- Early signals show PEPE, RNDR, EGLD, VET, and STX could rally this month.
- Listing on top crypto exchanges is a significant indicator of the growth of altcoins.
- PEPE just listed on BitMEX, adding to the previous listings on OKX, Huobi, Gate.io, and MEXC.
Based on early signals, PEPE, RNDR, EGLD, VET, and STX constitute the top five altcoins watched by investors in May 2023. The altcoins have revealed the potential to deliver impressive returns in the new month if things go as expected.
The factors affecting the price development of the above-listed altcoins may differ in various ways. However, listing on top crypto exchanges is proving to be a significant indicator of the growth of altcoins, especially those of new projects.
PepeCoin (PEPE)
PEPE is the native coin for the newly launched meme coin project, PepeCoin. The price of PEPE continued an impressive rally by surging another 120% on May 1. In the process, it outpaced the likes of FLOKI and BABYDOGE, making its way to the top 100 cryptocurrencies.
PEPE just listed on BitMEX, adding to the previous listings on OKX, Huobi, Gate.io, and MEXC. Users expect the listing on BitMEX to increase user awareness and exposure of PEPE, especially as the exchange allows traders to take long or short positions on PEPEUSD and PEPEUSDT with leverage of up to 50x.
Listing on Coinbase earlier this year was the springboard for RNDR, the native coin of Render to rally. The RNDR price rally in 2023 is over 570%, although the price has corrected from its $2.640 yearly high to trade at $2.115 at the time of writing.
Users expect the ‘Coinbase base’ effect and increased adoption to form the tailwind for the next phase of RNDR’s rally, as the upward momentum remains intact.
MultiversX, formerly known as Elrond, enjoyed the benefit of listing on a major exchange by rallying significantly shortly after listing on Upbit. It gained about 20% shortly after listing, surging from $41.6 to $52.4 in one trading day.
EGLD price has since returned to its pre-listing level. However, increased awareness among its community and historical price behavior suggests the token would bounce back and trend higher in the coming weeks.
VeChain scheduled the launch of its VechainThor mobile crypto wallet upgrade on May 4, 2023. Despite VET’s not-so-impressive recent past, users expect the launch to invigorate the network and initiate a price rally.
Upgrades and network improvements improve the value of crypto projects. In some cases, they could significantly turn around the fortunes of a project, as expected with VET, focusing on its price behavior in the past few weeks.
STX has enjoyed the impact of Binance proclaiming support for its Layer 2 upgrade for the Bitcoin network scheduled to take place at the blockchain height of 787,651. After the announcement, STX broke out of a tight horizontal channel, displaying a couple of bullish candles. Users project the crypto token would rally in May on the back of this support from one of the largest crypto exchanges.
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