As major cryptocurrencies experience large price declines amid further Bitcoin selling by major market players, traders are turning to micro-cap on-chain markets as they hunt for top crypto gainers today.
Bitcoin hit lows in the mid-$53,000s on Friday, as the German government dumps coins.
Mt Gox wallet movements further contributed to the sell pressure.
BREAKING
Mt Gox moves 47,228 BTC ($2.71 billion dollars) from cold storage to a new wallet. pic.twitter.com/3ZdSlC1IX2
— Arkham (@ArkhamIntel) July 5, 2024
Repayments to the failed exchanges creditors begin this month and some fear much of this supply could be dumped on the market.
Struggling Bitcoin miners are also still thought to be unloading holdings as they adjust to lower post-halving rewards.
Bullish US jobs data, which helped solidify Fed rate cuts bets for later this year, failed to lift the mood.
US Jobs Report (June)
NFP: 206k (exp. 190k, prev. 272k, revised 218k)
Unemployment rate: 4.1% (exp. 4.0%, prev. 4.0%)
Earnings M/M: 0.3% (exp. 0.3%, prev. 0.4%)
Earnings Y/Y: 3.9% (exp. 3.9%, prev. 4.1%)
— Newsquawk (@Newsquawk) July 5, 2024
Bitcoin was last trading in the mid-$55,000s, nursing 3% losses on the day.
Most other major altcoins were nursing losses between 5-10% in the past 24 hours.
Its no surprise then that, amid bearish market conditions, traders are turning elsewhere in their hunt for top crypto gainers today.
Micro-cap on-chain markets offer the prospect of quick exponential gains. As such, they are a constant lure to impatient traders.
On-chain markets are very dangerous, however. Most coins are scams or pump-and-dumps.
Traders can quickly lose their entire investment. They should, therefore, never risk more than they can afford to lose.
That said, here are some top crypto gainers today on Ethereum, as per popular DEX monitoring tool DEXScreener.
Top Crypto Gainers Today on DEXScreener
Mojo (MOJO)
A new Matt Furie meme coin Mojo (MOJO), which claims to be based on the cartoonist’s first documented drawing, is pumping, up over 46,000% in the past 24 hours as per DEXScreener.
History in the making,
Welcome $MOJO back to the family.@Matt_Furie pic.twitter.com/dJoy3rTkAH
— $MOJO (@MojoByMattFurie) July 5, 2024
That pump has seen the meme coin reach a market cap of $1.6 million amid $3.4 million in 24 hour trading volumes. That means it’s amongst the top crypto gainers today.
The meme coin still has exceedingly thin liquidity, however, of only around $150,000.
That means one big sell order could trigger a huge price crash.
MOJO also has a few concerning aspects to its smart contract, per a Go+ Security audit.
While it may look innocent, MOJO could easily still be a scam coin. Traders must always be cautious and do their own due diligence.
Zues (ZUES)
Another Matt Furie character-based meme coin called Zues (ZUES) is up an impressive 50% in 24 hours. That means it’s amongst the top crypto gainers today.
That’s according to DEXScreener, who puts its market cap at $1.1 million.
ZUES has been around for some time, and remain well below its record highs achieved in June.
Whether it can make a substantial comeback remains to be seen.
Tuzki (TUZKI)
Another fairly old (by meme coin market standards) coin called Tuzki (TUZKI) is pumping on Friday.
https://twitter.com/Tuzkiclub/status/1808136649253310981
As per DEXScreener, it was up around 35%, its market cap recovering to $1.3 million.
That still leaves the token over 90% down from the highs it hit back in June.
This could just be a dead cat bounce.
Alternatives to Consider – Crypto Presales
Investing in the on-chain markets is very risky business, even if it is a good way to find top crypto gainers today.
An alternative often overlooked but frequently profitable crypto investment strategy is investing in presales.
Up-and-coming web3 projects often conduct ICOs in order to raise funds for project development.
To attract early interest/investors to their project, they usually sell these tokens at a very low market cap.
That offers presale investors the chance to make big gains.
With so many projects vying for investor funds, it can be tough to know where to start.
Luckily, analysts at Cryptonews.com spend a lot of time combing through the altcoin market in search of high-potential projects.
Here are some of their favorite picks in the market right now.
12 Best Presales to Invest in Right Now
The post Top Crypto Gainers Today on DEXScreener – MOJO, ZUES, TUZKI appeared first on Cryptonews.