The crypto markets experienced a decline on Tuesday, with blue-chip assets like Bitcoin and Ether down around 5% in a 24-hour period. This drop was attributed to macro headwinds and strong US manufacturing data indicating a delay in Fed rate cuts. As a result, the US dollar and US bond yields increased, putting pressure on the stock market and the crypto market. Despite the dip, Bitcoin was still trading near $66,000, while Ether was trading just under $3,300. In the face of this bearish market, traders are turning to on-chain shitcoin/meme coin markets in search of quick gains.
On-chain markets involve digital assets issued directly on an existing blockchain, such as the Ethereum blockchain, where tokens like Shiba Inu (SHIB) can be traded on decentralized exchanges and even centralized exchanges if they gain enough traction. While these markets are known for scams and pump-and-dump schemes, they also offer the potential for tokens to rally significantly. In the current market environment, traders are monitoring various top crypto gainers today on different blockchains, such as HashAI (HashAI), SOLIDX (SOLIDX), and Susan (SUSAN), which have experienced massive gains ranging from 227,000% to 1,000,000% in a 24-hour period.
HashAI, a newly launched AI shitcoin, has seen impressive numbers with a market cap of around $94 million, $17 million in 24-hour trading volumes, and over 3,000 unique wallets trading the token. However, the smart contract audit revealed several issues, including modifiable buy and sell taxes and the lack of ownership renouncement. Similarly, SOLIDX, another recently launched shitcoin, has achieved a 1,000,000% gain in 24 hours with a market cap of $227 million and $2.5 million in trading volumes. A smart contract audit did not raise concerns, but potential investors should proceed with caution to avoid falling victim to a scam or rug pull.
In addition to exploring on-chain shitcoin markets, traders are advised to consider investing in crypto presales as a risky yet potentially rewarding strategy. By participating in presales of high-potential crypto projects at discounted early prices, investors can secure tokens that may appreciate significantly once the project gains traction. While risks still exist, savvy presale investors have the opportunity to achieve gains of 10x or more. However, it is important for investors to conduct thorough due diligence and research before participating in presales to minimize the risk of losses. With numerous presale projects available, analysts have identified 14 cryptocurrencies with significant potential, offering investors a range of options to consider in a high-risk asset class like crypto.
