Blue chip cryptocurrencies have mostly erased the gains they made on Wednesday, with Bitcoin (BTC) back trading near $26,000 and Ether (ETH) back close to $1,650.
Blowout earnings numbers and guidance from US chipmaker Nvidia, which has been a key beneficiary of the artificial intelligence (AI)-fuelled run-up in big tech stocks this year, failed to lift sentiment in the US stock market, which has come back under pressure once again on Thursday, weighing on crypto market optimism slightly as well.
Caution in the crypto market is unsurprising ahead of remarks from Fed Chairman Jerome Powell at the annual Jackson Hole conference of central bankers on Friday.
Powell is expected to leave open the door to further interest rate hikes from the Fed this year, as well as push back against the idea of premature rate cuts given the inflation battle has not yet been won, and given the ongoing strength of the US economy.
This net-hawkish message could weigh on the crypto market, which tends to perform better in an environment of easing financial conditions and falling US bond yields.
While blue-chip cryptos remain locked within recent ranges, volatility in the highly illiquid shitcoin/meme coin market remains high.
Here are some of the biggest gainers, as per DEXTools.
Baby Shiba Inu ($BABYSHIB)
A fun new meme coin called Baby Shiba Inu ($BABYSHIB) has been pumping since its launch just over a week ago.
$BABYSHIB’s market cap was last around $9.6 million, an all-time high and up around 250% in the last 24 hours as per DEXTools.
The coin has nearly $500,000 in unlocked liquidity, 24-hour trading volumes of around $3.2 million and has been able to accumulate more than 2,000 holders since its debut.
It has a 1% buy and sell tax, as per DEXTools’ GoPlus security audit, while it GoPlus has identified only one concerning aspect to the token’s contract – a potential anti-whale mechanism.
Toad Killer ($TOAD)
Toad Killer ($TOAD) is another coin that is pumping on Thursday, up 60% in the last 24 hours as per DEXTools.
Its market cap was last around $11.9 million, with close to $1 million in unlocked liquidity and close to 2,000 holders.
As per GoPlus, the token has no concerning aspects to its contract, reducing its risk of being some kind of scam, though unlocked liquidity means it could still be a rug pull.
Shares.finance ($SHARES)
$SHARES, the native token powering a new project called Shares.finance that claims to be an innovative new web3 protocol that allows users to create shares, not tokens, thus facilitating revenue sharing and staking, has also been pumping.
As per DEXTools, $SHARES was up around 70% in the last 24 hours and last had a market cap of $2.2 million, with over $600,000 in unlocked liquidity, over 1,500 holders and 24-hour trading volumes of over $2 million.
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.
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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