Bitcoin (BTC) is trading flat in the mid-$28,000s after hitting its highest level since early August on Monday near-$30,000 on fake rumors that the SEC had approved BlackRock’s spot Bitcoin ETF application.
While those reports turned out to be fake, markets remain optimistic that spot Bitcoin ETF applications will be approved in the months ahead in wake of the SEC decision not to appeal against a legal loss it just sustained versus Grayscale.
In August, a judge ordered a review of the SEC’s decision to reject Grayscale’s application to transform its Bitcoin Trust (GBTC) to a spot ETF.
That could explain why Bitcoin has been able to hold firm in the mid-$28,000s, despite a spike in US yields on Tuesday following hot US Retail Sales data.
In wake of that data, the US money market pricing implied probability that the Fed lifts interest rates at least one more time before the end of the year has jumped to over 45%, up around 11% versus Monday as per the CME’s Fed Watch Tool.
Elsewhere, Ether (ETH) underperformance versus Bitcoin continues, with the cryptocurrency down around 1% in the last 24 hours as per CoinGecko.
Other major altcoins are mixed, with XRP (XRP), Dogecoin (DOGE) and Cardano (ADA) down 1-2% in the past 24 hours, whilst Solana (SOL) is up close to 2% and Toncoin closer to 5%.
With not much action to speak of in the blue-chip crypto markets on Tuesday, traders will continue to turn to the highly illiquid and volatile shitcoin/meme coin markets for a better possibility of near-term gains.
Here are some of the top-performing low-cap shitcoins as per DEXTools.
Boba Fett ($BOBA)
A newly launched shitcoin called Boba Fett ($BOBA) has seen an impressive 500% pump since its launch earlier on Tuesday.
The shitcoin last had a market cap of around $327,000, with over $500,000 in trading volumes over the last 24 hours, as per DEXTools.
The token has already been able to accumulate more than 200 holders and already has liquidity of over $250,000.
$BOBA has three concerning aspects to its contract according to DEXTools’ security audit, including potential antiwhale, trading cooldown and external call risk functions, so potential investors should exercise significant caution when buying this coin.
Shiba ($SHIBA)
A copycat version of Shiba Inu called Shiba ($SHIBA), which claims to be the rebirth of the $DOGE killer (i.e. Shiba Inu), has pumped up around 75% in the past 24 hours amid over $800,000 in trading volumes, making it a top performing shitcoin as per DEXTools.
Since launching 20 days ago, $SHIBA has been able to accumulate over 2,150 holders and last had a market cap of $1.56 million, with liquidity of around $150,000.
The token has four concerning aspects to its contract, as per DEXTools’ security audit , including a hidden owner, external call risk, a max sell ratio and an antiwhale mechanism.
Cyb3rgam3r420 ($GAMER)
A shitcoin called Cyb3rgam3r420 ($GAMER) has pumped close to 100% in the last 24 hours, making it a top performing shitcoin as per DEXTools.
$GAMER last had a market cap of around $280,000, with over $240,000 in volumes trading in the past 24 hours.
The token has close to 2,000 holders and nearly $75,000 in liquidity, but it has four concerning aspects to its contract, as per DEXTools’ security audit.
These include a possible hidden owner, possible external call risk, an antiwhale function and a possible trading cooldown mechanism.
Crypto Alternatives to Consider
Shitcoins are very risky, given most have no real value proposition.
For those looking for an even better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, 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.
See the 15 Cryptocurrencies
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.
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