On a day that crypto markets succumb to profit-taking, traders are turning to the on-chain shitcoin markets in order to hunt for top crypto gainers today that could deliver quick profits.
Bitcoin (BTC) was last trading in the $68,000s, down about 3.5% in the past 24 hours. Ether (ETH), meanwhile, was last down about 4.2% over the same period and trading near $3,700.
Both cryptos continue to trade with 30-day gains of over 30%, thanks mostly to huge spot Bitcoin ETF demand.
But the ETF buyers were strong enough to hold up the market on Friday. More traders started taking profit in the latter half of the week thanks to the macro backdrop turning into a headwind.
The DXY and US yields have pushed up this week as macro traders downsized bets on Fed rate cuts in wake of the latest CPI and PPI inflation figures.
Some think that $74,000 may have been the pre-halving peak for Bitcoin. If the blue-chip markets are going to spend the next few weeks consolidating/falling, on-chain shitcoin markets all of a sudden become more attractive.
On-chain markets refer to the market for digital assets that have been issued directly on top an existing blockchain.
For example, the Shiba Inu (SHIB) token is issued on Ethereum as an ERC-20 token.
These tokens can then be traded on decentralized exchanges, and also perhaps on centralized exchanges if they get big enough.
They are often referred to as shitcoin markets because virtually anyone can issue a token at any time.
As a result, these on-chain markets are replete with scams and pump-and-dump schemes.
Here are a few of the top crypto gainers today on Ethereum that traders will be monitoring.
Top Crypto Gainers Today on DEXScreener
MindAI ($MDAI)
An AI shitcoin called MindAI ($MDAI) is up 6,753% in the past 24 hours, as per DEXScreener.
That makes it the top crypto gainer today on Ethereum.
Its market cap was last around $1.2 million, with just over $250,000 in locked liquidity.
Potential investors should be very cautious of this coin though, given five concerning aspects to its smart contract.
These include; a modifiable tax, pausable transfers, a 5% buy and sell tax and a whitelist function.
COCO ($COCO)
A shitcoin called Coco is up 1,800% in the past 24 hours, as per DEXScreener, making it a top crypto gainer today.
Its market cap was last $3 million, with $274,000 in locked liquidity. It also has no smart contract issues.
But even if the token doesn’t look like a scam, shitcoins are all still very risky. The token is probably still a pump-and-dump scam.
There is no such thing as zero risk in the shitcoin market.
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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