In a sluggish day for major cryptocurrencies, traders are shifting focus to riskier, more volatile on-chain markets, utilizing tools like DEXScreener to identify potential top gainers.
Performance of Major Cryptocurrencies
Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have all experienced declines of 1-3.5% in the past 24 hours, according to CoinMarketCap.
This downturn contrasts with a recent dovish announcement from the Federal Reserve, which has boosted US equities and caused a drop in US bond yields. The Fed’s potential interest rate cuts, possibly starting in September, were highlighted by Fed Chair Jerome Powell’s remarks.
Market Movements and Concerns
Bitcoin’s performance remains under pressure due to concerns related to US government actions and Mt. Gox selling. Ethereum is also facing challenges with significant outflows from the Grayscale Ethereum ETF.
Mt. Gox Bitcoin Movement
Recently, Mt. Gox addresses transferred 33.96K BTC, worth $2.25B, to what is suspected to be BitGo addresses.
Traders Turn to Micro-Cap Tokens
Given the broader market’s stagnation, many traders are exploring micro-cap tokens on blockchains like Ethereum and Solana. New tokens are frequently launched, offering high volatility and potential for substantial gains, though many are scams or pump-and-dump schemes.
Top Crypto Gainers Today
Baller (BALLER): This new Solana meme coin, themed around “balling out,” has surged by 290,000%, reaching a market cap of $3.5 million. However, its limited locked liquidity of $114,000 makes it vulnerable to rapid value loss.
Ken (KEN): This Ethereum-based meme coin has increased over 200,000% since its launch, now valued at a market cap of $6.4 million. Despite these gains, its community vote score on DEXScreener indicates distrust, with more red flags than positive votes.
Shibe Inu (SHIBE): Another meme coin on Ethereum, Shibe Inu, has risen 35,000% to a market cap of $2.4 million. It has locked liquidity of approximately $212,000, suggesting high volatility. Although its smart contract appears secure, caution is advised as it could be a scam.
Considerations for Investors
Investing in micro-cap meme coins carries significant risks. As an alternative, presale investing offers a chance to evaluate projects before committing funds. Analysts at Cryptonews.com are monitoring presale opportunities for their potential this summer.
The post Top Crypto Gainers Today on DEXScreener – BALLER, KEN, SHIBE appeared first on Cryptonews.
