Wildly Divided Trend in the Crypto Market

The crypto market displayed a varied trend in the week ending May 18, with select altcoins and meme tokens reporting gains while others saw double-digit losses.

Focusing on the top ten trending cryptocurrencies, summarizing data from CoinMarketCap and Phoenix Group, we can highlight Moo Deng (MOODENG) and Degen (DEGEN) as the main performers in terms of both price growth and trading activity. At the same time, several assets experienced declines despite strong user engagement, showcasing the volatility currently shaping digital asset markets.

Top 5 Trending Tokens

Over the past week, Moo Deng (MOODENG) emerged as a top performer, rising 43.5% to trade at $0.26 by Thursday, May 18. The asset posted $695.1 million in daily trading volume and reached a market capitalization of $258.3 million, reflecting heightened market participation.

Degen (DEGEN), operating on the Base network, recorded the highest percentage gain among trending tokens. The asset surged 56% to reach a price of $0.0062. Its 24-hour trading volume was $132.6 million, indicating active engagement despite its low unit value.

Among the top ten, Neiro (NEIRO), built on Ethereum, posted a 37.3% weekly gain and traded at $0.00056 as of May 18.

In addition to price changes, we can highlight Frax Share (FXS) which delivered a 44.2% increase in value, reaching $3.85 and securing the highest market cap of the top performers at $348.6 million. The project also recorded over $40 million in daily volume.

Top 5 Weakest Link Tokens

The upward growth trend was not the same in all industries. At the same time, the prices of Peanut the Squirrel (PNUT) dropped 24.3%. Even though there was a decrease, PNUT was still trading over $300 million daily, showing that the market remains interested.

Other tokens saw similar downward trends. Biswap (BSW) declined 22.0%, while Highstreet (HIGH) fell 13.9%. Finally, DOGS (DOGS) dropped 14.2% for the week but managed to sustain daily trading volume of $35.2 million, placing it among the more actively traded assets despite price weakness.

GOAT, which is listed as Goatseus Maximus, registered an 8.8% loss over the week. The token listed on BYBIT was among the top trending names, though its price action lagged behind other assets in the category.

Exchange Listings Shape Market Reach

According to Phoenix Group’s findings, Binance remains the leading exchange for trending assets, hosting seven out of the ten tokens tracked. MOODENG and DEGEN are traded on Coinbase, while BYBIT supports trading in GOAT.

Based on the listings, it’s clear that exchanges with a high volume of users still influence which tokens receive the most interest. Though opinions in the market appear divided, a lot of trading occurs on both rising and falling stocks.