Bitcoin’s resilience at the $63,000 level has set a positive tone for the cryptocurrency market.
Over the past month, there has been a notable decline in the number of Bitcoin addresses with a balance greater than zero.
This drop aligns with Bitcoin’s price downtrend since it peaked above $70,000 in late May.
Interestingly, despite a recent recovery pushing BTC back above $65,000, the number of active addresses has yet to show a significant rebound.
However, historical patterns suggest that increases in BTC holder numbers often lag behind spot market recoveries by several weeks.
Bitcoin’s amount of holders (any wallets with >0 coins) have been dropping aggressively as traders still seem to believe the March ATH was as good as it’s going to get in 2024. When we see mass liquidations like this, the probability of a continued rebound only increases. pic.twitter.com/YTHEFTtfhY
— Santiment (@santimentfeed) July 17, 2024
Market behavior intelligence platform Santiment offers a potentially positive perspective, indicating that some traders might believe the all-time high achieved in March was the peak for 2024, which could set the stage for future surprises.
Despite these fluctuations, DEX trading volumes have grown to $4.6 billion in the last 24 hours, indicating growing interest in the on-chain market.
For better context, on-chain markets are decentralized financial ecosystems where trading and transactions occur directly on a blockchain.
Traders use these markets to maintain control over their assets, benefit from lower fees, access liquidity, and explore innovative financial products like yield farming and decentralized lending.
DEXScreener is an essential tool for traders in on-chain markets as it aggregates real-time data and insights from multiple decentralized exchanges (DEXs).
REPORT: @solana has recorded the highest DEX trading volume among top blockchains over the last 7D
During the current market recovery phase, Solana has outperformed other chains, captivating a significant amount of users in DEX activities!#SOL $SOL pic.twitter.com/J3EdSwOT2X
— Solanians (@SolaniansHub) July 18, 2024
For investors looking to enjoy the freedom of trading without a broker or any intermediary, here are some of the top crypto gainers in the last 24 hours on Dexscreener.
$EAR (THE EAR STAYS ON)
$EAR is a political finance (PolitiFi) meme coin on Solana that has gone viral following a recent shooting involving former President Donald Trump.
The token’s name and concept are a play on the popular “dogwifhat” meme, adapting it to “The ear stays on” in reference to Trump’s resilience after a reported incident.
The $EAR token is currently priced at $0.001892, representing a 74.11% increase in the last 24 hours. Its market cap has reached $1.8 million, with $286,000 in liquidity and 7,912 holders.
The token’s rapid rise can be attributed to its timely launch and the viral nature of its meme. Social media, particularly crypto Twitter, has been abuzz with discussions about $EAR, fueling its price action.
Imagine thinking a coin that pumped to 30m, with almost 100m in volume, in the first day, is just gonna go to dust forever.
Not even taking into account the meme/narrative.
The $ear stays on, mfer.
And it’s going so much higher. pic.twitter.com/asrd4zLOYA
— R (@MikloDirt) July 17, 2024
It is essential to note that while $EAR has seen significant gains, its close tie to current events and political figures makes it particularly susceptible to rapid sentiment shifts.
$MINI (Mini Galaxy)
$MINI is a meme coin that was launched on the Solana blockchain to mimic a meme gang working towards a collective goal.
The $MINI currently trades at $0.01827 and has seen a 61.72% increase in the last 24 hours. Its market capitalization stands at $15.9 million, with $1.1 million locked liquidity and approximately 5,700 holders.
The project’s unique concept of a united meme community has resonated with traders, consistently putting it amongst the top crypto gainers in recent times
My conviction hold $MINI is heavily undervalued below 100m.
The 200-600k bidding range was awesome back then.
Higher. pic.twitter.com/H4DNG3cr9O
— Market Watcher (@blackgokusei) July 18, 2024
However, as with all meme coins, investors should be aware of the high volatility and potential risks associated with such tokens.
$NGMI (NGMI Bitch)
NGMI Bitch represents a departure from typical animal or eccentric meme tokens. Instead, it pays tribute to the spirit of crypto culture, embracing the popular crypto acronym “NGMI” (Not Gonna Make It).
The token is currently valued at $0.08568, showing a 2,059% increase over the past 24 hours. $NGMI’s market capitalization is $81.8 million, with $839,000 in liquidity.
The $NGMI token’s appeal lies in its reflection of the crypto community’s inside jokes and sentiments. This self-referential approach has resonated well with traders familiar with crypto culture.
$NGMI‘s temporary setback has only added fuel to the fire. The @ngmibp community is more ready than ever to take this coin to new heights. Few minutes left, Ready, set, soar! It is a playful cryptocurrency token, reminding holders to approach investments with a sense of humor. pic.twitter.com/ip3SubNgJ9
— TIMILEYIN (@NxtVic0) July 18, 2024
While $NGMI’s cultural relevance within the crypto space has driven its recent gains, investors should remember that meme-driven tokens can be highly volatile and sensitive to changing trends.
They are also prone to rug pulls or scenarios where developers or influential figures abruptly abandon the project, causing the token’s value to plummet.
Crypto Alternatives to Consider
While the tokens discussed in this article so far are rapidly increasing in value, it’s important to approach them with caution.
These types of crypto tokens can be highly volatile and susceptible to fraud.
For investors seeking alternatives with potentially lower risk profiles, crypto presales might be worth considering.
These often offer more affordable entry points and the opportunity to get in early on projects with defined use cases.
CryptoNews analysts closely monitor the presale market to identify promising projects.
This month, they’ve compiled a list of the best presale tokens to consider for potential investors.
Remember, while these tokens show promising gains, the cryptocurrency market remains highly volatile.
14 Best Crypto Presales to Invest In Now
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