Crypto markets are staging an impressive rebound following Monday’s epic rout that some termed “crypto black Monday”, but some traders are turning their focus to micro-cap on-chain markets as they hunt for top crypto gainers today.
Bitcoin (BTC) reclaimed $56,000 in recent trade, having at one point dipped under $50,000 on Monday.
The crypto dump came as global stock markets also tumbled.
Nearly $3 trillion has been wiped from the US stock market due to growing fears of a global recession.
Today is the worst day for stocks since March 2020 when the world shut down for a pretend virus. pic.twitter.com/913CQAAToD
— Layah Heilpern (@LayahHeilpern) August 2, 2024
That said, downside risks remain. The Fed hasn’t moved just yet to ease investor angst that their high interest rate policy may be about to tilt the US economy into recession.
Geopolitical tensions remain elevated as Iran primes to launch an attack on Israel.
And the ongoing unwinding of the over-saturated pro-risk yen carry trade could yet accelerate.
It may not be long until major cryptos like Bitcoin tumble back to fresh lows.
Its no surprise then that given the market’s bearish conditions, traders are looking for alternatives to make quick cash.
Traders often turn to tools like DEXScreener to hunt for top crypto gainers today.
DEXScreener is a tool to monitor the trade of crypto tokens on blockchain-based decentralized exchanges like Raydium on Solana.
Here are some top crypto gainers today on the Solana blockchain that traders will be watching.
Here Are The Top Crypto Gainers Today
Wrapped Dog (wDOG)
A new Solana meme coin called wrapped Dog (wDOG) is up 5,000% in the past 24 hours per DEXScreener.
That massive pump has seen it claim a market cap of $2.6 million and accumulate liquidity of nearly $200,000.
The token appears to have a decent standing within the trading community.
It has 413 rocket emoji votes to just 27 red flag emoji votes.
But that doesn’t mean it’s not a scam. In fact, traders should remember that nearly all newly launched crypto tokens are either scams or pump-and-dump schemes of some sort.
Liquidity of under 10% of its market cap also suggests that the upside could quickly reverse.
Only a few big sellers would be required to send the token substantially lower. wDOG could quickly switch from being one of the top crypto gainers today to one of the biggest losers.
Smart Meme (SMART)
A Solana shitcoin called Smart Meme (SMART) is also doing well, up over 2,000% in 24 hours.
That’s taken its market cap to around $1.4 million and its locked liquidity to around $100,000.
🥉 #3 On SOL Trending 🔥
DexT (https://t.co/4ppopY0850) |
Screener (https://t.co/NiJs2LlOCR) |
Buy (https://t.co/O7zRwaXTM8) pic.twitter.com/BOjQfkdpk1— Smart Meme (@smart_meme_Sol) August 5, 2024
The meme coin has no issues per a DEXScreener smart contract audit.
But just because a token is one of the top crypto gainers today, that doesn’t mean there is no risk.
Traders must remember to always do their own due diligence and never risk more than they can afford to lose.
Kamala Devi Harris (KDH)
A new token inspired after US VP and 2024 Presidential candidate Kamala Harris, called Kamala Devi Harris (KDH), is another strong performer, gaining 1,500% in the past 24 hours per DEXScreener.
It thus ranks as one of the top crypto gainers today. Traders can still get in on this token before it hits a $1 million market cap. Its liquidity was last around $100,000.
Crypto Alternatives to Consider
Rather than investing in high-risk micro-cap meme coins, investors might want to instead consider meme coin presales.
Analysts at Cryptonews.com keep a close eye on the presale market and they have compiled a list of their favorite meme coin presales worth checking.
14 Best 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.
