As the crypto market succumbs to profit-taking, traders are turning to the on-chain shitcoin market to find top crypto gainers that could bring them quick profits.
Bitcoin (BTC) was most recently traded in the $68,000 range, down about 3.5% over the past 24 hours. Ether (ETH), on the other hand, last traded around $3,700, down about 4.2% over the same period.
Both cryptocurrencies continue to trade with gains of more than 30% in 30 days, largely due to huge demand for the Spot Bitcoin ETF.
But ETF buyers had enough power to sustain the market on Friday. More traders started taking profits in the second half of the week as the macro environment turned into a headwind.
DXY and US yields rose this week as macro traders scaled back bets on Fed rate cuts following the latest CPI and PPI inflation numbers.
Some believe that $74,000 may have been Bitcoin's pre-halving peak. If the blue chip market consolidates/declines over the next few weeks, the on-chain shitcoin market suddenly becomes more attractive.
On-chain markets refer to markets for digital assets issued directly on existing blockchains.
For example, the Shiba Inu (SHIB) token is issued on Ethereum as an ERC-20 token.
These tokens can be traded on decentralized exchanges, and perhaps even centralized exchanges if they reach sufficient scale.
They are often referred to as shitcoin markets because virtually anyone can issue tokens at any time.
As a result, these on-chain markets are rife with fraud and pump-and-dump schemes.
Here are some of today's top crypto profiteers on Ethereum that traders are monitoring.
Today’s Top Crypto Earners with DEXScreener
MindAI ($MDAI)
According to DEXScreener, an AI shitcoin called MindAI ($MDAI) is up 6,753% in the past 24 hours.
This makes it the top cryptocurrency earner in Ethereum today.
Its market cap was most recently around $1.2 million, with locked liquidity of just over $250,000.
However, potential investors should be very careful with this coin as there are five concerning aspects of smart contracts.
These include: Changeable taxes, pauseable transfers, 5% sales tax, and whitelisting functionality.
Coco ($Coco)
According to DEXScreener, a shitty coin called Coco is up 1,800% in the past 24 hours, making it the top crypto gainer today.
The previous market cap was $3 million, with $274,000 in liquidity. There are no smart contract issues either.
But even if the token doesn't look like a scam, shitcoin is still very risky. This token could possibly still be a pump-and-dump scam.
There is no such thing as zero risk in the shitcoin market.
Crypto Alternatives to Consider
Investing in low cap shitcoins is a very risky strategy.
A seemingly innocent project can easily turn out to be a scam, and a few large sell orders can easily cause the price to drop by 80%.
A still risky, but perhaps better risk-reward strategy is to participate in crypto presales.
The idea is that investors secure tokens of promising crypto projects/protocols at a discounted early price.
These projects leverage those funds and pay for the development and marketing of their protocols.
Although many failures can occur when investing in cryptocurrency presales, and unforeseen circumstances can prevent the realization of a project's vision, smart presale investors routinely make 10x more mistakes. We have secured more profits.
CryptoNews analysts are combing the market as hundreds of pre-sale projects compete for investors' money.
Here are the 14 presale projects with the most potential.
See 14 cryptocurrencies
