Blue chip cryptocurrency markets are slightly in the red on Tuesday, but for the most part are holding up pretty well within recent ranges, despite longer-dated US yields pushing to new multi-decade highs.
Bitcoin (BTC) was last changing hands in the low $26,000s, whilst Ether (ETH) was trading just to the south of $1,600, both below their 21-day Moving Averages, a warning sign for the near-term price outlook.
Both are at risk of further losses however as yields push higher and the US dollar remains strong thanks to bets that the US Federal Reserve will hold interest rates at higher levels for longer thanks to the outperforming US economy.
Upcoming risk events like another speech from Fed Chair Jerome Powell on Thursday and US Core PCE inflation data on Friday are the main potential sources of volatility this week.
Otherwise, traders will likely continue to turn to the shitcoin/meme coin market in the hunt for volatility.
Here are some of the best-performing coins as per DEXTools.
Poleis Finance ($POFI)
A shitcoin called Poleis Finance ($POFI) which claims to be an all-encompassing Decentralized Finance (DeFi) ecosystem, has been pumping in the last few days.
As per DEXTools, it was last up around 80% in the last 24 hours, making it one of the best-performing shitcoins.
At the current price of just over $0.0126, $POFI is up more than 300% since its earlier monthly lows, though would still need to more than 3x to get back to all-time highs.
It last had a market cap of just over $1.25 million, around $175,000 in locked liquidity and close to 700 holders.
It does have a 6% buy and sell tax, however, which is high by meme coin standards, as well as a function built into the token contract designed to work as an anti-whale mechanism.
HarryPotterObamaPacMan8Inu ($XRP)
A crazy-named shitcoin called HarryPotterObamaPacMan8Inu ($XRP) has pumped in the last 24 hours, and was last up around 70% as per DEXTools.
It last had a market cap of an impressive more than $18 million, with over $650,000 in partially locked liquidity.
The token has seen an impressive $600,000 in trading volumes in the past 24 hours, with over 6.5 holders.
Its token contract doesn’t seem to have any major concerning aspects, aside from a 2% buy and sell tax.
zkSync Labs ($ZKLAB)
The native token of zkSync Labs ($ZKLAB), a decentralized exchange (DEX) that operates on the zkSync protocol, has been pumping in the last few days.
Over the past 24 hours, it was up around 70% and trading at all-time highs close to $0.001 per token, giving it a market cap of just under $1 million.
The token is still early, with under 400 holders and the latest rally driven by just $70,000 in 24 hour trading volumes.
The token has around $150,000 in partially locked liquidity and has no concerning aspects to its token contract, as per the DEXTools security audit.
Crypto Alternatives to Consider
Shitcoins are very risky, given most have no real value proposition.
For those looking for an even better probability of near-term gains, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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