We analyzed the top 15 altcoins based on ROI in May 2024.
Top performing altcoins by ROI from April 14 – May 14 2024 | Source:
CoinGecko
As reported by CoinGecko, the leading altcoin in terms of performance over the last 30 days is Pepe (
PEPE
). This meme coin has experienced a remarkable surge of 106% in value during this time frame, currently trading at $0.00001103, approaching its recent peak.
Pepe’s surge can be attributed to its dedicated community, which has been sharing viral content featuring the project’s iconic frog mascot that gained popularity on the 4chan platform. Despite its impressive performance, some analysts are wary of the possibility that Pepe may be overvalued.
The Relative Strength Index (RSI) for Pepe currently stands at 73, a potential indication of overvaluation. A reading of 73 often suggests that a correction may be on the horizon for PEPE’s bull run.
Given this scenario, traders should brace themselves for potential price volatility in the near future.
Pepe is not the only altcoin seeing gains this month. Here are some other top-performing altcoins based on price growth from mid-April to mid-May of 2024.
Arweave (
AR
) has seen a 46% increase in price over the past month, currently trading above $38 with a market cap of $2.5 billion. Despite a fluctuating week, Arweave has shown a consistent upward trend since mid-April.
Hedera (
HBAR
) has displayed strong price movement with a 34% increase over 30 days. HBAR has doubled in price over the past year, positioning itself as a promising successor to blockchain technology.
Render (
RNDR
) continues its upward trajectory with a 31% price gain over 30 days, following a significant 445% increase in the past year. The project aims to provide decentralized GPU rendering services to users.
Near Protocol (
NEAR
) has experienced a 30.9% growth in the last 30 days, now ranking 19th in crypto.news rankings with a market cap exceeding $7 billion. NEAR Protocol focuses on creating an energy-efficient and scalable platform for decentralized applications in the Web3 ecosystem.
In addition to these five tokens, there are 10 more altcoins that have seen considerable gains since mid-April.
Tron (
TRX
) holds a substantial market cap of $10.9 billion and has witnessed a 12% price increase over the last 30 days, marking a 79% growth over the past year.
Optimism (
OP
) ranks 7th on the list with an 11.9% price rise this month. Optimism, a layer-2 Ethereum protocol, aims to enhance Ethereum’s scalability.
Monero (
XMR
) has seen an 11.8% price increase this month, remaining popular as the largest privacy coin project. However, XMR has faced a 13% decline over the past year.
dogwifwat (
WIF
) is another meme coin that has gained 11% in the last 30 days, showcasing a 129% increase over the year.
The Graph (
GRT
) has grown by 11% this month and 129% over the year, focusing on indexing blockchain network data for enhanced searchability.
Shiba Inu (
SHIB
), a prominent meme coin, has witnessed a 7.3% price increase this month and a 163% rise over the year.
Despite legal challenges, Binance Coin (BNB) has shown steady growth with a 3.8% increase this month, boasting a market cap of $89.1 billion.
Toncoin (
TON
), Ripple (
XRP
), and Solana (
SOL
) have also displayed positive price movements in the past month and year.
Is it altcoin season yet?
The speculation surrounding the altcoin season persists as Bitcoin (
BTC
) hovers near its all-time high. Following the recent Bitcoin halving, altcoins experienced a downward trend, losing $109 billion over 30 days after a sharp drop on May 1.
While altcoins with potential tend to shine in various market conditions, some markets are more favorable than others. Altcoins often see a decline around anticipated BTC events like the halving, as traders may sell altcoins to acquire more Bitcoin in anticipation of a price surge. Conversely, bearish traders may opt to exit the crypto market entirely to evade potential price dips.
The post-halving crypto market remains volatile, with some altcoins demonstrating significant growth potential, as evidenced by the top performers listed above.
While traders navigate the decision of where to invest, it is crucial to acknowledge the high volatility of the altcoin market, especially in current market conditions. Past performance does not guarantee future growth, and traders should consider factors such as trading volume, price trends, volatility, and project-related news when evaluating crypto investments.
For more insights, readers can refer to our comprehensive guide to altcoins article.
Disclosure: This article is not intended as investment advice. The content provided is for educational purposes only.