The meme coin industry is recovering after the crash in early May, but top meme coin Shiba Inu (SHIB) has underperformed over the past few weeks.

In fact, SHIB’s price rose just 2% this week, while other famous meme coins like Pepecoin (PEPE), dogwifhat (WIF), and BOME generated returns of 10% or higher during the same period.

Shiba Inu Price Prediction – Is This a Meme Coin to Avoid?

At press time, SHIB price was around $0.000023, up slightly by 2% in the past seven days. This impressive performance may be due to poor metrics of Shibarium, SHIB’s layer 2 solution.

There are currently only 9 contracts deployed, and the number of active accounts in May has been below 1,500, with an average of about 100 new accounts being created per day, and sometimes less than 50 new accounts. Last month, Shibarium created more than 25,000 new accounts on some days.

Source: shibariumscan.io/stats

Additionally, Shibarium has seen less than 10,000 new transactions per day all month so far. This contrasts with the active performance in April, when Shibarium recorded over 900,000 new trades. Therefore, these lower Shibarium indicators may have a negative impact on 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, indicating oversold conditions. However, this could also signal a potential reversal if Shiba Inu token buyers step in.

Given SHIB’s dismal performance, holders seeking higher returns may consider exploring other opportunities in the meme currency space. SHIB’s price trajectory doesn’t look promising right now.

Pepecoin whales accumulate as PEPE price rises

The PEPE token, on the other hand, is up 11% this week and is trading at around $0.0000086 at press time. PEPE is currently not far from the all-time high reached in March (around $0.00001).

Popular cryptocurrency analyst Cold Blooded Shiller, who has an impressive 274,000 followers on social media platform X (formerly known as Twitter), shared his bullish outlook for PEPE.

Shiller said PEPE’s market structure remains simple and robust, making it one of the strongest performing markets over longer time horizons. Shiller said PEPE’s near-term goal is to maintain its recent upward momentum and then challenge its all-time high area.

Additionally, he noted that there are several favorable levels along the way that could provide new entry opportunities for traders (at levels around $0.000008, according to his chart) and investors looking to capitalize on PEPE’s potential.

Additionally, SpotOnChain’s on-chain data shows that a new wallet (0x4f0) withdrew 357.34 billion PEPE ($2.91 million) from Binance yesterday for $0.00000815. Notably, apart from PEPE, the wallet only withdrew 3.32 ETH ($9,906) from Binance as gas fees, indicating that the PEPE meme coin is accumulating.

With an RSI of 50 on the daily chart, PEPE appears to be trading better than SHIB at the moment, potentially attracting more investor interest.

The best Meme coins to buy in May

99Bitcoins, a popular cryptocurrency platform with media outlets and a YouTube channel with over 700,000 subscribers, today shared a video highlighting their top picks of meme coins for the month of May, designed to generate significant gains.

Worth mentioning is Dogeverse, a pre-sale gem that has raised over $13 million in less than 30 days despite not yet launching. Dogeverse is designed as a multi-chain token that will be used on Ethereum, Binance, Polygon, Avalanche, Base and Solana, with superior bridging technology for seamless multi-chain conversion.

With a solid roadmap, excellent token economics, and staking opportunities that offer 69% APY, Dogeverse has growth potential, making it a meme coin worth keeping a close eye on.

Another project worth mentioning is Sealana, a new Solana meme token that has raised over $360,000 in its crypto pre-sale to date. Sealana’s mascot is seal-themed, inspired by American cartoon culture, and embodies a humorous interpretation of the cryptocurrency and Web3 scene.

The token, represented by the $SEAL symbol, introduces Sealana, a sea mammal that lives in her mom’s basement, eating snacks and cans of tuna while actively trading on the Solana-based memecoin market. As of press time, 1 SOL is equivalent to 6,900 $SEAL.

As the meme coin craze continues, investors will likely keep a close eye on projects like Pepecoin, Dogeverse, and Sealana, which all have the potential to rise in the coming weeks.

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