Bitcoin (BTC), Ether (ETH) and the broader crypto market are little moved in wake of US Producer Price Index inflation data for July that came in ever so slightly above expectations but still fits with the narrative that the US inflation picture is quickly improving.
The two largest cryptocurrencies by market cap were last trading close to the $29,500 and $1,850 levels, with the crypto market’s total capitalization unchanged on the day at just $1.136 trillion.
Blue chip cryptos remain, for the most part, stuck within the same ranges that have dominated now for nearly two months.
Traders are awaiting for further updates on themes such as spot Bitcoin ETF applications and US regulation.
But given the improving inflation situation implies the Fed’s tightening cycle is done and that macro is turning into more of a tailwind, and given optimism that spot Bitcoin ETF application approvals are a matter of when not if, risks seem tilted to the upside.
Traders would probably do better buying dips versus selling rallies in the coming weeks and months.
That being said, boring market conditions mean that traders looking to turn a quicker profit are increasingly turning to the shitcoin/meme coin market, where volatility is much higher.
Of course, liquidity in these markets is very low and the risks are very high, so traders should always exercise huge caution when getting involved in these kinds of markets.
Here are some of the best-performing coins on Friday as per DEXTools.
StrongX (STRONGX)
A new shitcoin called StrongX (STRONGX) has been pumping since its launch on Thursday.
As per DEXTools, it was last up close to over 850% in the last 24 hours, making it one of the top shitcoin performers on the day.
The token has a market cap of around $880,000 million and over $2.7 million in trading volumes in the past 24 hours, with over 500 holders and around $4300,000 in locked liquidity.
The liquidity lock suggests a rug pull is unlikely.
Meanwhile, DEXTool’s GoPlus audit scan has only highlighted one alert, but the token does have a 2% buy and sell tax.
While it probably isn’t a scam, traders should nonetheless be wary that StrongX could dump just as quickly as it pumped.
Messier 87 (M87)
A token called Messier 87 which claims to be the native token of a platform that is developing a diverse range of DeFi products, including innovative tools for transitioning between fiat and crypto, has been pumping on Thursday.
M87 was last up nearly 5x in the last 24 hours amid a surge of over $1.2 million in trading volumes, as per DEXTools.
The token’s market cap was last around $4.2 million, with 700 holders and just under $400,000 in locked liquidity.
The liquidity lock reduces the chance of a rug pull.
But traders should beware that the token could still be a scam, with DEXTool’s GoPlus security audit identifying 6 alerts.
These include a high 3% buy and sell tax, a function that allows the tax to be modified, a function to allow a transaction pause, potential limits on transactions and a potential anti-whale mechanism.
0x1 (0x1)
0x1 (0x1), the token that powers AI smart contract generation platform 0x1.tools, has been pumping in the last two days.
As per DEXTools, the token was last up close to 200% in the last 24 hours.
At its current price around $0.135, 0x1 looks like it could mount a retest of its all-time highs hit in July around $0.50, which could mark a further rally of around 3.7x.
0x1 currently has a market cap of around $675,000, with trading volumes of around $90,000 in the last 24 hours, and a liquidity lock worth around $121,000.
Liquidity locks reduce the chance of a rug pull.
While that’s a positive, 0x1 does have large transaction taxes of 5% on all buys and 7.35% on all sells.
Better Alternatives 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 $23.1 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 $2.04 million, hitting its soft-cap target raise.
Learn More 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.
Read the full article here
