Here are your top crypto gainers today on DEXScreener

Last updated: April 30, 2024, 9:03 p.m. EDT | 3 minutes of reading

Traders today are turning to tools like DEXScreener to find top crypto gainers on on-chain markets / Source: Cryptonews

On a bearish day in the crypto market that was marred by weak starts to spot Bitcoin and Ether ETFs in Hong Kong and data that reinforced expectations that the Fed will wait longer before cutting interest rates, traders looking for quick wins are flocking to the shitcoin markets chain as they search for the top crypto gainers today.

The launch of the new crypto ETF in Hong Kong attracted only $11 million in trading volumes on its first day. Some expected trade of up to $300 million on day one.

At the same time, U.S. data showed stronger-than-expected wage pressures in the first quarter, which could complicate the Fed’s fight against inflation.

Bitcoin (BTC) briefly fell below $60,000 and hit its lowest level since February.

Ether (ETH), meanwhile, was probing levels below $3,000 and eyeing a test of previous monthly lows.

With the rest of altcoin In the market, a sea of ​​red, traders flocked to on-chain markets, where newly launched tokens are still pumping.

On-Chain Markets Explained

On-chain markets refer to the market for digital assets that have been issued and traded directly on the blockchain.

For example, the second largest coin in the world Shiba Inu (SHIB) is a ERC-20 token issued directly on Ethereum.

Shiba Inu can be traded directly on the Ethereum blockchain using decentralized exchanges (DEX) like Uniswap.

Recently launched shitcoins And coins can also be exchanged in exactly the same way.

This is because new coins are constantly appearing, and these coins frequently show rapid exponential gains.

Indeed, the shitcoin market is very illiquid, with a small buying/selling pressure capable of producing disproportionate movements.

The prospect of doing it quickly 10x or more gains is one of the main reasons why on-chain shitcoin markets attract so many investors.

But traders need to be careful just as much as scammers. There are virtually no barriers for anyone to issue their own token.

Fraudsters take advantage of this by issuing worthless coins, but still tricking investors into buying them.

Scams can take the form of carpet pulls (where a project is abandoned and cash is abruptly withdrawn) or pump and dump programs.

Fraudsters can also insert malicious code into a contract to create unfair trading terms.

Here are some of the top crypto gainers today on Ethereum that traders will be watching, according to DEXScreener.

Top Crypto Gainers Today

Elon (ELON)

A relatively new Elon Musk-themed coin, Elon (ELON), is launching Tuesday, according to DEXScreener.

https://twitter.com/Elon0x69420/status/1785006681350402072

The token rose 225% in the last 24 hours to reach a market cap of $23.2 million. And the latter has $1.0 million in blocked liquidity.

According to Go+ Security, ELON has two concerning aspects in its smart contract. Investors should note that ELON is likely just another pump and dump with no long-term value.

America (AMERICA)

After a strong first day of trading on Monday, meme coin America (AMERICA) continued its bullish momentum into Tuesday.

The token has reportedly already donated $10,000 to veterans.

According to DEXScreenerAMERICA recorded a last 200% rise in 24 hours and is trading with a market capitalization of $1.4 million.

The token has $130,000 in locked liquidity, reducing the risk of an all-in pull. It also has a great ratio of rocket emoji to red flag or shitcoin emoji on DEXScreener.

This suggests that he is popular in the community. Yet like ELON, it’s probably just another pump and dump coin.

Traders should not invest more than they can afford to lose.

Monke (MONKE)

A meme coin called Monke (MONKE) is up 75% in the last 24 hours, according to DEXScreener.

https://twitter.com/MonkecoinERC/status/1784512469479870974

The coin was launched four days ago, but has struggled to break out of a range of $0.0006 to $0.002.

Its market capitalization was $1.4 million, with $250,000 of cash tied up.

The meme piece has 230 rocket emojis, but 103 red flag emojis on DEXScreener. Its smart contract has only two concerning aspects.

But like most newly issued coins, this is likely just another pump and dump.

Best alternative to Shitcoins

As we have already pointed out several times, shit the markets are very risky.

Investors looking to take substantial risks to benefit from significant upside potential should instead consider presale invest or ICO.

Web3 projects/protocols often raise funds via an early sale of their native tokens to fuel development.

Of course, pre-sale investing is not without risks. Projects can fail to achieve their vision for all sorts of reasons.

But if investors are able to reliably identify the right projects, pre-sale investment can turn out to be extremely profitable.

Cryptonews analysts spend a lot of time scanning the market. Here are their top picks for 2024.

20 Best Crypto Presales to Invest in

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.

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