On a downbeat day for blue-chip cryptocurrencies, traders are instead utilizing tools like DEXScreener to scour the riskier and more volatile on-chain markets as they hunt for top crypto gainers today.
Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) were down between 1-3.5% in the past 24 hours, per CoinMarketCap.
That’s despite a dovish Fed policy announcement that sent US equities surging and US bond yields diving, as the US central bank signaled that it could cut interest rates as soon as September.
Jerome Powell (Fed Chair):
– “A reduction in our policy rate could be on the table as soon as the next meeting in September.”#FederalReserve #FOMC #Video pic.twitter.com/ICCnljanQP
— Kevin Svenson (@KevinSvenson_) July 31, 2024
Bitcoin continues to struggle amid US government/Mt Gox selling-related FUD. And Ethereum continues to struggle amid hefty Grayscale Ethereum ETF outflows.
UPDATE: MT. GOX MOVES $3.1B BTC
Last night Mt. Gox addresses moved 33.96K BTC ($2.25B) to addresses we believe are most likely BitGo:
bc1q26tsxc0ge7phvcr2kyczexqf5pcj8rk79cqk90h34c30dn9dskeq3gmw3f
bc1q48a5tjhdjtkfv8zv6tj68767h8lgep9dpx0emrkx0yhhmum7wscs95ft36
BitGo is the 5th… pic.twitter.com/XWNiZ2boAN
— Arkham (@ArkhamIntel) July 31, 2024
While an improving macro backdrop suggests that a rebound could soon come, impatient traders often prefer turning to micro-cap on-chain markets.
New crypto tokens are launched on blockchains like Ethereum and Solana every day.
Most are scams or pump-and-dumps. And most start with virtually no liquidity, meaning huge potential price swings.
But the prospect of making quick 10x, or even 100x gains is highly enticing to traders.
That said, here are some of the top crypto gainers today as per DEXScreener that traders will be watching.
Top Crypto Gainers Today
Baller (BALLER)
A new Solana meme coin called Baller (BALLER) which plays on the theme of “balling out” is pumping hard.
It was last up 290,000% to a market cap of $3.5 million, per DEXScreener.
Those are impressive gains. But with locked liquidity of just $114,000, only a tiny amount of sell pressure could see BALLER quickly lose 90% of its value.
Ken (KEN)
New Ethereum meme coin Ken (KEN) is one of the top crypto gainers today.
KEN was last up over 200,000% since its launch, reaching a market cap of $6.4 million.
But its X account is blocked and its vote score on DEXScreener suggests community distrust.
The token has 36 red flag emoji votes versus 47 rocket emoji votes.
This token could easily be a scam. Traders must always remember to do their own due diligence and never risk more than they can afford to lose in crypto.
Shibe Inu (SHIBE)
Another new Ethereum meme coin called Shibe Inu (SHIBE) is gaining some traction.
The Shiba Inu (SHIB) copycat token is up 35,000% since its launch, reaching a market cap of $2.4 million, per DEXScreener.
Its locked liquidity was last around $212,000, which suggests it will remain highly volatile.
Go+ Security’s scan suggests no problems with the smart contract.
But this token could still easily be a scam.
Crypto Alternatives to Consider – Presales
Investing in potentially scammy micro-cap meme coins is risky business. Investors should consider meme coin presale investing instead, where they have more time to vet the project they are getting involved in ahead of buying.
Analysts at Cryptonews.com keep a close eye on the presale market.
Here is a list of meme coin presales that they think have the most potential to perform well this summer.
15 Best Meme Coins to Buy in July 2024
The post Top Crypto Gainers Today on DEXScreener – BALLER, KEN, SHIBE appeared first on Cryptonews.
