Major cryptos like Bitcoin (BTC) and Ethereum (ETH) have been trading within recent ranges as traders absorb the news of Ethereum ETF approvals and hotter-than-expected US economic data. Bitcoin is currently trading just below $69,000, up 4% for the week, while Ethereum is in the $3,700s, up over 21% this week. Despite these gains, both cryptos are trading slightly below their earlier weekly highs. While Ethereum ETF approvals are seen as a bullish catalyst, macroeconomic headwinds are dampening market momentum. As a result, traders are looking to alternative assets to find volatility, with the on-chain markets offering opportunities for quick gains or losses.
In the search for top crypto gainers, traders are turning to Ethereum decentralized exchanges (DEX). Some of the top gainers identified on DEXScreener include new meme coins like EGOD (EGOD) and Degen Smerf (SMERF). EGOD, a meme coin paying tribute to the Shiba Inu dog that inspired Dogecoin, has seen a significant increase of 15,900% since its launch, with a market cap of $1.1 million and $200,000 in liquidity. Similarly, Degen Smerf has surged by 7,800% since its launch, with a market cap of $300,000 and $70,000 in locked liquidity. However, traders are reminded that newly launched coins often carry a high level of risk, with many being scams or pump-and-dumps. Due diligence is essential before investing in such assets.
Following a tweet from Elon Musk commemorating the death of Kabosu and Harambe, a new meme coin called Harambe (HARAMBE) has been created. The token has seen a gain of 10,400% since its launch, with a market cap of $1 million and $176,000 in locked liquidity. However, there are two concerning issues with its smart contract, highlighting the risks associated with investing in newly launched meme coins. Investors are cautioned to be aware of the potential pitfalls of these highly volatile assets and to conduct thorough research before getting involved. It is important to remember that the majority of newly launched coins carry a high risk of failure, and investors may struggle to find liquidity to exit their positions.
In light of the risks associated with investing in newly launched meme coins, traders may want to consider alternatives such as investing in presales. Investing in presales gives traders more time to research a project and determine if it is a suitable investment. By identifying projects that gain traction, traders have the potential to make significant gains. Analysts at Cryptonews are closely monitoring the presale market and have identified some of the top presales for 2024. It is important to approach investing in cryptocurrencies with caution, as the market is highly volatile and can result in significant losses. Investors should conduct thorough research and seek advice from qualified professionals before making any investment decisions.
