Source: CoinMarketCap
XRP was the strongest performer this month. Ripple has been making moves to expand its capabilities, including the launch of a new platform to enable central banks, governments, and financial institutions to issue their own digital currencies. DOGE and SHIB were the two weakest performers among the top 10 coins in May. Despite the meme coin frenzy unfolding throughout the month, DOGE and SHIB could not escape the broader declines experienced across the market. Daily transaction volumes of Dogecoin reached all-time highs after the introduction of so-called “DRC-20 tokens,” though it remains to be seen if this activity will be sustainable.Decentralized finance markets fell 3.4% by total value locked to $47.9B.
Meanwhile, Nansen’s NFT-500 index extended its decline as the floor prices for notable NFT collections fell. Large overnight sales of major collections – including Doodles and Mutant Ape Yacht Club – were observed in May. Another potential factor was the meme coin frenzy, with traders rotating from NFTs and selling them to jump on the meme coin bandwagon picking up momentum.
This article is only a snapshot of the full report, which contains further insights and an analysis of the most important market charts from the past month. It also features a deeper dive into meme coins, BRC-20, Ethereum layer-2 fees, USDT, and LSDfi.