Blue chip cryptocurrency markets, with Bitcoin (BTC) flat in the $26,700s and Ether (ETH) over 1% lower in the past 24 hours after recently hitting its lowest level since March at $1,520.
Traders are monitoring a barrage of new macro information out of the US this week, including Thursday’s slightly hotter-than-forecast inflation numbers, the minutes of the last FOMC meeting that were released on Wednesday, and dovish leaning comments from various Fed policymakers this week, who seemed to favor no more rate hikes.
Ether continues to struggle from its own problems, however, which include weak demand for Ether futures ETFs that debuted in the US last week, and a surprise sale of $2.7 million ETH by the Ethereum Foundation on Sunday.
ETH is now teasing a breakout all the way back to the March lows in the $1,370s, which could mark a drop of 11% from current levels.
Other major cryptos like XRP (XRP), Solana (SOL), Cardano (ADA) and Dogecoin (DOGE) were also nursing losses over the past 24 hours, as per CoinGecko.
With crypto majors trading with a flat to negative bias, traders continue to turn to the highly illiquid and volatile shitcoin/meme coin markets in the hope of turning a faster profit.
Here are some of the top-performing low-cap coins on Thursday, as per DEXTools.
LYNX ($LYNX)
LYNX ($LYNX), the native token of a newly launched web3 trading protocol of the same name, just pumped to a new record high on Thursday, gaining over 100% in the past 24 hours, as per DEXTools, and reaching a market cap of nearly $2 million.
The token has seen a surge in 24-hour trading volumes to $130,000, has accumulated close to 250 holders and has nearly $170,000 in locked liquidity.
The token has a 5% buy and sell tax and five other security alerts, as per DEXTools’ security audit, including a modifiable tax, pausable transfers and more, so traders should be cautious that the token might be a scam.
Dee Jay ($DEE)
A new shitcoin called Dee Jay ($DEE) is up another 80% in the last 24 hours, as per DEXTools, two days after a successful decentralized exchange launch that saw it pump more than 8x in its first day of trade.
Its market cap was last just under $750,000, with liquidity of close to $400,000, close to 300 holders and $360,000 in 24-hour trading volumes.
The token has three concerning aspects to its smart contract, as per DEXTools security audit, so any potential investors should exercise great caution.
Hold ($HOLD)
A meme coin called Hold ($HOLD), which aims to summon the spirit of the “diamond hand” amongst its investors, is back close to all time highs, having pumped 120% in the past 24 hours, as per DEXTools.
Its market cap was last around $2.2 million with 24-hour trading volumes of around $160,000, a little over 750 holders and liquidity of around $106,000.
The token has a 1% buy and sell tax and only one concerning aspect to its token contract, as per DEXTools’ security audit, an anti-whale mechanism.
Crypto Alternatives to Consider
Shitcoins are very risky, given most have no real value proposition.
For those looking for an even better probability of near-term gains, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
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.
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