Major blue chip cryptocurrencies for the most part remain within this week’s ranges, with bitcoin (BTC) in the low $29,000s and ether (ETH) in the mid-$1,800s, as traders continue to digest Wednesday’s Fed policy announcement.
The Fed lifted interest rates by 25 bps as expected to 5.25-5.5%, their highest level in 22 years and left the door open to further interest rate hikes, depending on incoming economic data.
The crypto market reaction was muted, with traders now assessing whether bitcoin will be able to hold above its 50-Day Moving Average at $29,200
With price action in blue chip crypto markets subdued, degens unsurprisingly continue to hunt for volatility and the prospect of short-term gains in the meme coin/shitcoin market.
Here are some of the top-gaining Ethereum-based coins of the day, as per DEXTools.
Hu Tao Spirit Soother Token (HUTAO)
A crypto project called Hu Tao Spirit Soother that says it will feature a variety of fun and engaging content, including memes, videos, and games launched its native HUTAO token on Thursday and it has been pumping.
HUTAO was last trading just above $0.000014, up nearly 6x versus its decentralized exchange (DEX) launch price of $0.0000025.
Up 350% on the day, $HUTAO tops DEXTool’s best performers list and now has a market cap of around $650,000.
As per DEXTools, the token has amassed 129 holders and seen trading volumes of around $640,000 in the last 24 hours.
PAAL AI Token ($PAAL)
Despite having a DEXTscore of 99/99 and a 97% up vote rating on the platform, meme coin degens should be wary of $PAAL, the token of project PAAL AI.
The project claims to be an advanced AI ecosystem built to streamline tasks that require human intellect.
But its token contract involves a 4% buy and sell tax, and as per DEXTools, this can be changed at the token issuers discretion.
So anyone who buys $PAAL is at risk of losing everything should the token issuer decide to implement a 100% sell tax.
$PAAL is up around 250% today and has a market cap of around $3.5 million, with close to 500 individual token holders.
Hoppy Token (HOPPY)
Hoppy Token, based on Hoppy the Frog, which is thought of as a precursor to the Pepe the frog character, has been pumping on Thursday.
HOPPY was last up around 200% on the day, as per DEXTools, and trading around $0.00000001, up roughly 4x versus Wednesday’s lows.
HOPPY still has some way to go to get back to its record highs from a few weeks ago.
Its market cap is currently around $4 million, with around 3,300 holders and over $300,000 in locked liquidity, and over $1.24 million in trading volumes in the past 24 hours.
Better Alternative to a Shitcoin
The volatility of the shitcoin market tends to suck in investors, but most of these coins have no underlying utility or project vision, meaning they almost all eventually end up as worthless coins.
Investors looking for a strong possibility of near-term gains should instead check out promising presale projects, such as some of those scrutinized by Cryptonews.com.
Here is one project that the team is a big fan of.
BTC20 (BTC20)
Billed as “Bitcoin on Ethereum’ and as an opportunity for members of the cryptocurrency community to purchase bitcoin at its 2011 price of $1, a new token called BTC20 has been garnering a lot of hype.
The tokenomics are designed to mimic bitcoin – a 21 million BTC20 token supply cap, with tokens to be released to BTC20 stakers (rather than miners) according to the exact same issuance schedule as bitcoin.
Some are claiming BTC20 is even better than bitcoin, given it runs on an ecofriendly, low energy consuming Proof-of-Stake Ethereum blockchain, rather than on an energy-guzzling Proof-of-Work chain like bitcoin.
As per the project’s whitepaper, BTC20 is looking to raise a maximum of $6.05 million via the sale of BTC20 tokens for $1 each.
With the project having already raised nearly $3.5 million in just a few days, traders need to move quickly to secure their spot.
Buy BTC20 Here
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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