Blue chip cryptocurrencies are still trading with a positive bias on Wednesday, despite Bitcoin (BTC)’s failure to hold to the north of the $30,000 following two attempted pushes higher.
Bitcoin (BTC) was last trading with gains of around 1% in the last 24 hours, while Ether (ETH) was up close to 0.7% over the same time and changing hands near $1,850.
Traders seem reluctant to push both cryptocurrencies, as well as the broader market, to the north of key short-term resistance levels in the run up to Thursday’s US Consumer Price Index inflation data release.
That data is expected to show a slight rise in the YoY rate of headline inflation in the US to 3.3% in July from 3.0% in June.
For now, optimism about the prompt approval of spot bitcoin ETF applications following commentary from Galaxy Digital CEO Mike Novogratz on Tuesday, as well as regarding PayPal’s move to create its own dollar-pegged stablecoin that should act as an easy fiat to crypto on/off ramp, should keep prices relatively well supported.
In the meantime, volatility will likely remain subdued, meaning traders will continue to turn to the shitcoin/meme coin market for a better prospect of near-term gains.
Here are the top-performing small cap coins as per DEXTools.
XDoge (XD)
A copycat version of Dogecoin, XDoge (XD) has seen an almighty more than 500% pump on Wednesday, surging from around $0.0000000003 to around $0.000000002, as per DEXTools.
Its market cap is now around $850,000, with over 1,250 holders and over $150,000 in trading volumes in the past 24 hours.
As per DEXTools’ GoPlus security audit of the coin, the token’s contract has a 1% buy and sell tax, plus a function that could place limits on transactions and or transaction sizes.
Traders should thus be cautious that the coin could be a scam, and also note that the $100,000 in liquidity isn’t locked, meaning a rug pull could also occur.
Juicebox (JBX)
Juicebox (JBX), the token of smart-contract-powered fundraising platform Juicebox, is up a stunning 420% in the last 24 hours, making it the second-best performer as per DEXTools.
Its market cap was last around $1 million, with a little over 3,000 holders.
However, trading volumes in the past 24 hours were a minuscule $2,600.
The fact that such a small amount of trade could drive such a big price gain suggests that JBX liquidity is very poor right now.
Indeed, as per DEXTools, the token has just $80,000 in DEX liquidity, which isn’t locked
The token contract also has some concerning aspects to it, as per the GoPlus audit.
The token can be minted by the issuer and the amounts held by individual wallets is modifiable.
Traders should be very cautious about getting involved in this token, even if the project’s website does make it look promising.
FukuToshi (FUKU)
A new cat-themed meme coin called FukuToshi (FUKU) on the Base chain has been pumping in the last few days.
Since its creation on Monday, FUKU is up around 65x, and was up around 160% in the last 24 hours, making it one of the best-performing shitcoins.
Its market cap was last around $360,000, with close to 350 holders, $150,000 in volumes in the last 24 hours and around $60,000 in DEX liquidity.
But traders should be very cautious with this coin, as its DEXTools Go Plus security audit is yet to reveal whether there is a buy or sell tax, and has already flagged the risk of an external call or potential limits on the number of transactions.
Better Alternative to Consider
While the above coins have been performing well in the last 24 hours, none are likely to be worth much in a few days.
Crypto investors looking for low-cap coins with a better value proposition and better long-term outlook should take a look at the following three projects, all of which analysts at Cryptonews.com are big fans of.
Wall Street Memes (WSM)
Wall Street Memes, one of the most powerful online retail stock investing communities, has been expanding its relevance within crypto with a hugely popular presale of its very own meme coin $WSM.
Thanks to Wall Street Memes’ following of more than 1 million across its various social channels, the presale has been generating huge hype and has already raised a staggering more than $22.5 million.
Dozens of respected crypto experts and influencers are bullish on the coin, including the likes of Michael Wrubel, Zack Humphries, No Bs Crypto, Joe Parys Crypto, CryptoWendyO and many more.
Buy Wall Street Memes Here
XRP20 (XRP20)
Another promising presale project is XRP20, an exciting new iteration of the XRP token that instead lives on the Ethereum blockchain as an ERC-20 token.
XRP20 markets itself as an improved version of XRP thanks to 1) the fact it runs on Ethereum, which is more decentralized than the XRP Ledger and is home to the largest existing Decentralized Finance (DeFi) ecosystem and 2) thanks to its exciting passive income opportunity for those who stake their tokens.
The project has already raised an impressive $1.57 million and will soon reach its soft cap of $1.85 million.
Learn More Here
BTC20 (BTC20)
BTC20 is similar to XRP20 – it’s an ERC20 version of the bitcoin token that has all the benefits of running on Ethereum (more eco-friend and access to DeFi markets).
The token sold out a blockbuster $6.05 million presale in less than two weeks last week, with BTC20 also marketed as an opportunity to get bitcoin back when it cost just $1 in 2011.
Indeed, BTC20’s tokenomics is modeled on bitcoin, but winding the clock back to 2011 when the supply was just 6.05 million tokens.
Like XRP20, BTC20 offers an exciting passive income opportunity for stakers.
Staking goes live today, while the token’s DEX launch is fast coming up on Thursday.
Visit BTC20 Here to Learn More
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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