April was a bear month for Bitcoin, which began trading at $45,538 and ended the month at $37,714, a 17.18 per cent drop. The total market capitalisation began the month at $2.09 trillion but fell 17.34% to $1.73 trillion by the end of the month.
However, May looks set to be a great month in the crypto space considering the major events lined up for this month. Below is our list of the top three coins to invest in May 2022.
The shiba inu-themed coin is known to be Elon Musk’s favourite and with the Tesla CEO acquiring Twitter, investors should consider accumulating Dogecoin in May.
After it was announced that Twitter agreed to sell Twitter to Musk, Dogecoin surged to 17 cents but later plunged back to 13 cents. When Musk takes over Twitter fully this month, his plan to start subscriptions on the site means Dogecoin could become a payment option for Twitter users.
If both subscribers and advertisers have the option of using DOGE, it could significantly raise the visibility, viability and popularity of Dogecoin as a payment mechanism. In fact, this might become a proverbial tipping point for DOGE. It could lead to a rush of other sites becoming willing to use Dogecoin for transactions.
Recent data from Analytics Insights suggests that whale transactions have reached a four-month high for Dogecoin. Clearly, big investors are betting on the digital currency with Musk’s backing. The key point here is that as more companies accept Dogecoin as a payment method, the meme coin adoption will increase which could push the market price as high as $1 per DOGE token.
Since Musk is the unofficial CEO for the meme coin and as long as he backs Dogecoin, the Twitter deal will definitely bring good value to it this May. Don’t sleep on it.
Our second pick for May is the Solana Blockchain native token – SOL. Solana is one of the top layer-1 proof-of-stake networks out there and it continues to pick up market share at a rapid rate.
The reason $SOL makes our list for May is that despite the fact that it continues to struggle with the $100 price level, in the last days of April, 7 blockchain infrastructure firms added support for the Pyth Network, an Oracle service on the Solana blockchain.
The reason investors should be interested in this development is that it relates to the evolution of decentralised finance (DeFi).
The Pyth Network aggregates off-chain data from more than 50 financial publishers across a broad cross-section of the financial sector. The implication is clear: DeFi is continuing to evolve and blockchain infrastructure providers are increasingly looking to Solana and its solutions.
Given that seven firms have decided to add their support for Solana, it is clear that the Solana blockchain is now a home to a significant portion of DeFi applications. In the world of NFTs, Solana is also making big strides.
The growth has only started, and this dip is the best time to buy.
KAVA is a decentralised finance (DeFi) platform for lending. In addition to lending, it allows users invest and earn. The platform also supports interactions between different chains. In order to secure the platform, the native token $KAVA is used.
The project has some significant events lined up for this month which will bolster its market value.
The KAVA Network 1.0 Mainnet Launch is coming up on May 10. This will be the full launch of the Kava Network. It will allow developers build in the Cosmos and Ethereum ecosystem with impeccable interoperability.
The ETH bridge is going live later in May, the development will be bridging thousands of ERC-20 assets onto the KAVA network and vice versa. Finally, liquid staking will be implemented in the network by the end of the month.
With those developments on the network, the hype and euphoria is expected to push its market value as high as $8 from its current price of $4 in May.
NB: In as much as the coins on the list were predicted noting past records and future projections, it is important to know that the crypto market is not absolutely predictable, a simple move from Bitcoin or a major event can alter the course of the market.
It is therefore expected for traders and investors to do their own research before investing in any coin.