Despite a slide in the Bitcoin (BTC) price to fresh 2024 lows under $41,500 in recent trade, crypto degens hunting fast gains continue to drive explosive action in low-cap markets, with CBDC, TEST and TRUMP the biggest crypto gainers today on Uniswap.
The majority of major cryptocurrencies are trading in the red on Thursday, as per CoinMarketCap.
The sell-off appears Bitcoin-led, with the cryptocurrency still suffering a sell-the-fact reaction to last week’s spot Bitcoin ETF approvals.
New spot Bitcoin ETFs have attracted strong demand since launch.
BlackRock’s ETF has already attracted over $1 billion of inflows.
However, much of that appears to be a rotation, with Grayscale in the process of selling substantial amounts of Bitcoin from its Grayscale Bitcoin Trust ETF.
Concerns about Grayscale sales appear to be weighing on the Bitcoin price.
The macro backdrop is also a headwind, with the US dollar and US yields pushing higher.
Bitcoin’s long-term outlook remains strong, thanks to the upcoming halving, expected Fed rate cuts this year and ongoing ETF inflows.
But in the near term, the price may continue to decline, with a retest of sub-$40,000 levels possible.
The downbeat outlook is set to increase the attractiveness of the wild low cap crypto markets.
New meme coins and shitcoins can routinely deliver gains in the region of 5-10x within 24 hours.
That’s given the very low levels of liquidity in the low-cap token market.
But just as tokens can quickly see huge gains, they can also quickly see huge losses.
Scammers may try to market and promote a new token to generate a price pump, only then to abandon a project after cashing in, which is referred to as a “rug pull”.
Scammers may also insert nefarious code into the smart contract of their token to somehow dupe its potential buyers.
Investors should thus exercise great caution when getting involved in these markets.
Biggest Crypto Gainers Today on Uniswap
One day after former US President Donald Trump vowed to never allow a central bank digital currency (CBDC) in the USA, a shitcoin called CBDC ($CBDC) has pumped.
As per Uniswap, it was last up over 1,100% in the past 24 hours.
That makes it one of the biggest crypto gainers today.
At the height of the pump, $CBDC was up nearly 14,000% and had a market cap of over $20 million.
That’s according to DEXTools, which puts its market cap now at around $150,000.
As per DEXTools’ security audit, the token has three concerning aspects to its smart contract.
TEST Token ($TEST)
A new meme coin called TEST Token ($TEST) is pumping, up 250% in 24 hours as per Uniswap.
That makes it one of the biggest crypto gainers today, with its market cap last around $360,000, as per DEXTools.
The token has nearly $200,000 in locked liquidity, reducing rug pull risk.
It also only has 1 smart contract alert, suggesting a lower risk of it being a scam.
Trump’s victory in the Iowa primary election earlier this week has seen Trump-related tokens like FreeTrump ($TRUMP) pump.
$TRUMP was last up 140%, making it one of the biggest crypto gainers today on Uniswap.
As per DEXTools, the token’s market cap was last around $270,000, with around $73,000 in locked liquidity.
$TRUMP has three smart-contract alerts.
Crypto Alternatives to Consider
Low-cap coins can offer huge potential returns but also come with a lot of risk.
For those looking for a better probability of near-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 upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilize affiliate links within our content, and receive commission.
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