Blue chip cryptocurrency markets have seen rollercoaster price action in the last 24 hours, with bitcoin (BTC) dipping to fresh one-and-a-half-month lows in the mid-$28,000s on Tuesday, before then briefly recovering to the north of $30,000 in the early hours of the Wednesday trading session.
Traders are still digesting the news that Microstrategy, one of the world’s biggest bitcoin whales, is going to sell $750 million in stock that would, in part, fund more bitcoin purchases.
Macro is also on the radar, with US ADP jobs data pointing towards a strong official jobs report on Friday, and after Fitch downgraded its credit rating for US government debt late on Tuesday.
The downgrade appears to be weighing on broad macro risk appetite, with the S&P 500 down over a percent and US yields spiking (to reflect the higher perceived risk of US bonds), and this appears to be weighing on bitcoin, which was last trading in the $29,300 area.
Ether (ETH) was last within familiar ranges close to $1,850, while Litecoin (LTC) was flat just above $90 with the highly anticipated halving event just minutes away.
While volatility has picked up a little on Wednesday, crypto investors with a high risk tolerance and on the hunt for quick gains continue to turn to the shitcoin/meme coin markets.
Here are some of the top-performing coins on Wednesday, as per DEXTools.
The Next Pepe ($XPEPE)
The Next Pepe ($XPEPE), which, as the name strongly suggests, markets itself as the next Pepe Coin has been pumping hard in recent days, suggesting meme coin investors are starting to buy this message.
$XPEPE was up 260% in the last 24 hours, as per DEXTools, and was last trading around $0.00000000036, more than 6x up versus its lows from June and July in the $0.000000000055 area.
It now commands a market cap of around $150,000 and has 500 holders, with trading volumes of nearly $250,000 in the last 24 hours.
The token doesn’t appear to be a scam; as per DEXTools, liquidity is locked and there don’t appear to be any concerning aspects to the token’s contract that hand the issuer undue power.
Trace AI Token ($TAI)
Trace AI Token ($TAI), which claims to power a project that is “pioneering the evolution of the crypto industry through innovative investment and portfolio management solutions powered by AI”, has pumped up around 130% on Wednesday.
$TAI was last trading around $0.0038, not far from its all-time highs, as per DEXTools.
Investors who bought when the token first debuted on decentralized exchanges back in February when the price was around $0.0002 per token could be sat on gains in the region of 19x.
Liquidity is locked, so the token appears not to be a rug pull.
But, there are some concerning aspects to the token’s unrenounced contract, such as the 5% buy and sell tax which is modifiable and the possibility that the token’s issuer could mess with trading conditions.
Meme coin degens should be aware that they could easily lose everything if they invest in $TAI if the token issuer decides to implement a 100% sell tax, freeze trading or freeze their wallet.
Convex CRV ($cvxCRV)
Convex CRV ($cvxCRV) had been a strong performer, rallying as much as 26% earlier in the day when it hit highs and recovered to pre-Curve hack highs above $0.70.
However, the token has since reversed abruptly lower and was last trading around $0.52, around 26% down from its earlier session peaks, as per DEXTools.
$cvxCRV is a tokenized form of the vote escrowed CRV token of the Curve, which is the native token of the decentralized exchange (DEX) Curve.
It is a yield-generating token that benefits from admin fees from the Curve protocol and rewards from the Convex protocol.
Curve was hacked over the weekend, hence the heightened volatility in the CRV token market, and in the market for its derivatives like $cvxCRV.
Despite its sharp reversal from earlier session highs, at current levels in the low $0.50s, $cvxCRV is still trading over 6x up from Sunday’s lows around $0.06.
Despite its linkage to a well-established decentralized application, $cvxCRV has well and truly been trading like a shitcoin in recent days.
That’s likely to remain the case for some time as uncertainty relating to the Curve protocol’s future lingers.
Shitcoin Alternatives to Consider
Investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want 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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