Major cryptocurrencies are perky at the start of the week, with Bitcoin back above $66,000, traders hunting for quick exponential gains are turning to the on-chain micro-cap markets as they hunt for top crypto gainers today.
Traditional asset markets stabilized on Monday as traders look ahead to Friday’s key US inflation data release. The SPX has bounced above 5,000, the DXY is going sideways around 106, and 10-year yields are flat at nearly 4.6%.
Stabilization in the macro backdrop has allowed Bitcoin and major altcoins to continue their post-halving positive momentum.
Assuming macro doesn’t become a major near-term market headwind once again, BTC could soon recover back to recent highs.
Bitcoin demand is increasing and the incoming daily supply just got cut in half.
Economics 101 tells us the next 12 months should be fun for bitcoin holders.
Here is my segment from @BloombergTV today. pic.twitter.com/t0ZIsQkYGp
— Pomp (@APompliano) April 22, 2024
Whilst the near-term outlook for blue-chip cryptos is strong, traders looking for fast gains will always turn to on-chain markets.
What Are On-Chain Markets?
On-chain markets refer to crypto assets issued and traded directly on the blockchain. Ethereum, Solana, and BNB are the most commonly used chains by those issuing or trading on-chain tokens.
These on-chain markets are highly illiquid compared to centralized spot cryptocurrency exchanges or traditional financial markets.
That makes them highly volatile. A newly launched coin can easily see gains of 100x in days as its market cap surges from the tens of thousands to millions.
Equally, a small amount of sell pressure can trigger huge price drops. And that’s not the only risk.
There is virtually no barrier to entry for someone to issue their own token. That means scammers flock to the on-chain crypto markets to attempt to scam unaware investors.
They can do this by inserting malicious code into the token’s smart contract creating unfair trading conditions.
Alternatively, the token might be a pump-and-dump scheme. This is where the team behind a token builds up artificial hype to create demand, cash in, and abandon ship.
One popular technique is for a token’s issuer to watch the ETH in the token’s liquidity pool rise as the token’s price pumps, only to withdraw and make off with this ETH abruptly.
That’s why many on-chain investors look for “locked liquidity,” which prevents such rug pull attempts.
That said, let’s examine some of the top crypto gainers in Ethereum’s on-chain market today.
Top Crypto Gainers Today
RemoteAI (REM)
A new AI shitcoin called RemoteAI (REM) has pumped up 40000% since launching on Monday, as per DEXScreener.
The token last had a market cap of around $3.4 million, having seen $425,000 in 24-hour trading volumes.
Scam Detected by @CoinSpeedrun
REM – RemoteAI | $REM
Contract: 0x0379eb3295add558644d2f7640153081e6821511
https://t.co/HUv538XLjS
— CoinSpeedrun Bot (@CoinspeedrunBot) April 19, 2024
Traders should be very cautious of this shitcoin. It has six concerning aspects to its smart contract, as per Go+ Security, including pausable transfers and a modifiable tax.
Trader (TRADER)
A shitcoin called Trader is also up close to 40,000% in 24 hours, as per DEXScreener.
The token’s market cap was last $2.3 million, with $250,000 in locked liquidity and $1.2 million in 24-hour trading volumes.
Traders should be cautious regarding this token. As per Go+ Security, its smart contract has only one concerning aspect.
But most DEXScreener users have voted using the red flag emoji. The community clearly sees this token as a shitcoin.
Predict Crypto (PREAI)
Another AI shitcoin called Predict Crypto (PREAI) is up close to 50,000% on Monday.
DEXScreener puts its market cap at $5.4 million, with just over $400,000 in locked liquidity.
$PREAI AMA
Join the #ProudPredictors and the PredictingAI team for a community AMA held in our very own Telegram.
23/Apr/24 at 19:00 UTC.
https://t.co/YyWwjSgfQm pic.twitter.com/rtzLtIxx1v
— PredictingAI (@PredictingAI) April 22, 2024
The token has a 5% buy and sell tax which is modifiable, and ownership hasn’t been renounced. It could easily be a scam, so potential investors should be very careful.
Crypto Alternatives to Consider
Investing in low-cap shitcoins is a very risky strategy.
An innocent-looking project could easily 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 19 of the presale projects with the highest potential.
Alternatively, check out this video by Cryptonews’ Crypto Arjay, who goes through his top three presales.
The post Top Crypto Gainers Today on DEXScreener – REM, TRADER, PREAI appeared first on Cryptonews.