With the bears back in control of the broader crypto market on Monday amid a continuation of concerns about the tense Iran/Israel situation and the latest strong US economic data, which will likely further deter the Fed from cutting interest rates, crypto traders are now flocking to the on-chain micro-cap markets as they hunt for top crypto gainers today.
Bitcoin was last trading back near $63,000 and eyeing a retest of its weekend lows around $61,000. BTC is sharply off session highs near $67,000.
Other major altcoins, like Ether, Solana, XRP and Toncoin were also sharply off session highs.
Reports that Israel was going to hit Iran back after the latter’s weekend attack rattled sentiment.
❖ ISRAEL REPORTEDLY TO HIT BACK ‘CLEARLY AND FORCEFULLY’
The Israeli war cabinet has decided to retaliate “clearly and forcefully” against the missile and drone attack carried out by Iran on Saturday, The Times of Israel reported on Monday citing the local broadcaster Channel…
— *Walter Bloomberg (@DeItaone) April 15, 2024
Market sentiment had already been down following stronger-than-expected US retail sales data earlier in the morning. With the US economy holding up so well and inflation moving in the wrong direction, the argument for near-term Fed rate cuts is weakening.
10-year Treasury yields have risen by more than 45bp so far this month. After today’s hotter-than-expected retail sales number, traders aren’t pricing in a full rate cut until November. pic.twitter.com/xcXcVDT3s2
— Lisa Abramowicz (@lisaabramowicz1) April 15, 2024
That’s why US bond yields and the US dollar continue to push aggressively higher, a major headwind to crypto.
Amid bearish conditions in the blue-chip crypto market, it’s no surprise that traders turn to on-chain markets.
Regardless of market conditions, newly launched meme coins and shitcoins are always pumping.
On-chain markets are one of the only places where traders can turn 10x or more gains in one day.
Of course, with great potential for reward comes great risk. On-chain markets are highly volatile, highly illiquid, and replete with scams and pump-and-dump schemes.
Traders must always do their own research before investing and never risk more than they can afford to lose.
That being said, here are some top crypto gainers today on DEXScreener that will be catching traders’ attention.
SHIELD (SHIELD)
A just-launched coin called Shield (SHIELD) is up 21,400% since its launch on Monday.
According to DEXScreener, the token’s current market cap is $2.1 million and liquidity is $280,000.
The token has seen $420,000 change hands since it launched.
SHIELD has six concerning aspects to its smart contract, as per Go+ security, including a modifiable tax and unrenounced ownership.
Traders should be very cautious with this shitcoin.
InnovateAI (INNO)
Another just launched token called InnovateAI (INNO) is up 5,400% on Monday.
As per DEXScreener, its market cap is only around $1.1 million with $253,000 in liquidity, however.
InnovateAI has just entered Ether Dextools hot pairs
Token: $INNO
Twitter: @Innovateaierc
Dextools: https://t.co/ypCF0dAR2t pic.twitter.com/0GNwvnm3Nl
— CryptoTrending (@DexBotOG) April 15, 2024
Traders need to be careful with very illiquid tokens.
An extremely small volume of sales could trigger a huge price crash.
A Better Way to Make Quick Gains
Shitcoins offer the prospect of quick gains but are very risky. That’s not just due to their illiquidity and volatility. It’s also because most are scams of some sort or pump-and-dump schemes.
A potentially much better way to make quick exponential gains in crypto is to invest in crypto presales.
Up-and-coming web3 projects often sell their native token at a big discount to early investors to fund development.
If crypto investors can identify projects with a great use case, vision and competent team, they may be able to flip their presale tokens for a big premium at a later date, assuming the project gains traction.
But with so many presales vying for investor funds, it can be difficult to know where to look first.
Luckily, analysts at Cryptonews spend a lot of time combing the presale market for promising projects.
Here are their 19 favorite presales right now.
Alternatively, check out this video from Cryptonews’ Crypto Arjay who discusses some of the best presales right now.
The post Top Crypto Gainers Today on DEXScreener – SHIELD, INNO, DAMM appeared first on Cryptonews.