Major blue-chip cryptocurrencies continue to slide, with Bitcoin (BTC) last trading in the $27,300s, down close to 1%, and Ether (ETH) last trading just to the north of $1,550 and down a little over 1%.
Bitcoin remains in a short-term uptrend, but is threatening a downside break, which would be confirmed if the cryptocurrency broke under $27,000 once again.
Ether, meanwhile, continues to face headwinds following the recent underwhelming launch of ETH futures ETFs in the US, which saw week demand, and following a surprise sale of around $2.7 million ETH tokens by the Ethereum Foundation earlier in the week.
Elsewhere, sentiment is downbeat across most other major cryptos, with the likes of XRP (XRP), Solana (SOL), Cardano (ADA) and Dogecoin (DOGE) all down 1-4% in the past 24 hours, as per CoinGecko.
Traders will be monitoring the ongoing war between Israel/Gaza and its impact on oil prices this week, as well as moves in the US bond and currency markets this week.
However, the main event is likely to be the release of US PPI and CPI inflation figures on Wednesday and Thursday.
Ahead of this data, traders will likely continue to turn to the highly illiquid shitcoin/meme coin markets for better trading opportunities.
Here are some of the top-performing low-cap coins as per DEXTools.
Dee Jay ($DEE)
A shitcoin called Dee Jay ($DEE) that was launched on Tuesday has seen an almighty 400% pump from its decentralized exchange launch price, making it the best-performing shitcoin, as per DEXTools.
$DEE last had a market cap of just under $300,000, with 24-hour trading volumes of around $530,000, over 200 holders and a little over $240,000 in liquidity.
The token’s smart contract has two alerts, as per the DEXTools security audit, including an anti-whale mechanism and a trading cooldown function, both potentially handing the token’s issuer unfair influence over trading conditions.
KingdomGame ($KINGDOM)
Telegram-based game KindomGame’s native $KINGDOM token has pumped up an impressive more than 200% in the past 24 hours, as per DEXTools, making it a top performer.
$KINGDOM last had a market cap of around $2.43 million, nearly $850,000 in 24-hour trading volumes, nearly 1,000 holders and close to $200,000 in locked liquidity.
The token is up a stunning 800x versus its launch price earlier this month at just above $0.0003.
While it doesn’t appear to be a scam, the token has a few concerning aspects to its contract, such as a 5% buy and sell tax and an anti-whale mechanism, although it does have a strong community trust score of around 92%.
Loong ($LOONG)
A shitcoin called Loong ($LOONG) is up over 130% on Tuesday, making it a top performer in the past 24 hours, as per DEXTools.
The token is looking to make it four days in the green in a row since its launch late last week and has managed to already surpass a market cap of a $500,000.
$LOONG has already massed more than 175 holders and over $80,000 in liquidity, but its pump isn’t being driven by much volume.
With only around $70,000 of the token changing hands in the past 24 hours, $LOONG’s latest pump may lack conviction.
The token has a few concerning aspects to it, including a 5% buy tax and a 6.8% sell tax, as well as a few other functions that could hand the issuer unfair powers over trading conditions.
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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