Blue chip cryptocurrencies remain marooned within recent intra-day ranges, with bitcoin (BTC) stuck in the low $29,000s and ether (ETH) in the mid-$1,800s.
Friday saw the release of fresh economic data that boosted hopes of a so-called “soft landing” for the US economy – i.e. a scenario where the Fed is able to bring inflation back to the 2% target without dragging the economy into a recession with all of its rate hikes.
Core PCE inflation data for June showed US inflation was mostly softer than expected, Q2 Employment Cost Index data showed wage pressures easing more than expected, while a measure of US consumer sentiment rose to its highest level since 2021.
That batch of good data, which is lifting sentiment in the US stock market, comes after the release of positive Q2 GDP growth (stronger-than-expected) and inflation (lower-than-expected) data on Thursday, bolstering sentiment at the time.
But crypto markets are for now ignoring the positively developing macro story, with focus seemingly more on more crypto-specific themes right now, such as recent spot bitcoin ETF filings and regulation.
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.
Pegasus SniperBot (PEGASUS)
Amid the recent success of tokens relating to Telegram crypto bots, a newly launched token called Pegasus SniperBot (PEGASUS) is performing well on Friday.
As per DEXTools, the token has gained over 120% on the day, and was last trading at record highs in the $0.60 per token range, giving it a market cap of around $600,000.
The token now has nearly 400 holders and has seen trading volumes of around $340,000 in the last 24 hours.
However, meme coin degens should know that the coin has a 5% buy and sell tax.
Scarab (DUNG)
DUNG, the token that powers the all-in-one crypto portfolio manager Scarab and claims to help investors find the next big shitcoin, has seen a resurgence on Friday.
The token was at one point as much as 110% higher on the day, and despite having paired daily gains to under 10%, is still up to 100% higher in the last 24 hours, as per DEXTools.
At its current price of just under $0.01, DUNG remains stuck within recent weekly ranges, having launched in late May.
But the token still has a market cap of around $2.4 million and nearly 2,500 holders, with trading volumes of close to $1 million in the past 24 hours.
However, meme coin degens should be aware that the coin does have a 5% buy and sell tax, and these taxes are modifiable, with transfers also pausable.
In other words, potential investors should be wary that if they buy this coin, the issuer could essentially lock all of their funds at a moment’s notice.
Ascend Coin (ASC)
Ascend Coin, which markets itself of having a revolutionary smart contract that includes a sniper killer mechanism, market regeneration and protection against MEV bots, has been performing very well in recent days.
As per DEXTools, it was last up around 100% in the last 24 hours and trading at record highs around $0.00001, with a market cap of close to $1 million.
The token already has an impressive more than 1,000 holders and an impressive 100% community trust score on DEXTools.
However, meme coin degens should be aware that the coin does have a 5% sell tax, a 1.5% buy tax and provisions in its smart contract that allow for these taxes to be modified, for wallets to be blacklisted, for transactions to be limited and for anti-whale mechanics to be implemented.
In other words, potential investors should be wary that if they buy this coin, the issuer could essentially lock of steal all of their funds at a moment’s notice.
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 over $4.25 million in just over a week, 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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