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Three most trending cryptocurrencies as of May 23, 2023

Three most trending cryptocurrencies as of May 23, 2023

As the cryptocurrency market continues to trade sideways with seemingly not many surprises up its sleeve, the leading position among the most trending cryptocurrencies continues to belong to the internet meme-inspired digital asset Pepe (PEPE).

Closely following Pepe in second and third place are Sui (SUI), the native token of the Layer 1 Sui network, and one of the most recent meme coin additions to the market – Shanghai Inu (SHANG), according to the data retrieved from the crypto tracking platform CoinMarketCap on May 23.

Top trending cryptocurrencies as of May 23. Source: CoinMarketCap

Pepe (PEPE)

Indeed, Pepe has retained the position of the most trending crypto asset for several weeks now, having attracted a lot of investor attention and value since its launch on April 17, driven by multiple success stories of turning its early investors into multimillionaires.

As things stand, Pepe’s current price is $0.000001591, recording an increase of 1.77% on the day and declining 4.34% in the previous seven days but marking a massive 352.03% gain over the last month, as per the most recent information obtained by Finbold.

Pepe 7-day price chart. Source: CoinMarketCap

Sui (SUI)

At the same time, Sui’s developers, Mysten Labs, have poured $300 million into plans to create high-end games on its Layer 1 blockchain, featuring titles such as Orange Comet: Final Stardust, Arrivant: Project Eluune, and Talofa: Run Legends, which have recently become available.

However, other than social media hype, these positive developments have failed to provide a meaningful push for the price of Sui, which at press time stood at $1.06, demonstrating a modest gain of 0.36% on the day and a drop of 8.34% across the previous week, as well as losing 76.53% on its monthly chart.

Sui 7-day price chart. Source: CoinMarketCap

Shanghai Inu (SHANG)

Meanwhile, Shanghai Inu emerged in the shape of the futuristic cyborg hybrid dog, riding on the recent meme hype and the popularity of a long-standing popular dog meme-inspired cryptos – Shiba Inu (SHIB) and Dogecoin (DOGE) – and threatening to overshadow them.

As of the time of publication, Shanghai Inu was changing hands at the price of $0.000000001496, up as much as 183.58% in the last 24 hours and a whopping 4,150.70% on its weekly chart, whereas on the monthly chart, it has gained 63.98%.

Shanghai Inu 7-day price chart. Source: CoinMarketCap

Conclusion

Whether the above digital assets have the capability to withstand the test of time and (continue) to write down further price increases remains to be seen, but the current social hype around them might be able to help their case, at least for the time being.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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