Altcoins have been selling off on Tuesday, with the likes of XRP, Dogecoin (DOGE), Cardano (ADA), Solana (SOL), Polkadot (DOT) and Polygon (MATIC) falling between 4-7% over the course of the last 24 hours.
The combination of a continued steady crawl higher in long-dated US government bond yields to fresh yearly highs, plus continued poor risk appetite in the US stock market with the S&P 500 now at more than one-month lows, is probably weighing on sentiment.
Bitcoin (BTC) was last trading around three-quarters of a percent lower on the day in the $29,100s, while Ether (ETH) was last trading down close to 1% on the day near $1,830.
Earlier US Retail Sales data for July was stronger-than-expected, doing little to alter narratives that the US economy remains a long way from falling into recession, which is arguably crypto-positive, as long as it doesn’t lead to expectations for more Fed rate hikes.
Broadly, while altcoins have been falling, the big blue-chip names remain stuck within recent ranges and trading conditions remain somewhat boring as traders await catalysts like Wednesday’s FOMC Meeting Minutes release and a possible judge ruling on Grayscale’s lawsuit versus the SEC over their rejection of the former’s spot Bitcoin ETF application last June.
Traders looking for the prospect of quick gains thus continue to turn to the shitcoin/meme coin markets in droves in the hunt for the next 10 or 100x token.
Here are some of the best-performing coins on Tuesday, as per DEXTools.
Shibarium Token (SHIBARIUM)
As hype surrounding the upcoming launch of the alpha version of the Shiba Inu ecosystem’s Ethereum layer-2 scaling blockchain Shibarium grows in light of the success of its beta testnet, various shitcoins are trying to piggyback off of the Shiba Inu project’s success.
One such shitcoin is Shibarium Token, which appears to be trying to pass itself off as having something to do with Shiba Inu’s Shibarium (it doesn’t).
Meme coin degens have nonetheless been pumping the coin.
Launched on Tuesday, SHIBARIUM is the best-performing meme coin of the day as per DEXTools, up over 350%.
Its total market cap was last around $300,000, with over $1 million in trading volumes in the past 24 hours and now more than 400 holders.
DEXTools’ GoPlus security audit reveals one concerning aspect of the token’s contract – the ability for the issuer to implement a trading pause.
Traders should be highly careful buying coins that falsely make it appear as though they are related to a successful crypto project when they aren’t, like with Shibarium Token, as they are probably just scam coins.
Snake Eyes (SNAKE)
A new shitcoin called Snake Eyes (SNAKE) has been pumping on Tuesday and was last up nearly 250% in the past 24 hours, as per DEXTools.
SNAKE’s market cap was last around $260,000, with over $280,000 in liquidity and more than 100 holders.
DEXTools’ GoPlus security audit doesn’t reveal any concerning aspects to the token contract, although liquidity isn’t locked, so the token could still end up as a rug pull.
Companion Bot (CBot)
Companion Bot CBot token, which claims to “enhance the crypto experience within the Telegram platform”, has been pumping on Tuesday and was last up around 320% on Tuesday as per DEXTools, making it one of the day’s best performers.
It’s market cap was last around $1.78 million, with over $660,000 in liquidity which DEXTools says has been locked for at least 10 months.
While that’s a good sign that the token isn’t a rug pull, the 5% buy and sell tax is somewhat concerning.
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 very cheap 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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