The cryptocurrency market experienced a downturn on Tuesday, with Bitcoin and Ether both down around 5% in 24 hours. This drop was attributed to macroeconomic headwinds and strong US manufacturing data suggesting a delay in Fed rate cuts. As a result, the US dollar and bond yields rose, putting pressure on US stocks and the crypto market. Bitcoin was trading around $66,000, while Ether was just below $3,300. In response to the bearish blue-chip market, traders are turning to on-chain shitcoin/meme coin markets in search of quick gains.
On-chain markets refer to the market for digital assets issued directly on existing blockchains, such as the ERC-20 token Shiba Inu on Ethereum. These meme coin markets are known for scams and pump-and-dump schemes, but they are also where tokens can experience significant rallies in the 50-100x range. Traders prefer these markets for the potential high returns, despite the associated risks. Among the top crypto gainers today in the meme coin markets are HashAI, SOLIDX, and Susan, with impressive gains of up to 1,000,000% within 24 hours.
HashAI is an AI-based shitcoin on Ethereum that has seen a significant surge in value, with a market cap of $94 million and locked liquidity of $1.9 million. However, there are concerns about the smart contract, including modifiable buy and sell taxes and ownership issues. SOLIDX, a PulseChain-launched coin, has also experienced a 1,000,000% gain with a market cap of $227 million and $2.5 million in trading volume. Susan, a Solana meme coin, has pumped up 227,000% since its launch, with trading volumes of $9.5 million and a market cap of $2.8 million.
In addition to investing in low-cap shitcoins, traders can consider getting involved in crypto presales, which involve securing tokens of up-and-coming crypto projects at a discounted early price. While this strategy is still risky, it offers potentially better risk rewards compared to investing in meme coins. Investors in crypto presales have the opportunity to secure gains of 10x or more by supporting high-potential projects in their early stages. Analysts at Cryptonews have identified 14 presale projects with high potential, but it is essential to note that crypto investments are high-risk and could result in capital loss.
Overall, the current market trend has led traders to explore alternative investment opportunities in meme coin markets and crypto presales to capitalize on the potential for high returns. While these strategies come with risks, savvy investors can navigate the market and identify projects with promising growth prospects. It is crucial for investors to conduct thorough due diligence before investing in any crypto asset to mitigate the risk of falling victim to scams or rug pulls. As the crypto market continues to evolve, new investment opportunities and trends are emerging, presenting both challenges and opportunities for traders in the dynamic digital asset space.
