Broader cryptocurrency markets remain subdued, with bitcoin (BTC) trading just above $29,000 and ether (ETH) still in the mid-$1,800s ahead of the upcoming US Federal Reserve policy announcement on Wednesday.
Given the lack of good trading opportunities in blue-chip names, degens continue to parse through the highly speculative meme coin market for coins that could deliver some tidy near-term profits.
Here are some of the top-gaining Ethereum-based coins of the day, as per DEXTools.
X (X)
In wake of Elon Musk’s rebranding of Twitter to “X”, which will allegedly be an everything application that includes advanced financial services, dozens of shitcoins of the same name have sprung up and meme coin degens have been piling in.
X (X) is the latest such shitcoin and, as per DEXTools, has already sprung up 150x versus its decentralized exchange (DEX) launch price.
The token currently has a market cap of around $300,000, has already seen an impressive trading volume of over $50,000 in just a few hours and has already garnered over 300 holders.
The token has a pretty decent 85/99 DEXTscore and doesn’t seem to be a scam, although the token is almost certainly just another pump and dump trying to piggyback of the recent Twitter rebranding.
Kite (KITE)
Be aware of a scam coin called Kite (KITE) which sits near the top of the DEXTools gainers list.
KITE is up 100x versus when trade was enabled earlier on Tuesday.
The chart shows an impressive near-constant line higher for its price.
But KITE comes with a hitch.
The token contract has a 100% sell tax attached to it, according to DEXTools’ audit.
So if you buy KITE, even if its price goes up, you will lose everything when you sell.
Stay away from this coin and always make sure to scrutinize DEXTools’ audit before buying any shitcoin, incase a scam like this has been snuck into a tokens contract in an attempt to rob you.
Shaun (SHAUN)
A Shaun the sheep-themed shitcoin called SHAUN is getting decent traction on Tuesday.
Since launching earlier in the day, SHAUN has already pumped around 13x to a market cap of over $1 million, with SHAUN at record highs at the time of writing.
The coin appears not to be a scam token, with a 99/99 score on DEXTools and with 83.3% community trust.
The shitcoin has already accrued 250 holders and seen an impressive trading volume of already around $1.2 million.
Its still small market cap and nice-looking price action suggest it could continue to pump, but make sure to DYOR before investing, and remember that in the shitcoin world, you could quickly lose your entire initial investment!
Better Alternative to a Shitcoin
The volatility of the shitcoin market tends to suck in investors, but most of these coins have no underlying utility or project vision, meaning they almost all eventually end up as worthless coins.
Investors looking for a strong possibility of near-term gains should instead check out promising presale projects, such as some of those scrutinized by Cryptonews.com.
Here is one project that the team is a big fan of.
BTC20 (BTC20)
Billed as “Bitcoin on Ethereum’ and as an opportunity for members of the cryptocurrency community to purchase bitcoin at its 2011 price of $1, a new token called BTC20 has been garnering a lot of hype.
The tokenomics are designed to mimic bitcoin – a 21 million BTC20 token supply cap, with tokens to be released to BTC20 stakers (rather than miners) according to the exact same issuance schedule as bitcoin.
Some are claiming BTC20 is even better than bitcoin, given it runs on an ecofriendly, low energy consuming Proof-of-Stake Ethereum blockchain, rather than on an energy-guzzling Proof-of-Work chain like bitcoin.
As per the project’s whitepaper, BTC20 is looking to raise a minimum of $3 million, though this could rise to $6 million, via the sale of BTC20 tokens for $1 each.
With the project having already raised close to $2 million in just a few days, traders need to move quickly to secure their spot.
Buy BTC20 Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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