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Top 3 most trending cryptocurrencies as of May 16, 2023

Top 3 most trending cryptocurrencies as of May 16, 2023

The crypto industry is evolving rapidly due to the constant emergence of new trends. Having said that, it is essential to stay current with the latest market movements in order to stay informed and make data-driven decisions.

According to the data retrieved by Finbold on May 16, the top three trending cryptocurrencies were Pepe (PEPE), Milady Meme Coin (LADYS), and Sui (SUI). The results are based on CoinMarketCap’s list of the most-searched crypto coins on the platform.

Top 3 trending cryptocurrencies right now. Source: CoinMarketCap

So-called meme coins have been drawing a lot of attention in the crypto community lately, and for the most part, that remains to be the case with PEPE and LADYS. While these cryptocurrencies, more often than not, have no fundamental economic or business use case, they tend to attract high interest because they are community-driven assets. 

That said, their prices are typically driven by social media and online hype, leading to the so-called fear of missing out (FOMO) but also severe financial risk. 

PEPE price analysis

PEPE has undoubtedly been the most talked-about meme coin in the world in recent weeks. Based on the Pepe the Frog meme, this cryptocurrency recorded one of the rarest price increases earlier this month, surging by 5,000,000% at one point.

At press time, PEPE was trading at $0.000001664, up 1.63% on the day. On a weekly basis, PEPE’s price dropped over 15%, and remains more than 61% from its all-time high of $0.00000431 it reached on May 5. 

Pepe 1-month price chart. Source: CoinMarketCap

LADYS price analysis

Milady Meme Coin (LADYS) is a brand-new meme cryptocurrency that saw a whopping price surge of 12,056% after its long-awaited debut. 

While its developer’s identity remains unknown, the token has captured the attention of many crypto investors on Twitter, some of which have been speculating about the coin’s possible ties to Twitter owner Elon Musk

At the time of writing, LADYS was trading at $0.00000009967, tanking more than 28% in the last 24 hours. Still, Milady’s 7-day gains stood at over 9,500%. 

LADYS 7-day price chart. Source: CoinMarketCap

SUI price analysis

Finally, the third most-trending cryptocurrency at the moment is SUI. Unlike the previous two, SUI is not a meme coin. 

Instead, it is a native token of the Sui network – a platform developed by a crypto firm Mysten Labs that seeks to reduce the time needed to execute smart contracts and prioritize scalability for its decentralized applications.

Mysten Labs launched SUI to help maintain and operate the Sui network. In particular, the token is used for settling transactions and operational fees, as well as a reward for the network’s validators. 

SUI was changing hands at $1.16 at press time after tumbling over 6% in the previous 24 hours. 

SUI 1-day price chart. Source: CoinMarketCap

The crypto coin has experienced significant volatility in recent weeks, dropping over 74% in the past 30 days. 

Notably, compared to a day earlier, PEPE retained its standing as the most-trending cryptocurrency right now. However, DOGECEO and SIMPSON meme coins have been replaced. Still, two of the three highest-trending cryptocurrencies are tokens inspired by popular internet memes, suggesting that the recent trend persists. 

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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