Cryptocurrencies To Watch: Week of May 8

investopedia.com:

The last week the crypto market generally went down—with one notable exception. Meme coins, popular but risky cryptocurrencies, sometimes depicted with comical or animated memes, that are supported by enthusiastic online followers but may hold little or no intrinsic value, posted big price increases.

These tokens' rise is in sharp contrast to the general dips that most crypto tokens are experiencing, although there are a few of the assets that also gained over the last seven days.

This week, we examine Pepe (PEPE), FLOKI (FLOKI), Stacks (STX), WOO Network (WOO), and TRON (TRX). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable changes in price.

Crypto meme coins were the stars of the latest week, and there was no bigger gainer among them than PEPE. The price of the token—which has no value except for being a meme—more than doubled, although it remains well below a cent. While many have questioned the token and the fact that its development team likely controls a large share of the supply, it still managed to post a 120% increase.

The token is only days old, and there is reason for investors to be skeptical of disingenuous behavior on the part of people trading it. For the most part, it appears that investors are in the token for a quick buck. Binance has also listed the token, which possibly fueled the upward movement further.PEPE is trading at around $0.000002193, having been priced at $0.000000696 last week (see chart below).

PEPE Price: TradingView

FLOKI is another meme coin, albeit one that has existed much longer than PEPE. The token increased by nearly 50%, possibly riding the wave with other meme coins, as these tokens