On a day marked by significant declines in major cryptocurrencies, driven by escalating recession concerns and seasonal September headwinds, some traders shifted their attention to on-chain DEX markets in search of promising crypto gainers.
US Jobs Report and Market Reactions
Recent data from the US jobs report, while not catastrophic, has intensified worries about a potential recession. The report’s failure to meet expectations has led Shana Sissel from @Banrion_Capital to predict a 25 basis point cut by the Federal Reserve this month source.
As US equity markets faltered and bond yields decreased, Bitcoin (BTC) experienced a notable drop of over 4%, falling below $54,000, according to TradingView.
Shift in Focus: On-Chain DEX Markets
With major cryptocurrencies failing to deliver swift gains, traders have increasingly turned to on-chain DEX markets. Despite bearish market conditions, newly launched coins on these platforms can still achieve substantial intra-day gains.
The allure of potentially high returns with minimal investments drives traders to these volatile and risky markets. However, caution is advised, as newly launched coins often suffer from low liquidity and can be associated with scams or pump-and-dump schemes. Traders are urged to conduct thorough research and invest only what they can afford to lose.
Top Crypto Gainers Today on DEXScreener
Here are some of the top crypto gainers today on DEXScreener:
1. BRR (BRR)
BRR, a newly launched Solana meme coin, has experienced an extraordinary rise of over 100,000% in the past 24 hours. Market cap for BRR is approximately $2 million, but liquidity remains thin at around $100,000. A single large transaction could trigger a significant price drop. Additionally, BRR has received 1,200 red flag votes from DEXScreener users, compared to only 68 rocket ship votes.
2. r/gustav
Another top gainer is r/gustav, a meme coin originating from the Gustav the bull Reddit community. It has surged over 800% in the past 24 hours, bringing its market cap to over $460,000. Although it has low liquidity of $66,000, its valuation is relatively low, presenting potential early investment opportunities. r/gustav has received 313 rocket ship votes and 31 red flags from the DEXScreener community.
3. GameStop Cat (GMEC)
GameStop Cat (GMEC), a meme coin inspired by GameStop, has also shown significant gains, rising 250% in the last 24 hours. However, with a market cap of just $175,000, GMEC exhibits signs of being a pump-and-dump. Historically, new meme coins seldom recover after initial sell-offs.
Alternative Investment Opportunities
For those wary of the risks associated with newly launched coins, considering presale investments may be a prudent alternative. Cryptonews.com’s presale analyst, Crypto Arjay, highlights some promising meme coin presales in the video below. Additionally, Cryptonews.com offers a curated list of the top 20 presales available right now.
The post Top Crypto Gainers Today on DEXScreener – BRR, r/gustav, GMEC appeared first on Cryptonews.
