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Joel Frank
Author
Joel Frank
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Why Trust Cryptonews
On a subdued day for major cryptos that saw Bitcoin (BTC) move sideways between the $58,000 and $60,000 levels, traders turned to tools like DEXScreener as they hunted for top crypto gainers today.
DEXScreener is a platform that monitors crypto tokens trading on decentralized exchanges like Uniswap or Raydium.
While major altcoins might move a maximum of 20% in one 24-hour period, tokens trading on DEXs frequently post exponential intra-day moves.
Major cryptos are likely to remain subdued ahead of the release of Wednesday’s US CPI report.
And, in subdued markets, traders often succumb to the temptation to trade micro-cap cryptos on DEXs.
The allure of a “rags to riches” story – i.e. investing in a token that goes on to 100x – is the main draw.
But trading shitcoins on DEXs doesn’t come without risk.
Indeed, nearly all newly launched tokens are either scams or pump-and-dump schemes.
Almost none of these tokens go on to hold any real long-term value.
Exceedingly thin liquidity also means that relatively small buy and sell orders can trigger huge price swings.
Therefore, traders must be exceedingly careful when engaging with these markets.
They should never risk more than they can afford to lose. As the odds are, they are going to do just that.
Still, that doesn’t mean that more experienced traders should dip their toes in the water.
After all, fortune favors the brave!
Here are some top crypto gainers today on DEXScreener that traders will be watching.
Top Crypto Gainers Today
KEN (KEN)
A new Solana meme coin called KEN (KEN) is up over 200,000% in 24 hours, per DEXScreener.
KEN’s market cap was last around $4.4 million, with $167,000 in locked liquidity.
The token appears to be popular in the community. It has 323 rocket ship emoji votes to 70 red flag votes.
That doesn’t mean it’s not a scam. Traders must do their due diligence before getting involved.
Cow (COW)
A new Base meme coin called Cow (COW) is up close to 5,000% in the past 24 hours, per DEXScreener.
It has been able to reach a market cap of $1.5 million, amassing $112,000 in liquidity.
A smart contract audit by Go+ Security, Quick Intel and Token Sniffer reveals no concerning aspect to its smart contract.
Of course, that doesn’t mean the token isn’t just another pump-and-dump scheme, or a rug pull.
KAI (KAI)
Shiba Inu-themed meme coin KAI (KAI) is another one of the top crypto gainers today, rallying 3,000% in the past 24 hours to a market cap of nearly $1 million.
The token also appears to have a good standing with the crypto crowd.
It has 132 rocket ship votes to just 7 red flag votes.
Again, that doesn’t mean the token doesn’t come without risk.
One big seller could trigger a quick 90% price crash.
Crypto Alternatives to Consider – Presales
Investors may want to consider investing in meme coin ICOs, a potentially safer way to bag big gains.
Analysts at Cryptonews.com keep a close eye on the presale market.
Here is their list of the top 16 meme coin presales that they think have a lot of potential.
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.
