Blue-chip cryptocurrencies like Bitcoin (BTC), Ether (ETH), XRP (XRP) and BNB (BNB) are consolidating on Tuesday as traders take stocks of gains in recent weeks and eye commentary from Fed policymakers later in the week.
But with US stocks pushing up and US government bond yields looking like they want to continue the recent reversal lower from multi-decade highs, macro looks set to remain a tailwind.
Bitcoin was last trading just above $35,000, flat on the day, whilst Ether was last just under $1,900, though looks on the verge of a pump higher to test year-to-date highs in the $2,100s given the cryptocurrency is threatening a breakout above a key downtrend.
The fact that a recent surge in Ethereum network activity has turned the Ether supply deflationary once again could further aid the cryptocurrency’s near-term upside potential.
Elsewhere, Solana (SOL) and Toncoin (TON) are pumping and are the best two-performing coins in the top 20 by market capitalization, as per CoinMarketCap.
But the biggest movers in the crypto space remain highly illiquid shitcoins/meme coins.
Here are some of the biggest movers according to DEXTools.
Snapcat ($SNAPCAT)
GameFi token Snapcat ($SNAPCAT) continues to pump, rising nearly 250% in the past 24 hours to hit a market cap of over $5 million, as per DEXTools.
The token, which launched last week, has seen 24-hour trading volumes of close to $500,000, has accumulated nearly 300 holders and currently had over $2.5 million in liquidity.
The token has only one concerning aspect to its smart contract, according to DEXTools’ security audit, but traders should be careful that it could be a rug pull thanks to the fact that liquidity isn’t locked.
Satoshis Vision ($SATS)
A shitcoin that was launched earlier in the year called Satoshis Vision ($SATS) which claims to be the decentralized future of peer-to-peer electronic cash has been pumping in recent weeks, with momentum picking up in the past two days.
$SATS was last up 240% in the last 24 hours, with around $350,000 in trading volumes as per DEXTools.
The token last had a market cap of around $750,000, over 550 holders and over $200,000 in liquidity.
While the token only has one issue with its smart-contract as per DEXTools security audit, it has a community downrating of around 60%, so trust levels in the token appear to be very low.
Pepegoku ($PEPEGO)
A shitcoin called Pepegoku ($PEPEGO) that launched earlier on Tuesday is already up more than 200% amid over $1 million in trading volumes as per DEXTools.
The token last had a market cap of around $600,000, liquidity of around $440,000 and just over 200 holders, not bad for a first day of trade.
As per DEXTools, the shitcoin also only has one undefined issue with its smart-contract, but investors should always nonetheless be cautious of coins like this, as the team could easily abandon the project.
Crypto Alternatives to Consider
Shitcoins can offer huge potential returns, but also come with a lot of risk.
Those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
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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