It’s been a tame start to the week for cryptocurrency markets, with most major coins locked within recent ranges, though admittedly close to multi-week highs, and with traders hunting top crypto gainers today instead turning to the more volatile and unpredictable on-chain altcoin markets.
Bitcoin (BTC) was last trading in the $68,000s, having dipped back from above $70,000 on Mt Gox wallet movement jitters.
Ethereum (ETH), meanwhile, was last in the $3,800s. Traders continue to wait for word on when recently approved Ethereum ETFs will actually launch.
Day 6 after Ethereum ETFs Approval pic.twitter.com/gLRPGJZv5X
— naiive (@naiivememe) May 28, 2024
Core PCE inflation data out later in the week could shake things up in the market.
The data is expected to show that MoM core price pressures declined to 0.2% in April from 0.3% in March.
That would be a relief to the market, and bolster confidence that Fed rate cuts are coming later this year.
Politics/the regulatory landscape is also a tailwind for the market right now.
US Presidential candidate Donald Trump was out with more pro-crypto commentary last week.
And the SEC’s recent u-turn to approve Ethereum ETFs indicates the anti-crypto crowd in the US is losing power.
Some of you a month ago told me “Biden is better for crypto than Trump”
Okay pic.twitter.com/MzZlK0lBrC
— Evanss6 (@Evan_ss6) May 25, 2024
Major cryptos could soon retest recent highs. But traders looking for faster gains will be drawn to the risky on-chain markets.
New meme coins and shitcoins are launched every single day. If traders can get in early on a coin that ends up gaining traction, they can make quick 10x or more gains.
Of course, trader must remember that the vast majority of these newly launched coins are scams or pump-and-dump tokens.
Almost none retain any long-term value. Traders must do their own research and never risk more than they can afford to lose.
That being said, here are some of top crypto gainers today as per DEX analytics tool DEXScreener.
Top Crypto Gainers Today
King of Memes (KING)
A newly launched Solana meme coin called King of Memes (KING) is up nearly 750% in the past 24 hours.
DEXScreener says the token has already been able to achieve a market cap of $642 million.
But something seems very fishy with this token. It only has $670,000 in locked liquidity.
And it has only seen $2.4 million in trading volume since its launch.
DEXScreener’s community of users also appears not to trust the coin.
It has only one rocket and fire emoji votes, but 12 red flag votes, suggesting trust is low.
The meme coin’s X account has also been restricted.
This token is very likely to be a scam. Traders should probably stay away.
Swapuz (SWAPUZ)
Another fishy-looking coin called Swapuz (SWAPUZ) has also been able to attain a massive market cap shortly after launch.
SWAPUZ’s market cap was last around $420 million, as per DEXScreener, with the token up 640,000% since launch.
But like with KING, this upside has been achieved despite relatively low trading volumes of $4.8 million.
The coin’s X account also hasn’t seen any notable activity since last year.
Things don’t look right. Traders would do their best to stay away.
MOJO The Gorilla (MOJO)
A recently launched Ethereum meme coin called MOJO The Gorilla (MOJO) has pumped up nearly 80,000% since launch.
https://twitter.com/Ethereum_Mojo/status/1795594443124531234
As per DEXScreener, that’s taken its market cap to $3.1 million, with $250,000 in locked liquidity.
Go+ Security identifies two concerning aspects of the token’s contract.
Just because this meme coin looks less scammy than the first two in this list doesn’t mean it’s without risk.
Traders must always remember, most newly launched tokens are pump-and-dumps schemes.
The post Top Crypto Gainers Today on DEXScreener – KING, SWAPUZ, MOJO appeared first on Cryptonews.