In the latest update on October 9, 2024, Joel Frank, a financial market and cryptocurrency analyst, discusses how major cryptocurrencies are trading on the back foot in early Wednesday Asia trade. As a result, crypto enthusiasts are shifting their focus to on-chain DEX markets in search of top crypto gainers. The potential for new tokens to skyrocket in value quickly is a major draw for investors. However, DEX markets are also extremely risky, with many newly launched coins being scams or pump-and-dump schemes. Investors are advised to conduct thorough research before getting involved and not to risk more funds than they can afford to lose.
Traders often use tools like DEXScreener to identify trending coins and top crypto gainers. Some notable coins on the list include Smiling Dolphin (MIHARU), an Ethereum meme coin that has surged nearly 7,000% in 24 hours after a community takeover. Another coin, LOOPY, a Sui meme coin, has risen over 400% in the same period, indicating growing interest in meme coins. MEME (MPX6900), a Solana meme coin, is also up 2,200% with a $1.2 million market cap, positioning itself as the original memecoin index. While these coins could generate significant gains, they also come with high levels of risk.
Given the risks associated with investing in highly volatile meme coins, Joel Frank suggests that meme coin presales might be a better alternative. High-potential meme coin projects typically run presales for a few weeks, allowing potential investors to conduct thorough due diligence and reduce the risk of making impulsive investment decisions driven by fear of missing out (FOMO). Readers are encouraged to explore Cryptonews.com’s list of best meme coin presales as a starting point for identifying potentially promising projects.
Overall, the crypto market landscape is characterized by fast-paced price action and high levels of risk. While the potential for significant gains in DEX markets is enticing for investors looking to capitalize on market movements, it is crucial to approach investments in meme coins and other speculative assets with caution. Conducting thorough research, avoiding impulsive decisions driven by FOMO, and considering alternative strategies such as investing in presales can help mitigate risks and improve investment outcomes in the volatile crypto market. As always, investors are reminded that crypto is a high-risk asset class and should proceed with caution.
