Biggest Crypto Gainers Today on DEXTools – GUISE, XLRT, BT2017
Blue chip cryptocurrencies are falling once again this Tuesday, with Bitcoin (
BTC) down around 1% on the day in the $25,800s and Ether ( ETH) down 2% and back below $1,650.
Traders continue to fret about macro headwinds in the form of rising US long-dated yields, which recently hit multi-decade highs amid bets that
US interest rates will remain higher for longer thanks to the continued outperformance of the US economy.
Higher yields on risk-free assets like US government bonds raise the opportunity cost of holding “riskier assets” like
crypto.
Fed Chair Jerome Powell’s remarks at the annual Jackson Hole consortium of central bankers will be closely scrutinized as investors assess the outlook for US monetary policy – some are expecting Powell to push back against the idea of rate cuts in 2024, which are currently heavily priced in by the market.
Traders also continue to monitor other themes, such as a possible decision by a judge in crypto investment firm
Grayscale’s lawsuit versus the US Securities and Exchange Commission (SEC) over the latter’s rejection of Grayscale’s spot Bitcoin ETF application last year.Spot Bitcoin ETF applications have been a huge theme in the last two months ever since Wall Street heavyweights like BlackRock, Vanguard and Fidelity submitted applications to the SEC.
While blue-chip cryptos are on the back foot, they remain within recent range, though technicians are expecting further near-term downside, with $24,750 marked out as a support area Bitcoin might test.
Traders hunting for quick gains thus continue to turn to the illiquid
shitcoin/ meme coin market, low cap coins routinely post exponential intra-day gains.
Here are some of the best-performing shitcoins as per DEXTools.
Guise ($GUISE)
A shitcoin called Guise ($GUISE) has seen explosive upside since its launch on Monday, gaining 33,000% in the last 24 hours, as per
DEXTools.
The upside comes amid 24-hour trading volumes of around $1.9 million, with $GUISE having now reached a market cap of around $1.75 million and having accumulated over 600 holders.
While $GUISE has $200,000 in liquidity that is locked for six months, which reduces the chance of a rug pull, there are a few concerning aspects to the token’s contract.
As per DEXTools’ GoPlus security audit, the token has a 5$ buy tax and a 4.99% sell tax, an anti-whale mechanism and a trading cooldown mechanism.
Traders should exercise great caution trading this coin and do their own due diligence.
Xccelerate (XLRT)
Xccelerate (XLRT) is another shitcoin to have seen explosive upside in the last 24 hours.
As per
https://www.dextools.io/app/en/ether/pair-explorer/0xbfad538f683f40d4a1e1b6ee43faf400dd5db5d6, it is up 8,250% over this time period, having reached a market cap of over $1.1 million and over 850 holders.
24-hour trading volumes are at an impressive $3.36 million, while the token also has $230,000 in liquidity, though this isn’t locked, as per DEXTools.
The GoPlus security audit only reveals one concerning aspect of the token’s contract – an anti-whale mechanism.
Back to 2017 ($BT2017)
Back to 2017 ($BT2017), which markets itself as a way to go back in time to 2017, when it was still early to be buying crypto, has pumped on Tuesday since its launch a few hours ago.
$BT2017 at one point hit a market cap of more than $200,000, but has since seen its market cap shrink to back under $100,000.
The token has been able to accumulate nearly 50 holders and over $200,000 in trading volumes since its launch, and also has over $130,000 in liquidity, though this isn’t locked.
GoPlus identifies no concerning aspects to the token’s contract, though investors should nonetheless always do their own due diligence, as there is always a chance GoPlus missed something.
Alternatives to Consider
For crypto investors looking to diversify, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap 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.
Disclaimer: Crypto is a high-risk asset class.This article is provided for informational purposes and does not constitute investment advice.You could lose all of your capital..