Bitcoin (BTC) has dipped back below $27,000, but is still trading in the green for the month and to the north of its 50-Day Moving Average (DMA).
September is usually one of the worst months of the year for Bitcoin, so this is a strong sign heading into October, a month that is typically much friendlier to the BTC price.
Whether Bitcoin can break back into the $28,000s and beyond its 200 and 100DMAs maybe be a key question for October.
Whilst technicals and seasonality may be on BTC’s side, macro remains a headwind with yields in major developed economies still close to multi-decade highs.
Looking at other blue chip crypto names, Ether (ETH) was last up a little over 1% on the day and trading in the $1,660s, while XRP was last up a little over 3.5% and trading in the $0.52s.
For now, blue chip crypto markets remain locked within recent ranges, so traders looking for a better prospect of near-term gains are likely to continue to turn to the highly illiquid shitcoin and meme coin markets for volatility.
Here are some of the best-performing low-cap coins, as per DEXTools.
DumbMoney ($GME)
A shitcoin called DumbMoney ($GME) has pumped nearly 8,000% in the last 24 hours, making it the top-performing shitcoin as per DEXTools.
The shitcoin appears to be a mikey take of GameStop, whose NYSE ticker is $GME, and a means of calling GameStop “dumb money”.
Its market cap was last around $2.4 million, with around $140,000 in liquidity and trading volumes of over $2.4 million in the past 24 hours.
According to DEXTools’ security audit, the token’s contract only has two alerts, but its unlocked liquidity means it could still be a rug pull.
Taizo Hori ($TAIZO)
A newly launched shitcoin called Taizo Hori ($TAIZO) is already up 550% since its launch earlier in the day, and has already been able to achieve a market cap of $250,000, with liquidity of $190,000.
The token has already seen volumes of $380,000 since its launch, and has accumulated close to 100 holders, as per DEXTools.
$TAIZO’s token doesn’t appear to have any concerning aspects to it, but investors should exercise caution and do their own due diligence, as always.
DERP Coin ($DERP)
An AI-coin called DERP Coin ($DERP) that was first created back in early May saw a massive 170% pump on Friday, making it a top performer as per DEXTools.
The token’s market cap was last around $440,000, with locked liquidity of more than $110,000 and over 800 holders.
Bulls should remain cautious though, as the latest price pump comes after only $46,000 in 24 hour trading volumes, which isn’t very much, suggesting a lack of conviction behind the move, and that a few big sell orders could see the entire move reverse.
As per DEXTools’ security audit, DERP Coin doesn’t have any concerning aspects to its token contract, but it does have a poor community trust score of only around 50%.
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.
Read the full article here
