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Joel Frank
Author
Joel Frank
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Why Trust Cryptonews
On an unequivocally bullish day in crypto markets, which saw most major coins post impressive gains after Fed Chair Jerome Powell opened the door to a series of interest rate cuts, traders turned to the on-chain micro-cap markets in their hunt for top crypto gainers today.
Bitcoin (BTC) rallied 6% to the $64,000s, while Ethereum (ETH) and Solana (SOL) gained 5-6% each, per CoinMarketCap.
Some top altcoins, like Popcat (POPCAT), Sui (SUI) and Artificial Intelligence Alliance (FET) gained as much as 20-25% over the last 24 hours, ranking them amongst the top performing major cryptos of the day.
Incoming Fed rate cuts mean that liquidity conditions are going to ease, which tends to be very bullish for risk assets like crypto.
While blue-chip cryptos performed well, new tokens trading in the on-chain DEX markets were still the top crypto gainers today.
Hundreds of new crypto tokens are launched every day on DEXs. And due to their exceedingly low liquidity levels, and the fact they start with market caps of virtually nothing, these tokens can sometimes post huge, rapid gains.
If a trader gets into a token early enough before it goes viral, they stand to make gains of potentially as much as 100x.
But traders attracted at the prospect of going from rags to riches with a small investment are often caught out.
That’s because almost all newly launched tokens are either scams or pump-and-dumps.
Traders must do their due diligence before getting involved in on-chain micro-cap markets.
That said, here are some top crypto gainers today that they are likely to be watching, per DEXScreener.
Top Crypto Gainers Today – Which Are They?
A new Ethereum meme coin called Bufficorn (BUFFI) is up an impressive 33,600% on Uniswap, per DEXScreener.
That makes it one of the top crypto gainers today.
Its market cap was last around $1.1 million, with $165,000 in unlocked liquidity.
A liquidity rug pull this remains a risk.
The token also has 20 red flag emoji votes on DEXScreener to 58 rocket ship emoji votes. That suggests some in the meme-trading community are suspicious.
Elsewhere, a new Tron meme coin called Dragon Sun (DRGN) is up 27,500% since its launch, reaching a market cap of $22 million.
The token has a reasonable $550,000 in locked liquidity.
But if a huge DRGN whale unloads, that could still cause a rapid price crash.
Traders need to be careful not to get caught up in Tron meme coin hype since the Sun Pump dApp was launched earlier this month.
DRGN, for instance, has 135 red flag emoji votes to just 58 rocket ship votes on DEXScreener. The community is, thus, suspicious of this token.
The final addition to the top crypto gainers today list worth mentioning is a new BNB meme coin called BOB (BOB).
Per DEXScreener, BOB is up 1900% in the past 24 hours to a market cap of $1.6 million, with just over $200,000 of locked liquidity.
BOB has two issues with its smart contract – it is pausable and its owner can change token balances.
This is thus a very risky coin. All of its investors could immediately lose their tokens, if the owner chose to steal them.
Still, it has 614 rocket ship emoji upvotes and 592 fire emoji votes to just 4 red flag emoji votes, suggesting the community is a fan.
That said, these emoji vote numbers can probably be easily manipulated by a sophisticated scammer.
Better Alternative to Consider
Traders must tread very carefully in on-chain DEX markets.
Perhaps a better alternative to these very risky markets is to invest in new meme coin presales.
Presales usually last a few weeks, allowing potential investors time to do their due diligence before getting involved.
Here are 17 of the most promising meme coin presales right now, per Cryptonews.com analysts.
17+ Best New Meme Coins to Buy in August 2024
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.
