Blue chip cryptocurrencies are going sideways as investors await the US Federal Reserve’s upcoming policy announcement, with a 25 bps rate hike to 5.25-5.5% widely expected by market participants.
The Fed’s tone on the likelihood for further interest rates hikes later this year will likely be the main catalyst for price action in the crypto market.
Expect Bitcoin (BTC), Ethereum (ETH) and the rest of the market to rally if markets deem more rate hikes as less likely later this year in wake of today’s policy announcement.
For now, bitcoin is going sideways in the low $29,000s while ether remains marooned in the mid-$1,800s.
With price action in blue chip crypto markets subdued, degens unsurprisingly continue to hunt for volatility and the prospect of short-term gains in the meme coin/shitcoin market.
Here are some of the top-gaining Ethereum-based coins of the day, as per DEXTools.
X (X)
In wake of Elon Musk’s big Twitter rebranding to X, which opens the door for the social media platform to become an “everything” app, a number of copycat X tokens have spawned and been pumping.
The X (X) of the contract address 0xa62894d5196bc44e4c3978400ad07e7b30352372 was one of the first to pop up over the weekend and just hit fresh all-time highs at around $0.000015, giving it a market cap of around $15 million.
That means it is up around 7,500x versus its weekend DEX launch price of around $0.000000002.
Of course, the token has no real value and nothing to do with Musk’s rebranding from Twitter to X.
But it has still managed to garner around 5,860 holders, has a locked liquidity pool worth nearly $500,000 and has seen huge trading volumes of nearly $24 million since its launch, as per DEXTools.
Kite (KITE)
Be aware of a scam coin called Kite (KITE) which sits near the top of the DEXTools gainers list.
At the current price of $0.0002, KITE is up 133x versus when trade was enabled on Tuesday at a price around $0.0000015.
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.
As a result, KITE has a 100% downrating on DEXTools.
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.
Nyan (NYAN)
A cat-themed meme coin called Nyan (NYAN) has pumped up around 170% on Wednesday, as per DEXTools.
NYAN has been around for a little while now, having initially been launched back in May.
At the current price of around $0.00000003, NYAN is up around 3.5x versus earlier monthly lows in the $0.000000008 area, and closer to 5x up versus June’s $0.000000006 lows.
Bulls will be hoping NYAN can pump all the way back to its May all-time highs at $0.00000007, a more than 100% rally from current levels.
NYAN currently has a market cap of around $2 million, has close to 1,800 holders, and has seen around $330,000 in trading volumes over the past 24 hours.
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 over $2.6 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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