Cryptocurrency markets have had a calm start to the week, with most major coins remaining within their recent price ranges, albeit near multi-week highs. Traders seeking significant gains are shifting their focus to the more volatile on-chain altcoin markets.
Bitcoin (BTC) recently traded in the $68,000 range after dipping from above $70,000 due to concerns over Mt. Gox wallet movements.
Ethereum (ETH) is currently trading in the $3,800 range, with traders eagerly awaiting the launch dates for the recently approved Ethereum ETFs.
Major cryptocurrencies may soon retest their recent highs, but traders seeking quicker gains are turning to the more volatile on-chain markets. Every day, new meme coins and low-value tokens, often referred to as "shitcoins," are launched. Early investors in these coins can potentially achieve rapid 10x gains or more if the coin gains popularity.
However, traders should be aware that most of these new coins are scams or pump-and-dump schemes, with almost none maintaining long-term value. It is crucial for traders to conduct their own research and only invest what they can afford to lose.
That said, according to DEX analytics tool DEXScreener, here are some of today's top crypto gainers.
A newly launched Solana meme coin, King of Memes (KING), has surged nearly 750% in the past 24 hours. According to DEXScreener, the token has reached a market cap of $642 million. However, there are several suspicious factors surrounding this coin. It only has $670,000 in locked liquidity and has seen just $2.4 million in trading volume since its launch.
Additionally, the DEXScreener community appears skeptical about the coin. It has received only one positive vote (rocket and fire emoji) but 12 red flag votes, indicating low trust. Moreover, the meme coin’s X account has been restricted. These signs strongly suggest that the token might be a scam, and traders are advised to stay away.
Another suspicious coin, Swapuz (SWAPUZ), has also achieved a significant market cap shortly after its launch. According to DEXScreener, SWAPUZ has a market cap of around $420 million and has surged by 640,000% since its launch. However, this dramatic increase occurred despite relatively low trading volumes of $4.8 million.
Moreover, the coin’s X account has shown no significant activity since last year. These red flags suggest that something is amiss with SWAPUZ, and traders would be wise to avoid it.
A newly launched Ethereum meme coin called MOJO The Gorilla (MOJO) has surged nearly 80,000% since its debut, reaching a market cap of $3.1 million with $250,000 in locked liquidity, according to DEXScreener.
However, Go+ Security has identified two concerning aspects of the token’s contract. Despite appearing less scammy than other coins like KING and SWAPUZ, MOJO still carries significant risk. Traders should remember that most newly launched tokens are often pump-and-dump schemes and exercise caution accordingly.
May 2024, Cryptoniteuae