While blue-chip cryptocurrencies continue to carve a path to fresh multi-year highs as the bulls remain very much in control, crypto degens looking for even faster gains continue to scour DEXTools for top crypto gainers today.
BTC pumped towards $53,000 on Thursday on continued optimism surrounding strong spot ETF flows.
It was last trading just under $52,000.
ETH also appears to be benefitting from ETF optimism, ahead of expected approval of spot Ether ETFs later this year.
ETH/USD rallied above $2,800 for the first time since May 2022 on Thursday.
Also aiding the rally in major cryptos is a recovery in US stocks back towards record highs.
Softer-than-expected US retail sales data for January released on Thursday eased concerns about the Fed delaying rate cuts.
This appears to have supported risk appetite in the stock and crypto market.
While bullish momentum in the blue-chip crypto market looks set to remain strong, micro-cap tokens in the shitcoin market are seeing far greater gains.
Thanks to their tiny market caps and low liquidity, shitcoins/new meme coins frequently experience exponential gains in very short time periods.
The volatility of the shitcoin market thus attracts a lot of crypto degens hunting fast 10x gains.
Here are some of the top crypto gainers today on the Ethereum blockchain, as per DEXTools.
Top Crypto Gainers Today
DxFund ($DxFund)
A shitcoin called DxFund ($DxFund) has suddenly pumped up over 16,500% on Thursday as per DEXTools.
The latest pump, which has seemingly come out of nowhere, has taken its market cap to just under $2 million.
Traders should beware that the latest pump has been driven by shallow 24-hour trading volumes of only around $290,000.
$DxFund has around $340,000 in liquidity and 259 holders and no concerning aspects to its smart contract.
Still, that doesn’t mean investors shouldn’t be very cautious with this coin.
Due diligence is as important as ever.
Cloudinary ($CDY)
Decentralized and anonymous cloud computing provider Cloudinary (CDY) has seen an explosive 5,500% pump on Thursday, as per DEXTools.
Its market cap is still tiny at just under $900,000.
Meanwhile, it has liquidity of around $180,000 and 263 holders.
While the token only has one smart contract alert, as per DEXTools’ smart contract audit, investors should exercise caution.
That’s because the token has a 5% buy and sell tax, as well as a 72.7% downrating on DEXTools’ community trust indicator.
X Payments ($XPAY)
A shitcoin called X Payments (XPAY) that is attempting to piggyback off of hype surrounding Elon Musk-owned social media platform X (formerly Twitter)’s plans to launch a payments platform of the same name.
As per DEXTools, the shitcoin was up 150% on Thursday, making it one of the top crypto gainers today.
$XPAY’s market cap was last around $1.5 million, with just under $200,000 in liquidity.
It last had 1,800 holders and two smart contract alerts.
While it might be one of the top crypto gainers today, $XPAY has no inherent utility or value.
So investors should tread with caution, as they would with any other shitcoin.
Shitcoin Alternatives to Consider
Crypto degens hunting for quick exponential gains often run into pitfalls in the shitcoin market.
Coins are nearly always pump-and-dumps, rug-pulls or some other type of scam.
An alternate strategy with a potentially better risk rewards is to get involved with crypto presales.
Presales allow pioneering projects to offer native tokens at early bird discounts before public listing sends prices soaring.
While presales carry hazards akin to startup investing, their potential rewards inspire intrepid speculators.
Investors are strongly advised to carry out their due diligence: evaluate teams, use cases, tokenomics, roadmaps, and partnerships before rolling the dice.
With so many different presale offerings out there, that can be a daunting task.
Luckily, the team at Cryptonews is doing their best to point investors in the right direction.
Here are 14 of their favorite projects:
See the 14 Presales of Cryptocurrencies
Read the full article here
