On a day marked by declines for major cryptocurrencies, traders faced challenges due to a strengthening US dollar and concerns about increased sell pressure from Bitcoin miners following the halving. As a result, they shifted their attention to the highly illiquid and volatile on-chain markets in search of today’s top crypto gainers.
Bitcoin’s Recent Decline
Bitcoin (BTC) fell below its 50-day moving average, hitting new one-month lows in the $65,000 range on Friday. Bears have maintained control since BTC failed to surpass $70,000 earlier this week despite weak US CPI data. Moreover, hawkish interest rate guidance from the Fed and fears of elevated miner sales have further dampened the mood.
Miners Under Pressure
Bitcoin miners feel the pressure, leading to increased selling activities. The recent uptick in mining pool transfers, the surge in over-the-counter (OTC) desk sales, and reductions in holdings by major publicly traded mining companies all contribute to this situation.
#Bitcoin miners are under pressure and they've begun selling.
— CryptoQuant.com (@cryptoquant_com) June 13, 2024
Let's explore the recent uptick in mining pool transfers, the surge in OTC desk sales, and why even major publicly traded mining companies are reducing their holdings. 🧵👇
A further drop to the $60,000 range seems likely in the coming days and weeks. Other major cryptocurrencies are also expected to experience declines. This could present a buying opportunity for long-term bullish investors. However, for traders seeking quick gains, the allure of the micro-cap on-chain markets remains strong.
The Appeal of On-Chain Markets
New cryptocurrencies are issued on-chain daily. While most are either scams or pump-and-dump schemes, opportunities for significant gains exist in these volatile markets.
Top Crypto Gainers Today
According to the DEX analytics tool DEXScreener, here are some of today’s top crypto gainers on Ethereum:
Krazy n.d. (KRAZY)
A new token called Krazy n.d. (KRAZY), based on a Matt Furie Boy’s Club character, is seeing a significant increase. The recently launched token has already reached a market cap of $2.9 million with 24-hour volumes of $3.7 million. DEXScreener reports the token’s liquidity at just over $200,000. Despite two concerning aspects of its smart contract, traders should exercise caution and conduct thorough research.
Kochi Ken (KOCHI)
Kochi Ken (KOCHI), a new meme coin, has surged by an astonishing 47,000% in the past 24 hours, according to DEXScreener. With a market cap of $2 million and just over $180,000 in liquidity, the token’s modest engagement on social media suggests it may not go viral. Traders should be prepared for the possibility of losing their entire investment.
Liberland Dollar (LLD)
The newly launched Liberland Dollar (LLD) aims to become the go-to crypto for use in Liberland, an unclaimed stretch of land between Croatia and Serbia. The token has risen by 500% in 24 hours, with a market cap of $800,000, as reported by DEXScreener. However, traders should exercise extreme caution. DEXScreener’s smart contract audit indicates that ownership has not yet been renounced, and the token is mintable, raising potential scam concerns.
Better Alternative to Consider
Investing in newly launched meme coins carries significant risk. While some may offer substantial returns, the majority are likely to fail, leaving investors unable to liquidate their holdings. The rapid price movements can trigger FOMO, leading traders to neglect proper due diligence.
A potentially safer alternative is to invest in presales, where traders have more time to research and evaluate projects. Identifying promising projects early can lead to significant gains. Analysts at Cryptonews closely monitor the presale market and recommend the following top presales for 2024:
By considering presales, investors can potentially reduce their risk while still seeking significant returns in the volatile world of cryptocurrency.
The post Top Crypto Gainers Today on DEXScreener – KRAZY, KOCHI, LLD appeared first on Cryptonews.
