As blue-chip cryptos stabilize following a tumble earlier this week, with Bitcoin (BTC) consolidating below $60,000, traders are turning to the on-chain markets as they hunt for top crypto gainers today.
Bitcoin was last trading close to $59,000 as traders digest recent macro developments. Negative ETF flows are also on the radar after BlackRock’s IBIT saw its first outflows since its January launch.
Yesterday’s ETF flows were extremely negative.
We had $563.7 million of outflows.$GBTC had $167.4 million, Fidelity $191.1 million, Ark $98.1 millionBlackrock had its first negative day with $36.9 million.
After the price went down from $61k to $56k this isn’t a surprise… pic.twitter.com/cwBR8epxvF
— WhalePanda (@WhalePanda) May 2, 2024
Meanwhile, most major altcoins are also consolidating in wake of recent sell pressure.
Downbeat conditions in the blue-chip market is encouraging traders turn to the volatile, unpredictable on-chain markets.
On-chain markets refer to the market for assets that were issued and trade directly on the blockchain.
Dozens of new tokens are launched every single day. Most are pump-and-dump schemes or scams. But there are some gems to be uncovered, that could hand an early investor quick 10 or even 100x gains.
Traders often refer to tools like DEXScreener to locate trending and pumping coins.
That being said, here are some of the top crypto gainers today on Ethereum, as per DEXScreener.
Top Crypto Gainers Today
Crypto Felon (FELON)
A just-launched shitcoin called Crypto Felon (FELON) has seen a huge 72,000% pump since its launch.
That’s according to DEXScreener, which puts its market cap at $2.2 million. The token also has $170,000 in locked liquidity.
Somewhat surprisingly given the token is literally called Crypto Felon, it only has one smart contract issue.
But traders should assume that all newly launched tokens are scams and always tread with caution.
Yield (YIELD)
Another just launched shitcoin called Yield (YIELD) is up over 48,000% in 24 hours.
DEXScreener puts its market cap at $2.2 million, with just over $200,000 in locked liquidity.
Traders should be extra careful with this shitcoin. It has five smart contract issues, including a modifiable tax and unrenounced ownership.
Book of Bitcoin (BOOB)
Following the success of the meme coin Book of Ethereum, a new token Book of Bitcoin (BOOB) has launched, with the added bonus of boasting a comical ticker.
BOOB’s market cap was last $1.1 million, having rallied 29,000% in 24 hours as per DEXScreener.
The token has $120,000 in locked liquidity and only one issue with its smart contract, a whitelist.
Traders should be aware of the fact that its official X account has been suspended, never a good sign.
Alternative Investment Strategy to Consider – Presales
If traders can reliably identify shitcoin gems, they can make a lot of money.
But the over-looked strategy of investing in presales can potentially net even higher gains if executed correctly.
Web3 projects/protocols often sell their native tokens at a discount to early investors to fund development.
If investors can reliably identify projects that, thanks to their strong vision, use case and competent team, end up gaining traction in the market, they can make big profits.
Knowing where to start is one of the biggest barriers to entry in the daunting presale market.
That’s why Cryptonews put together a list of their top picks.
20 Best Crypto Presales to Invest In
Alternatively, check out this video from Cryptonews’ Crypto Arjay, who goes over his top 3 meme coins. All are currently available in presale.
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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