Altcoins
Biggest Crypto Gainers Today on DEXTools – PEPE2, WEALTH, SIMPKU
Last updated: November 2, 2023 at 11:09 am EDT | 3 minutes of reading
Bitcoin (BTC) is retreating after hitting new highs for the year following the Fed’s policy announcement on Wednesday, near $36,000.
The world’s largest cryptocurrency by market capitalization last changed hands just below $35,000, nearly 3% below the previous session’s highs, as short-term speculators made profits.
But it’s a dip that could well be bought, given the positive trends in the broader macroeconomic landscape – US Stocks Soar and US Government Bond Yields Fall Thursday, betting that the Fed’s tightening cycle is finally over and easing is coming, despite Fed Chairman Jerome Powell is doing his best on Wednesday to keep the door open for further rate hikes..
Bets to ease monetary policy in the United States could encourage investors to turn again to crypto, which typically performs well during times of easing financial conditions.
The macro tailwinds would add to the list of Bitcoin bullish narratives that have supported the price in recent weeks, such as expectations for near-term approval of spot Bitcoin exchange-traded funds (ETFs) in the United States (which would stimulate institutional adoption), the Bitcoin Halving in 2024 and the growing appeal of Bitcoin as a safe-haven asset.
Bitcoin bulls will consider a $40,000 test in the coming weeks.
Major altcoins are also in good spirits, with stocks like Ether (ETH), XRP (XRP) and Dogecoin (DOGE) all up 1-3% over the past 24 hours, according to CoinGeckowhile Cardano (ADA) and Solana are up almost 7% and 10% respectively over the same period.
With the rise of blue-chip crypto markets, the highly illiquid shitcoin/meme coin markets are in a state of frenzy.
Here are some of the best performing small-cap shitcoins, according to DEXTools.
PEPE2 ($PEPE2)
A new copycat version of Pepe Coin called PEPE2 ($PEPE2) has seen a surge since its launch on Wednesday, up over 600% in the last 24 hours amid trading volumes of over 1.6 million of dollars, according to DEXTools.
Shitcoin last had a market cap of around $450,000, over 500 holders, and unlocked liquidity of around $200,000.
The token has undefined risks related to its smart contract, according to DEXTools’ security audit, so investors should be careful.
Wealth ($RICH)
A shitcoin called Wealth ($WEALTH) is up more than 550% in the last 24 hours, according to DEXTools.
But bulls should be wary that this pump could easily reverse, as it has been fueled by very low trading volumes, only around $80,000 in the last 24 hours.
$WEALTH last had a market cap of around $215,000 and liquidity of just over $80,000, with 507 holders.
According to the DEXTools security audit, the token has five concerning aspects related to its smart contract, including a possible pause in transfers.
The SimpSonGoku ($SIMPKU)
A recently launched shitcoin called The SimpSonGoku ($SIMPKU) is still up on Thursday and was last up 350% in the last 24 hours on trading volume of around $1 million, according to DEXTools.
Shitcoin last had a market cap of just over $500,000, locked liquidity of around $350,000, and just over 250 holders.
According to the DEXTools security audit, the token has no defined issues with its smart contract aside from “other risks,” so investors should remain cautious.
Crypto Alternatives to Consider
Shitcoins can offer huge potential returns, but also carry a lot of risk.
Those looking for a better probability of short-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 new crypto projects to help fund their development.
These tokens are almost always sold cheaply, and there is a long history of presales offering huge exponential gains to early investors.
Many of these projects have fantastic teams and a great vision behind them to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward ratio of their pre-sale investment is very good.
The Cryptonews team spends a lot of time going through pre-sale projects to help investors.
Here is a list of 15 of what the project considers to be the best crypto presales of 2023.
Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.