks, and careful decision-making is advised.
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