On a bearish day in the blue-chip crypto markets that saw Bitcoin (BTC) dip 3% back towards $64,000 and Ether (ETH) dip 2% to the mid-$3,100s, traders are flocking to the on-chain markets as they hunt for top crypto gainers today that might deliver fast profits.
Traders hunting for top crypto gainers today have to look beyond the blue-chip cryptos, following a bearish day of trade. Source: CoinMarketCap
On-chain markets refer to crypto assets issued and traded directly on the blockchain. Ethereum, Solana, and BNB are the most commonly used chains by those issuing or trading on-chain tokens.
On-chain cryptos are highly illiquid compared to those that trade on centralized spot cryptocurrency exchanges.
That means they are highly volatile – a relatively small amount of buy or sell pressure can trigger big price moves.
A newly launched coin can easily see gains of 100x in days as its market cap surges from the tens of thousands to millions.
Equally, a coin can quickly lose 90% of its value. And that’s not the only risk.
On-chain Traders, Beware of Scams
There is almost no barrier to entry for someone to create their own token. As a result, scammers flock to the on-chain crypto markets in an attempt to siphon funds from unknowing investors.
They can do this in various ways. One way is to insert malicious code into the token’s smart contract, creating unfair trading conditions.
Alternatively, the token might be a pump-and-dump scheme. This is where the team behind a token builds up artificial hype to create demand, cash in, and abandon ship.
One popular technique is for a token’s issuer to watch the ETH in the token’s liquidity pool rise as the token’s price pumps, only to withdraw and make off with this ETH abruptly.
That’s why many on-chain investors look for “locked liquidity,” which prevents so-called “rug pull” attempts.
That being said, let’s have a look at top crypto gainers today that traders will be monitoring on DEXTools.
Top Crypto Gainers Today
Elon (ELON)
A just-launched meme coin named after Tesla CEO and X owner Elon Musk has seen a big pump.
https://twitter.com/Elon0x69420/status/1783029246795129130
Elon (ELON) is up 381,000%, as per DEXTools, with its market cap last at $16.4 million, and over 3,250 holders.
The meme coin only has two concerning aspects to its smart-contract, as per DEXTools’ security audit.
But it could still be a pump-and-dump or rug pull, given its $574,000 in liquidity isn’t locked.
Boy’s Club (BOYSCLUB)
Another just launched coin called Boys Club (BOYSCLUB) is up 13,600% as per DEXTools.
Its market cap was last $650,000, with just over $80,000 in unlocked liquidity.
The token is closing in on 500 holders and has seen nearly $3 million in trading volumes so far.
That’s not bad for a first day of trade. But traders should always do their due diligence before aping into a new coin. Remember, most are scams.
Vitalik (VITALIK)
Just launched meme coin Vitalik (VITALIK), named after the creator of Ethereum, is up just over 6,000% on Wednesday.
https://twitter.com/vitalik0x69409/status/1783112718687613096
That’s according to DEXTools, which puts its market cap at $300,000 and liquidity at $60,000.
The token has just over 450 holders and has seen around $2.5 million in 24-hour trading volume.
Crypto Alternatives to Consider
Investing in low-cap shitcoins is a very risky strategy.
An innocent-looking project could easily turn out to be a scam, and a few big sell orders could easily drive the price 80% lower.
A strategy that is still risky, but arguably has a better risk reward is getting involved in crypto presales.
The idea is that investors secure tokens of up-and-coming, high-potential crypto projects/protocols at a discounted early price.
These projects then put those funds to work, paying for protocol development and marketing.
While lots can go wrong when investing in crypto presales—unforeseen circumstances can prevent a project from delivering on its vision—savvy presale investors routinely secure gains of 10x or more.
With hundreds of presale projects vying for investor funds, analysts at Cryptonews have been combing the market.
Here are 21 of the presale projects with the highest potential.
The post Top Crypto Gainers Today on DEXTools – ELON, BOYSCLUB, VITALIK appeared first on Cryptonews.
