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 sector has suffered heavy losses recently, with its market capitalization dipping well below the $50 billion mark. The largest asset of that type Dogecoin (DOGE) is among those deep in the red, with its price plunging by 5% on a 24-hour scale and 15% weekly.

DOGE Price, Source: CoinGecko 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.  

A surge in that metric signals a growing demand. Basic economic principles suggest that the price may head north due to this condition (assuming supply remains constant).

The popular X users Ali, JAVON MARKS, and Mikybull Crypto are among the analysts predicting substantial bull run for DOGE in the short term. Ali claimed that the assets value may reach the $1 milestone if it mirrors its performance from years ago.

Shiba Inu (SHIB)

The self-proclaimed Dogecoin-killer is another meme coin that experienced a significant price retrace lately.

SHIB Price, Source: CoinGecko Nevertheless, it could start the next month on the right foot due to numerous essential elements. One example is the resurgence of its layer-2 scaling solution  Shibarium. The network underwent a major upgrade last week and is set to pass through another one on May 2.

SHIBs burning program has been on the rise, too, resulting in millions of tokens being removed from circulation. The mechanisms ultimate goal is to make the meme coin scarcer and potentially more valuable in time.

Pepe (PEPE)

The frog-themed asset is one of the few in the green on a two-week scale but still down on a 7-day basis. Its enhanced volatility and growing community base should be taken into account when trying to predict the best performers in May.

PEPE Price, Source: CoinGecko PEPE recently gained the thumbs up from numerous cryptocurrency exchanges, including Coinbase, with its price reacting positively after the announcements. Additional support in the near future may trigger a further rally.

Dogwifhat (WIF)

This is the biggest Solana-based meme coin and the fourth-largest in the realm, with a market cap of approximately $2.5 billion. 

WIF Market Cap, Source: CoinGecko Cryptocurrency exchanges that enabled trading services with WIF include Binance, OKX, Bybit, Bitget, Crypto.com, and others.

In addition, the asset received backing from BitMEXs co-founder Arthur Hayes, and its community became increasingly creative. Not long ago, supporters raised $650,000 to put WIFs logo on the Sphere, a famous entertainment arena 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.

BONK is also among the best performers in the crypto market in the last two weeks, with its price spiking by over 50% despite the overall correction.

BONK Price, Source: CoinGecko