As blue-chip cryptocurrencies like Bitcoin (BTC) and Ether (ETH) consolidate close to recent highs as investors digest surging spot Bitcoin ETF demand, highly risk-tolerant traders, often referred to as “degens”, continue to pile into the on-chain shitcoin markets in the hunt for top crypto gainers today.
Trading volumes in BlackRock’s Bitcoin ETF IBIT were above $1 billion for a fourth successive session, TheBlock data shows.
Last week’s daily volume average was under $500 million.
Wednesday, meanwhile, saw net inflows into spot Bitcoin ETFs of more than 11,000 BTC.
That’s more than 10x the increase in BTC supply via token issuance to miners.
Oh my goodness
Two days ago $BTC Bitcoin ETFs were buying 9000 Bitcoin a day
Yesterday they bought 11,000
Miners $CLSK $MARA only produced 900
More than 10x demand vs new supply created
Post halving, the miners will only produce 450 a day pic.twitter.com/lvEerHBE5g
— amit (@amitisinvesting) February 29, 2024
Huge demand for BTC from spot ETF investors comes ahead of the Bitcoin halving in April.
This is when the rate at which BTC is issued to miners will drop in half, reducing long-term sell pressure.
Amid a demand surge and ahead of a supply shock, it’s no wonder that Bitcoin is up around 20% this week.
Monthly gains currently stand at around 44%, the most in three years.
Whilst those gains are certainly impressive for an asset of Bitcoin’s size, that’s nothing compared to the price moves witnessed in shitcoin markets on a daily basis.
Here are three top crypto gainers today in the shitcoin market that degens will be monitoring, as per Decentralized Exchange (DEX) analytics tool DEXTools.
Top Crypto Gainers Today
MEMEAICoin ($MEMEAI)
A new shitcoin called MEMEAICoin ($MEMEAI) is up 5,500% after launching today, as per DEXTools.
Its market cap was last around $2.4 million, with just under $300,000 in liquidity and nearly 300 holders.
The token might be a scam though, so investors are best advised to stay away.
As per DEXTools’ smart contract audit, Honeypot.is thinks the token is a honeypot scam.
Honeypot tokens may be impossible to sell or may contain malicious code.
FR22 GPT ($FR33)
Telegram-based AI tool FR33 GPT is up 800% on Thursday, as per DEXTools.
Its market cap was last around $1.17 million, with just over $200,000 in liquidity.
The token has 350 holders and has seen just under $1 million in trading volumes in 24 hours.
It has a 3% buy and sell tax, plus two other smart contract alerts.
GPUBot ($GPUBot)
Another AI shitcoin called GPUBot ($GPUBot), which claims to be a decentralized infrastructure with blockchain-powered and AI-enabled node services, is pumping.
As per DEXTools, it is one of the top crypto gainers today, having gained 360% in 24 hours.
Its market cap was last around $2 million, with locked liquidity of around $300,000.
It has two smart contract alerts, so investors should be very cautious.
Even with innocent-looking coins, investors still risk losing everything in the shitcoin market.
Crypto Alternatives to Consider
Investing in low-cap shitcoins is a very risky strategy.
An innocent-looking project could easily turn out to be a scam, and a few big sell orders could easily drive the price 80% lower.
A strategy that is still risky, but arguably has a better risk reward is getting involved in crypto presales.
The idea is that investors secure tokens of up-and-coming, high-potential crypto projects/protocols at a discounted early price.
These projects then put those funds to work, paying for protocol development and marketing.
While lots can go wrong when investing in crypto presales—unforeseen circumstances can prevent a project from delivering on its vision—savvy presale investors routinely secure gains of 10x or more.
With hundreds of presale projects vying for investor funds, analysts at Cryptonews have been combing the market.
Here are 14 of the presale projects with the highest potential.
See the 14 Cryptocurrencies
Read the full article here
