Following a quiet start to the week for Bitcoin (BTC) and Ether (ETH), both of which are rangebound in the $68,000 and $3,500/600 areas amid tentative trade ahead of this week’s FOMC meeting, traders looking to secure quick gains are flocking to the on-chain shitcoin markets to find top crypto gainers today.
The Fed is expected to leave interest rates unchanged. Traders will be rhetoric relating to potential rate cuts later this year.
Hotter-than-expected inflation and an economy that is also beating expectations has seen markets pull back on rate-cut bets recently.
That has come as a minor headwind to major cryptos like Bitcoin. Indeed, macro headwinds may have triggered the profit-taking that has driven the price 7.5% down versus last week’s highs.
But macro headwinds are having little impact on the speculation-fuelled shitcoin markets.
On-chain markets refer to the market for digital assets that have been issued directly on top an existing blockchain.
For example, the Shiba Inu (SHIB) token is issued on Ethereum as an ERC-20 token.
These tokens can then be traded on decentralized exchanges, and also perhaps on centralized exchanges if they get big enough.
They are often referred to as shitcoin markets because virtually anyone can issue a token at any time.
As a result, these on-chain markets are replete with scams and pump-and-dump schemes.
But shitcoin markets are the only place to find tokens that can rally in the 50-100x region.
Here are a few of the top crypto gainers today on Ethereum that traders will be monitoring.
Top Crypto Gainers Today on DEXScreener
SyntheticAI ($SAI)
A shitcoin called SyntheticAI ($SAI) has pumped up 53,000% on Monday, as per DEXScreener.
Its market cap was last around $4.2 million, with close to $390,000 in liquidity and already 400 holders.
That’s not bad stuff for a first day of trade. But its smart contract is concerning, as per DEXTools’ smart contract audit.
The token has a 5% buy-and-sell tax, plus a modifiable tax. It could easily be a scam.
There are no zero-risk investments in the shitcoin market. Investors must always do their due diligence.
VPS ($VPS)
A shitcoin called VPS ($VPS) is pumping. It was last up over 12,000% on Thursday, as per DEXScreener.
Still, its market cap remains a tiny $164,000 million, although liquidity is decent at $1.1 million.
But investors should be very cautious with this coin. DEXScreeners’ security audit reveals six smart-contract issues, so it could easily be a scam.
Telenode ($TGPU)
Another just-launched shitcoin called Telenode ($TGPU) is up close to 9,000% in under 24 hours, as per DEXScreener.
Its market cap was last around $1.4 million with $211,000 in locked liquidity.
But investors shouldn’t let locked liquidity lure them into a false sense of security regarding this coin.
The token has four concerning aspects to its smart contract. Those include a potentially modifiable tax.
Crypto Alternatives to Consider
Investing in low-cap shitcoins is a very risky strategy.
An innocent-looking project could easily turn out to 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
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