New meme token BABYGORK has surged 176% in the past 24 hours, with its rise to $0.0004192 making for a nearly 10,000% gain since it listed on Uniswap yesterday.
This counts as very impressive performance, yet traders should be aware of the risks that could come with buying BABYGORK.
Most notably, the coin is blatantly ripping off the also recently launched BABY GROK, which itself was riffing on Twitter’s new AI, Grok.
The coin is therefore very likely another pump-and-dump, yet there are genuine new tokens in the market right now, with Bitcoin ETF Token being one of the most recent and most promising.
BABYGORK Spikes 10,000% on DEXTools
There really isn’t much to say about BABYGORK, other than that it spiked soon after listing.
But more importantly, it has been flatlining and even declining slightly over the past few hours, suggesting that it has likely already peaked.
Source: TradingView/DEXTools
What’s most revealing about the chart above is that volume has essentially dried up for the token, which is usually a telltale sign of a mostly fraudulent token.
Another sign, as noted above, is that BABYGORK’s issuers have clearly intended to dupe people into mistaking it for BABY GROK, another flash-in-the-pain meme coin that launched a few days and had a brief rally.
We are creating new miracles.#BabyGrok pic.twitter.com/N6vlNH3NSh
— BABY GROK (@BabyGrok_ERC1) November 11, 2023
As such, all investors are advised to treat the coin with extreme caution, given that it’s likely to dump very soon.
This Under-the-Radar Crypto Has Secured $900,000 in Funding – The Next 100x Crypto?
However, for traders that are looking for genuine alts that offer some real longevity and credibility, there are a number of promising new coins in the market right now.
One of the most promising of these is Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has raised nearly $1 million in its presale.
@WisdomTreeEU refiles spot #Bitcoin #ETF with the #SEC, marking a renewed push for approval in the burgeoning #CryptoETF realm.
With rising interest and a projected $30 billion demand, will 2024 mark the first $BTC ETF approval?#BitcoinETF has now also raised over $900K! pic.twitter.com/6PGNkK5FBR
— BTCETF_Token (@BTCETF_Token) November 17, 2023
Given that Bitcoin ETF Token’s presale has been open for barely a week, this figure is highly impressive, suggesting that traders are quickly becoming enthusiastic about the coin.
And the reason for this is that Bitcoin ETF Token has linked its tokenomics with Bitcoin (BTC), and in particular with the progress of Bitcoin ETFs
That is, it plans to burn 25% of its overall supply (2,100,000,000 BTCETF) over time, destroying a 5% tranche whenever some landmark related to Bitcoin and/or Bitcoin ETFs is reached.
Its first burn will arrive whenever the SEC accepts a spot-based Bitcoin ETF for the first time, while its last burn will come when BTC itself reaches $100,000.
By using such a deflationary system, Bitcoin ETF Token will reduce its supply and boost its price over time.
This explains why its presale is already doing so well, as does the fact that holders can also stake BTCETF to earn a passive income.
And investors can become holders already by going to the official Bitcoin ETF Token website and joining its presale.
1 BTCETF token currently costs $0.0054, but given the early demand for the token, it’s very possible that it will rise much higher when it lists in the next couple of months.
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.
The post As BABYGORK Spikes 10,000% on DEXTools, This Under-the-Radar Crypto Has Secured $900,000 in Funding – The Next 100x Crypto? appeared first on Cryptonews.