A tech-led sell-off in the US stock market has been picking up pace this week as long-term US bond yields vault higher in wake of continued strong US economic data and Fitch’s recent downgrade of the US government’s credit rating, but this is yet to translate into material downside in the crypto market.
Indeed, the likes of bitcoin (BTC) and ether (ETH) continue to go sideways within familiar ranges, with BTC just above $29,000 and ETH just below $1,850.
Rangebound trade is likely to continue ahead of the release of the key monthly US jobs report on Friday, though crypto’s recent disregard for macro themes suggests that volatility may remain low.
With price action in blue chip crypto markets subdued, crypto traders unsurprisingly continue to hunt for volatility and the prospect of short-term gains in the meme coin/shitcoin market.
Here are some of the top-gaining Ethereum-based coins of the day, as per DEXTools.
Tommy Vercetti ($TOM)
A meme coin based on Grand Theft Auto game franchise character Tommy Vercetti called $TOM has exploded higher since its launch earlier on Thursday.
$TOM was last trading around $0.0000055, up nearly 4x versus its decentralized exchange launch price of around $0.00000155 and has attained a market cap of around $550,000, with an impressive $500,000 in liquidity and over 100 holders, as per DEXTools.
While DEXTools’ GoPlus security audit of the token’s contract reveals nothing concerning, liquidity isn’t locked, meaning the possibility of a rug pull remains.
Indeed, DEXTools has a warning message at the top of its $TOM page saying the token might be a scam, so any potential investors should be very cautious.
Vara ($VARA)
$VARA, the token of Equilibre, which claims to be a smart contract protocol, has pumped up over 200% in the last 24 hours, as per DEXTools, making it one of the best shitcoin performers of the day on Thursday.
It was last trading around $0.42, up nearly 4x versus its late-June lows around $0.13 and last had a market cap of around $6 million.
The coin has 4,300 holders, but has only seen around $1,400 in trading volume in the last 24 hours, so traders shouldn’t read to much into its big price gain, which is more a result of super thin liquidity conditions rather than anything else.
Indeed, as per DEXTools, the token has just $28,000 in available liquidity.
Meme coin degens should exercise great caution with this token, which doesn’t seem to have a security audit on DEXTools, only scores 62/99 and has a 50% downvoting.
Nchart Token (CHART)
Nchart Token (CHART), the token of the Nchart ecosystem, is up over 130% in the last 24 hours, making it one of the best-performing shitcoins as per DEXTools.
It only launched on Wednesday, but at $0.20, is already around 2.5x up versus its DEX launch price of around $0.08.
It has, however, already pulled back around 40% from its Wednesday highs around $0.33 and currently has a market cap of just above $2 million.
The protocol has good liquidity of nearly $850,000, though this isn’t locked, so investors should be wary of a possible rug pull.
The token contract also has a few concerning aspects; it isn’t yet renounced, has a 5% buy and sell tax, and a wallet blacklist function means the issuer could mess with how some wallets are able to trade.
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 watching closely…
Wall Street Memes (WSM)
Wall Street Memes, one of the internet’s hottest retail investing communities, rose to prominence in the meme stock craze of 2021 and has recently been expanding its relevance in the cryptocurrency space with the presale of its new $WSM token.
The success of the $WSM presale, which has raised more than $20.5 million in just a few months, isn’t surprising given the size of Wall Street Memes’ community.
Not only are there 523k hyper-engaged community members on its wallstbets Instagram account, there are another 214k on Twitter and more than 100k across its two other Instagram channels, wallstgonewild and wallstbullsnft.
All told, Wall Street Memes has a 1 million-strong social community of degens, which analysts think all but guarantees that the $WSM token will be listed on tier 1 crypto exchanges like Binance.
With 30% of the token supply being held back for community rewards, it can reasonably be expected that airdrops to holders will be a big part of the ecosystem.
Indeed, the first $WSM airdrop is open now.
Analysts are already predicting big things for Wall Street Memes when it lists on exchanges and you can be a part of it.
Visit Wall Street Memes 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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