Blue-chip cryptocurrencies like Bitcoin (BTC), Ether (ETH), XRP (XRP), and BNB (BNB) are currently consolidating as traders assess recent gains and await comments from Fed policymakers later in the week. Despite this, the macro perspective seems to be a tailwind, with US stocks rising and US government bond yields showing signs of reversing from multi-decade highs.
Bitcoin is currently trading just above $35,000, remaining flat for the day, while Ether is trading just below $1,900. However, Ether seems poised for a potential pump to test year-to-date highs in the $2,100s as it approaches a breakout above a key downtrend. Additionally, the recent surge in Ethereum network activity has turned the Ether supply deflationary once again, which could further enhance its near-term upside potential.
The Rise of Solana and Toncoin
In the top 20 coins by market capitalization, Solana (SOL) and Toncoin (TON) have shown significant gains and are currently the best-performing coins. According to CoinMarketCap, these two cryptocurrencies are experiencing notable pumps and demonstrating strong market performance.
Shitcoins and Memes Coins
Despite the positive movements in blue-chip cryptocurrencies and the top 20 coins, the crypto market is also witnessing significant movement from highly illiquid shitcoins/meme coins. These coins are characterized by their low liquidity and speculative nature. DEXTools provides valuable insights into the biggest movers in this category.
“GameFi token Snapcat ($SNAPCAT) continues to pump, rising nearly 250% in the past 24 hours to hit a market cap of over $5 million,” – DEXTools
Launched last week, Snapcat has garnered close to $500,000 in 24-hour trading volumes and accumulated almost 300 holders. It currently boasts over $2.5 million in liquidity. However, traders should exercise caution due to one concerning aspect of its smart contract – liquidity isn’t locked, which could potentially lead to a rug pull.
“Satoshis Vision ($SATS), a shitcoin claiming to be the decentralized future of peer-to-peer electronic cash, has experienced significant gains recently.”
$SATS has surged by 240% in the last 24 hours, with trading volumes of around $350,000. It currently has a market cap of approximately $750,000, over 550 holders, and more than $200,000 in liquidity. However, the token’s low community downrating of around 60% indicates a lack of trust among investors. Despite having only one issue with its smart contract, investors should remain cautious.
“Pepegoku ($PEPEGO), a shitcoin launched earlier today, has already risen more than 200% with over $1 million in trading volumes.” – DEXTools
Within a short period, Pepegoku has achieved a market cap of approximately $600,000, liquidity of around $440,000, and just over 200 holders. Although it also only has one undefined issue with its smart contract, investors should be aware of the possibility of the team abandoning the project.
While shitcoins present the potential for significant returns, they also come with substantial risks. For those seeking a higher probability of short-term gains, another high-risk, high-reward investment strategy worth considering is participating in crypto presales. This involves buying tokens from emerging crypto projects to support their development. These tokens are usually sold at lower prices, and historically, many presales have delivered exponential gains for early investors.
The team at Cryptonews diligently analyzes presale projects to assist investors. Here is a list of 15 of the best crypto presales in 2023. However, it’s important to remember that crypto is a high-risk asset class, and the information provided in this article should not be considered as investment advice. Always be aware that the possibility of losing all capital exists.
