As traders digest Ethereum ETF approvals and US economic data, they are turning to the on-chain markets in search of the top crypto gainers. Bitcoin and Ethereum are trading slightly below weekly highs, with Bitcoin trading below $69,000 and Ethereum in the $3,700s. Ethereum ETF approvals are bullish, but macro headwinds have affected market momentum. As blue-chip cryptos struggle, traders are looking to alternative assets that offer more volatility. On-chain markets are a popular choice for quick gains or losses. Some of the top crypto gainers today on Ethereum decentralized exchanges include EGOD (EGOD) and Degen Smerf (SMERF), both of which have seen significant price increases since their launch.
EGOD (EGOD) is a meme coin that pays respects to the Shiba Inu dog that inspired the creation of Dogecoin. Since its launch, EGOD has seen a 15,900% increase in price. Its market cap is around $1.1 million, with $200,000 in liquidity. Degen Smerf (SMERF) is another new coin that has seen a price increase of 7,800% since its launch. The market cap for SMERF is around $300,000, with $70,000 in locked liquidity. However, traders need to be cautious as many newly launched coins are scams or pump-and-dumps. Due diligence is essential before getting involved with such assets.
The creation of a new Harambe meme coin was spurred by Elon Musk’s tweet commemorating the death of Kabosu. The Harambe coin has seen a price increase of 10,400%, with a market cap of $1 million and $176,000 in locked liquidity. However, the smart contract for this token has two concerning issues. While investing in newly launched meme coins can be risky, a potentially better alternative is to invest in presales. Investing in presales gives traders more time to research a project and assess its potential. If traders can identify projects that gain traction, they have the potential to make significant gains.
Cryptonews analysts keep a close eye on the presale market and have identified some of the top presales for 2024. Investing in presales can be a less risky alternative to investing in just-launched meme coins. However, traders should always exercise caution and do their due diligence before investing in any asset, as crypto is a high-risk asset class. While some investments may yield high returns, the majority could result in significant losses. This information is provided for informational purposes only and does not constitute investment advice. Investors should be aware of the risks involved and proceed with caution.
