Major cryptocurrencies like Bitcoin, Ethereum, and Solana are seeing a decent comeback on Friday, with gains ranging from 2-5%. The risk appetite in the market seems to be high following a positive US jobs report that eased recession fears. Despite this positive momentum, tensions between Israel and Iran are still high, which has impacted the prices of major cryptos earlier in the week. Crypto degenerates are actively participating in on-chain DEX markets in search of quick gains, often using tools like DEXScreener to identify trending coins and top crypto gainers.
One of the new micro-cap coins that are gaining attention on DEXScreener is CSI888 (CSI), an Ethereum meme coin that has surged around 190,000% since its launch, with a trading volume of $5.4 million and a market cap of $4.2 million. However, with only $225,000 in locked liquidity, there is a risk of price crashing if large investors decide to sell off their holdings. Another top gainer today is First Dog to Buy Crypto (TOSHI), a Solana meme coin that has seen a 14,000% increase in the past 24 hours. Despite its popularity and strong social media engagement, it is important for traders to exercise caution as most meme coins do not retain long-term value.
Sui Doge (DOGE) is another new meme coin on the rise, with gains exceeding 5,000% since its launch and a market cap of $1.7 million. While Quick Intel scans show no concerning issues with Sui Doge’s smart contract, it is crucial for traders to be aware of the risks associated with investing in meme coins in the volatile DEX markets. Rather than chasing quick gains, it may be wiser for investors to consider participating in meme coin presales, which typically run for a few weeks, providing more time for due diligence before committing capital.
It is important to note that investing in cryptocurrencies is a high-risk asset class, and caution should be exercised when engaging in such markets. While tools like DEXScreener can help identify potential opportunities, it is crucial for traders to conduct their own research and due diligence before making investment decisions. The volatile nature of the crypto market, coupled with the prevalence of scam coins, highlights the importance of risk management and prudent decision-making. By staying informed and being aware of the potential risks, investors can navigate the crypto market with greater confidence and reduce the likelihood of substantial losses.
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