As Bitcoin (BTC) and Ether (ETH) tease a retest of recent highs amid volatility in US regional bank stock prices on crisis jitters, traders looking for top crypto gainers today and flocking to the on-chain shitcoin markets to secure big gains.
The rally in Bitcoin tripped up on Tuesday in wake of the cryptocurrency printing fresh highs above $69,000.
A surge of profit-taking seemingly caught the market off guard, triggering a stop run on leveraged bullish BTC positions that drove the BTC price all the way back towards $60,000 within a few hours of all-time highs being hit.
Bitcoin has since recovered back to the $67,000 area amid jitters in the US regional banking sector.
BREAKING: New York Community Bank stock, $NYCB, rises 20% after announcing $1 billion capital raise.
The stock is now up 125% from its low of the day seen just 2 hours ago.
Completely normal behavior for a bank with $100 billion+ in assets. pic.twitter.com/FwxoEIiSUq
— The Kobeissi Letter (@KobeissiLetter) March 6, 2024
But the bulls are yet to regain full control of the market.
Traders looking for fast gainers are thus rushing to the shitcoin market, where coins routinely post 10x or more gains in a single day.
Indeed, top crypto gainers on any given day are almost always low market cap, low liquidity shitcoins.
That’s because a relatively small amount of buy or sell pressure is able to generate big price swings.
Here are the top crypto gainers today on the Ethereum blockchain, as per DEXTools.
Top Crypto Gainers Today
OrangePEPE ($OrangePEPE)
A dodgy looking shitcoin called OrangePEPE ($OrangePEPE) is the top crypto gainer today on Ethereum, according to DEXTools.
Its price is apparently up nearly 31,000% in the past 24 hours.
But its chart looks very suspicious, and DEXTools’ smart contract security audit reveals disagreement over whether it might be a honeypot token with malicious code.
Traders must always do their due diligence when investing in the highly risky shitcoin market.
FlexGPU ($FGPU)
A shitcoin called FlexGPU ($FGPU) is up 9000% in 24 hours as per DEXTools.
The shitcoin’s market cap was last around $1.4 million, with around $240,000 in locked liquidity.
The token also has 638 holders, pretty impressive given it only launched today.
Traders should bear in mind that the tokn has a 4% buy and sell tax, plus one other concerning aspect to its smart contract, as identified by DEXTools’ security audit.
Super Closed Source for Maximum Profit AI ($ClosedAI)
A new meme coin called Super Closed Source for Maximum Profit AI ($ClosedAI) has sprung up following a Musk tweet.
The owner of Twitter and SpaceX and Tesla CEO Elon Musk recently posted a picture of OpenAI CEO Sam Altman holding a badge saying “ClosedAI”.
Fixed it pic.twitter.com/KPtYLsJU3h
— Elon Musk (@elonmusk) March 6, 2024
That’s in fitting with his criticism of OpenAI for turning into a closed-source, for-profit entity.
Musk was involved in the founding of OpenAI.
Of course, Musk tweet always attract a lot of attention, hence why meme coins frequently spring up after them.
$CLOSEDAI last had a market cap of around $7 million and liquidity of around $380,000, plus over 1,200 holders.
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
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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