As major cryptos remained stuck within recent ranges as traders digest Ethereum ETF approvals and hotter-than-expected US economic data released this week, traders are turning to the on-chain markets as they hunt for the top crypto gainers today.
Bitcoin (BTC) was last trading just below $69,000, up 4% this week.
Ethereum (ETH), meanwhile, is changing hands in the $3,700s, up over 21% this week.
Both cryptos are currently trading 4-5% below earlier weekly highs.
Ethereum ETF approvals are an important bullish catalyst, but macro headwinds appear to have scuppered the market’s momentum.
As blue-chip cryptos struggle, traders are turning to alternative assets as they hunt volatility.
And the on-chain markets are the perfect place to make quick gains or losses.
Here are some top crypto gainers today on Ethereum decentralized exchanges (DEX), as per DEXScreener.
Top Crypto Gainers Today
EGOD (EGOD)
A new meme coin paying respects to the death of Kabosu, the Shiba Inu dog that inspired the creation of Dogecoin, called EGOD (EGOD) has sprung up on Friday and is performing well.
The token was last up 15,900% since its launch, as per DEXScreener.
Its market cap was last around $1.1 million, with $200,000 in liquidity.
Degen Smerf (SMERF)
A new shitcoin called Degen Smerf (SMERF) is up 7,800% since its launch, as per DEXScreener.
Degen Smerf $SMERF (ERC-20)
Ca: 0x9caEb3C057b6f75AAc59a80Bf2A0AF290216315b
LP Burnt:https://t.co/7i0BCk3P86
Ownership Renounced:https://t.co/1OEk6V9gOB
Chart: https://t.co/OQHkdjDUaGhttps://t.co/iXXDRqtkqn
Buy $SMERFhttps://t.co/4INhNzQMVD
How to be SMERF’n… pic.twitter.com/gw7OowjJqn
— DegenSmerf (@DegenSmerfCoin) May 24, 2024
Its market cap was last around $300,000, with $70,000 in locked liquidity.
While the token only has one issue in its smart contract, as per a Go+ Security audit, that doesn’t mean its not a scam.
Traders need to remember that nearly all newly launched coins are either scams or pump-and-dumps. Traders must do their due diligence before getting involved.
Harambe (HARAMBE)
Elon Musk tweeted out to commemorate the death of Kabosu, saying he is in heaven with Harambe.
OG Doge has ascended to heaven to be with his friend Harambe
— Elon Musk (@elonmusk) May 24, 2024
That has spurred the creation of a new Harmabe meme coin. It was last up 10,400%, as per DEXScreener, with a market cap of $1 million.
The token has $176,000 in locked liquidity and two concerning issues with its smart contract.
Better Alternative to Consider
Investing on newly launched meme coins is fraught with risk.
Yes, some of these coins might 100x. But the vast majority will fall flat, and investors might never be able to find the liquidity to sell.
Their fast price action tends to trigger FOMO in traders, who neglect to do the required due diligence.
A potentially better alternative to investing in just-launched meme coins is to invest in presales.
Here, traders have more time to research a project and see if it is a good fit for them.
Indeed, if a trader can reliably identify projects that end up gaining tract, they can make big gains.
Analysts at Cryptonews keep a close eye on the presale market. Here are some of their top presales for 2024.
22 Best Crypto Presales to Invest In Now
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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