Best Memecoins to Watch Today, May 16 – PENGU, SHIB, PEPE

Highlights:

• PENGU fell after failing to break key resistance during the latest market pullback.
• SHIB is holding near support as traders watch for a possible breakout from the wedge pattern.
• PEPE dropped below its trendline after selling pressure weakened the short-term momentum.

The crypto market has crashed today due to large outflows in U.S. spot Bitcoin ETFs. The ETFs recorded their largest weekly outflow in 15 weeks, with over $1 billion sold. In addition, the ETFs recorded $290 million in outflows on May 15. Meanwhile, U.S. spot Ethereum ETFs posted a total net outflow of $65.65 million, marking the fifth consecutive day of outflows.

As of press time, the overall market cap is down 3.32% to $2.59 trillion. In addition, the trading volume is down 21.20% to $87.58 billion. The fear and greed index stands in the neutral zone at an index of 42. The total liquidations in the crypto market totaled $695.38 million in the past day, with $667.85 million in long positions wiped away.

Meanwhile, the memecoin market cap is down 7.3% to $36.3 billion, and the trading volume stands at $3.35 billion, according to CoinGecko data. With the market hit with major outflows in ETFs this week, here are the top memecoin picks for today.

Top Memecoin Picks for Today

1. Pudgy Penguins (PENGU)

PENGU is trading at $0.008442, a 6.61% decrease over the last 24 hours. The market cap stands at $530.7 million. Meanwhile, the trading volume of the memecoin has decreased by 16.48% to $93.95 million.

Pudgy Penguins is pulling back after failing to hold above the $0.010061 resistance zone during the recent rally. The rejection slowed momentum after several weeks of steady recovery. PENGU is now trading between the $0.005925 support level and the $0.010061 upper resistance range. This zone has controlled most of the market movement since February.

The recent selling pressure has also pushed RSI lower after earlier overbought conditions appeared near the May highs. The $0.005925 region remains the strongest support zone below the current price. However, a breakout above $0.010061 could reopen the path toward the $0.023763 resistance region.

2. Shiba Inu (SHIB)

SHIB is trading at $0.000005905, a 6.01% decrease in the past day. Meanwhile, the trading volume is up 3.09% to $126.52 million. Meanwhile, the market cap of the memecoin stands at $3.47 billion.

Shiba Inu is trading inside a large falling wedge pattern after months of steady downward movement. SHIB has recently approached the lower boundary of the wedge after repeated failures near the upper trendline. The selling pressure has also weakened as the price movement tightens near the apex.

#SHIB is preparing to break through the falling wedge formation on the 3D timeframe🔍

Market structure shows this pattern is holding perfectly — bulls are building momentum👨‍💻

When the breakout arrives, $SHIB could certainly SKYROCKET toward higher targets🎯 pic.twitter.com/Y6CcAQcLIh

— Butterfly (@butterfly_chart) May 16, 2026

The current range near $0.00000520 now acts as the most important support region for buyers. The previous breakdown attempts near this area failed to trigger a stronger continuation lower. Momentum could shift quickly if SHIB breaks above the wedge resistance line during the next recovery attempt. A breakout there could trigger a stronger rally toward higher resistance zones.

3. Pepe (PEPE)

The frog-themed memecoin, PEPE, is trading at $0.000003734 in the past 24 hours after a 7.38% loss. The market cap stands at $1.54 billion, while the trading volume is down 20.62% to $257.6 million.

PEPE traded inside a rising trendline for several weeks before recent selling pressure pushed the price below support. The breakdown weakened short-term momentum after the strong rally seen earlier this month.

$PEPE nihayet trend kırılımı ve düşüş https://t.co/HeT7PgOCC4 pic.twitter.com/Idk1n6n1Xe

— Cihan_Altcoin (@cihan_altcoin) May 16, 2026

The resistance zone near $0.00000410 rejected several breakout attempts during the recent uptrend. The price of the memecoin repeatedly failed there before momentum shifted lower across the market. PEPE has now dropped below the ascending support line that guided the broader recovery since April. The $0.00000370 region now acts as the nearest support zone below the current price. However, reclaiming the broken trendline could restart the bullish momentum.