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Joel Frank
Author
Joel Frank
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As major cryptocurrencies see choppy price action in the wake of a larger-than-expected 50bps rate cut from the US Federal Reserve, and following the US central bank’s more dovish than expected guidance related to future rate cuts, traders are turning to DEX markets as they hunt for top crypto gainers today.
Bitcoin (BTC) was last trading near $60,000, having tested $61,000 earlier in the day.
Other major cryptos, meanwhile, like Ethereum (ETH) and Solana (SOL), were down roughly 2% in the past 24 hours, according to CoinMarketCap.
The Fed’s latest dot-plot of interest rate projections projected a further 150bps of rate cuts by the end of next year, taking interest rates to just above 3.0%.
A rate-cutting cycle like this should drastically improve liquidity conditions across global financial markets.
And that should be a major tailwind for major cryptos.
However, in the near future, investors might worry that the Fed’s rushed start to the latest interest rate cutting cycle might mean that the Fed is concerned about a potential incoming US recession.
Recession fears might continue to weigh on the market, as they have for the last six or so weeks.
If trading conditions are bearish across major cryptos in the short term, traders may be tempted to hunt for top crypto gainers today in riskier markets, like the on-chain DEX markets.
New DEX Tokens – Highly Risky
New tokens are constantly being launched in the DEX markets.
Thanks to their normally very low liquidity, these new tokens are exceedingly volatile. They routinely pump 10x or drop 90% within one day.
The prospect of going from rags to riches with a small investment is a major draw to these risky markets.
But traders should note nearly all newly launched coins are either scams or pump-and-dumps.
That said, per DEXScreener, here are some of the top crypto gainers today in the DEX market.
Top Crypto Gainers Today – Which Are They?
A newly launched meme coin, Mugi (MUGI), is up 1,100% in the past 24 hours, per DEXScreener.
That ranks it amongst the top crypto gainers today, with a market cap of $1.9 million and only around $160,000 liquidity.
That means if a whale wants to cash out, the price could quickly crash back to zero.
The token might look cute and innocent, but traders must remember to do their due diligence before buying.
Almost no new meme coins retain any lasting value.
Elsewhere, an Ethereum meme coin called Moo Deng (MOODENG) is another one of the top crypto gainers today, up over 900% in the past 24 hours per DEXScreener.
MOODENG’s market cap lasted around $4 million, with just over $200,000 in liquidity.
The token claims to be community-driven, with the keys to its liquidity pool burned and a 0% tax.
Quick Intel identifies no problems with the token’s smart contract, though Go+ Security identifies two issues.
Traders must always ensure that the token they buy isn’t some sort of honey-pot scam.
The final name on the top crypto gainers today list is Raz Coin (RAZ), a Solana meme coin.
The token has increased by over 700% in the past 24 hours, reaching a market cap of $1 million, according to DEXScreener.
Traders should be very cautious with this coin. Its liquidity is tiny, at just $43,000, meaning that if a whale chases it out, the price could quickly crash to zero.
Better Alternative?
These are very risky coins to invest in. A safer way to get into new meme coins might be by investing in meme coin presales.
Presales also carry high risk. A project could fail for many reasons, but the benefit of presales is that they give potential investors plenty of time to do their own research.
Readers interested in checking out some of the top meme coin presales should check out Cryptonews.com’s top picks below.
18 Best New Meme Coins to Buy in September 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.
