As blue-chip cryptocurrencies nurse losses on a Friday that saw a further hawkish repricing of Fed rate cut expectations, investors looking for top crypto gainers today are turning to the highly illiquid and volatile on-chain markets for quick returns.
The latest US jobs report was strong and various Fed policymakers jawboned about it being too soon for rate cuts.
Bitcoin swung between $66,000 and $68,500 and was last down close to 5% for the week.
Other major cryptos also nursed losses. Solana (SOL) was last down 5.5% in 24 hours, while Dogecoin (DOGE) was down 3%, as per CoinMarketCap.
Rather than jumping into the bearish blue-chip market, many would prefer to bet on newly launched on-chain tokens.
On-chain markets refer to the market for digital assets that have been issued directly on top of an existing blockchain.
For example, the Shiba Inu (SHIB) token is issued on Ethereum as an ERC-20 token.
These tokens can then be traded on decentralized exchanges (DEX) and perhaps on centralized exchanges if they get big enough.
They are often referred to as meme coin (or shitcoin) markets and virtually anyone can issue a token at any time.
As a result, these on-chain markets are replete with scams and pump-and-dump schemes.
But shitcoin markets are the only place to find tokens that can rally in the 50-100x region.
Here are a few of the top crypto gainers today on Ethereum that traders will be monitoring, as per DEXScreener.
Top Crypto Gainers Today
MUFFIN (MUFFIN)
A just-launched shitcoin called MUFFIN (MUFFIN) is up 17,000% in 24 hours, as per DEXScreener.
Despite those big gains, the token’s market cap is still very small at just $674,000.
Its liquidity pool, meanwhile, has $94,000 locked. 24-hour volumes sits at a decent $1.2 million, with nearly 500 unique wallets having traded the token.
DEXScreener’s smart contract audit reveals two issues with the token’s smart contract. It’s crucial that shitcoin investors always do their due diligence before investing.
Else they could easily fall prey to a scam or rug pull.
PRIVAGO (PVGO)
A recently launched decentralized VPN protocol called Privago (PVGO) is up 4,583% in 24 hours, as per DEXScreener.
The shitcoin last had a market cap of $850,000. It has seen $1.5 million in 24-hour trading volumes and has unlocked liquidity of $213,000.
The Quick Intel audit of its smart contract shows a very hefty 25% sell tax on the token. So potential investors should be very careful.
Graphitect Token (GPT)
A just-launched shitcoin called Graphitect Token (GPT) has pumped up 2,600%, as per DEXScreener.
$2.1 million in trading volumes have taken the token’s market cap to $462,000. The token also $160,000 in locked liquidity.
GPT has a 5% buy and sell tax and a “whitelist”, as per Go+ Security. Traders should be very cautious investing in this coin, as it could easily still be a rug pull or scam.
Crypto Alternatives to Consider
Investing in low-cap shitcoins is a very risky strategy.
An innocent-looking project could easily be a scam, and a few big sell orders could easily drive the price 80% lower.
A strategy that is still risky, but arguably has a better risk reward is getting involved in crypto presales.
The idea is that investors secure tokens of up-and-coming, high-potential crypto projects/protocols at a discounted early price.
These projects then put those funds to work, paying for protocol development and marketing.
While lots can go wrong when investing in crypto presales—unforeseen circumstances can prevent a project from delivering on its vision—savvy presale investors routinely secure gains of 10x or more.
With hundreds of presale projects vying for investor funds, analysts at Cryptonews have been combing the market.
Here are 14 of the presale projects with the highest potential.
See the 14 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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