As trading volume declines ahead of the weekend and Bitcoin (BTC) consolidates in the $68,000 range, traders take to the on-chain shitcoin market to identify today's top crypto gainers. I'm looking at you.
Bitcoin briefly surpassed $70,000 for the first time on Friday. Ether (ETH) briefly reached $4,000 for the first time since December 2021.
Major cryptocurrencies were buoyed by continued strong inflows into spot Bitcoin ETFs and macro tailwinds.
Fed Chairman Jerome Powell's comments earlier this week that the Fed was starting to feel confident enough on inflation to start cutting interest rates have raised traders' expectations for rate cuts starting in June, with the dollar and US yields rising this week. It became a burden.
These views were further supported by Friday's US data, which showed the US unemployment rate unexpectedly rose to 3.9%.
However, both Bitcoin and Ether have since fallen from their previous trading highs.
Traders are looking for new opportunities to make quick money as they profit from these coins.
And there's no better place for that than the on-chain shitcoin market.
Newly minted coins often return as much as 100x in a single day.
Of course, the potential for huge profits also comes with the risk that traders can quickly lose everything.
Its illiquidity and volatility mean the shitcoin market is not for the faint of heart.
Here are some of the best-performing coins on Ethereum, according to decentralized exchange analysis tool DEXTools.
Today’s top crypto earners
Pepe Simpsons ($PEPES)
A shitty coin called PEPESimpsons ($PEPES) rose about 75,000% on Friday, according to DEXTools.
However, traders should be aware that this coin appears to be a scam.
That price chart looks very strange and manipulated.
Also, according to the DEXTools security audit, honeypot.io believes this to be a honeypot scam.
This coin is almost certainly best avoided.
Remember, traders always start with the assumption that all coins are scams unless proven otherwise.
Land Wolf ($WOLF)
According to DEXTools, a just-launched shitty coin called Landwolf ($WOLF) rose over 44,000% in 24 hours.
The token, which claims to be Pepe's best friend, has a market capitalization of just over $3 million.
It also has over $300,000 in liquidity and over 850 holders.
Smart contracts have some concerning issues, such as anti-whale features and maximum sell ratios.
Trades must be made with caution.
BVM ($BVM)
According to DEXTools, another just-released shitty coin called BVM ($BVM) rose over 1000% in 24 hours.
This increase brought the market cap to nearly $20 million.
The token has $5.5 million in liquidity and close to 3,000 holders, not bad for a first day of trading.
However, traders should be careful as the audit of the token’s smart contract is not yet finished.
Alternatives to consider – Smog (SMOG)
Shitcoin is extremely dangerous.
Most are either outright scams or at least pump-and-dump schemes aimed at leaving unsuspecting investors holding the bag.
A better strategy is to look for more established meme coins that already have a presence but have not seen a major pump yet.
One such meme coin is the recently launched Solana coin called Smog (SMOG).
According to DEXTools, its price has increased nearly eightfold since late February, bringing its market cap to $270 million.
The dragon-themed token is being touted as offering the largest airdrop in Solana history.
Traders can qualify for the airdrop by purchasing holdings of SMOG on Solana or staking tokens on Ethereum.
Although its market capitalization remains modest, SMOG already boasts a strong community.
In fact, according to birdeye.so, there are already over 60,000 holders.
Given all the excitement surrounding Solana's airdrop in recent months, SMOG is likely to garner a lot of interest in the coming weeks.
SMOG ranks as the best crypto meme coin to buy right now as it has the potential to provide investors with at least 10x returns.
Traders should note that they will receive a 10% discount when purchasing SMOG directly through the project website.
You can also stake your tokens at 42% APY.
Click here to purchase Smog
