As blue-chip cryptocurrencies post a strong finish to the week, with Bitcoin (BTC), Ether (ETH) and Solana (SOL) up 2.5%-5.5% each over the past 24 hours, traders are turning to the on-chain meme coin markets as they hunt for top crypto gainers today.
Bitcoin topped $67,000 on Friday, while Ether and Solana rallied to the upper $3,000s and $160s respectively.
US CPI data earlier this week bolstered hopes for multiple Fed interest rate cuts later in the year.
US core #inflation cools for 1st time in 6 mths in relief for Fed and financial markets. April core CPI, which excl food and energy costs, increased 0.3% from March MoM after +0.4% MoM prev month. From a year ago, it advanced 3.6% in Apr after +3.8% YoY in March. Overall… pic.twitter.com/0MzgiswrxF
— Holger Zschaepitz (@Schuldensuehner) May 15, 2024
That helped launch major US equity indices back to record highs, whilst weighing on the US Dollar and US yields.
Spot Bitcoin ETF inflows have also risen this week. As per The Block data, inflows are already above $750 million since Monday.
Meanwhile, more than 500 asset managers revealing exposure to the new Bitcoin ETFs in their 13F filings.
These include some major and some surprising names, such as Morgan Stanley and a US state pension fund.
On net, in wake of all this bullish news flow, it’s no surprise that cryptos are trading with decent momentum.
Let’s not forget that GameStop icon Roaring Kitty also returned on Monday, injecting huge excitement into meme stock/meme coin markets.
With most major cryptos still some way below yearly highs, the outlook for a continued rally is good.
However, for some impatient traders, the prospect of a 10-20% rally in a few weeks isn’t nearly enough.
These traders prefer to turn to the highly illiquid and volatile on-chain markets.
Traders frequently turn to tools like DEXScreener to hunt for newly issued cryptos that might quickly 100x.
Here are some of the top crypto gainers today on Ethereum that they will be watching.
Top Crypto Gainers Today on DEXScreener
SPURDO (SPURDO)
A just-launched meme coin called SPURDO (SPURDO) is pumping on Friday, up 323% in 24 hours as per DEXScreener.
https://twitter.com/SpurdosCoin/status/1791327544786231712
Its market cap was last around $1.3 million, following a substantial pullback from earlier session highs.
The token has $150,000 in locked liquidity, plus three concerning issues with its smart contract, as identified by Go+ Security.
Traders should always do their due diligence before investing in new coins. Most are scams/pump-and-dumps.
Brett (BRETT)
An Ethereum copycat version of popular Solana meme coin Brett (BRETT) is pumping hard, up 200% on Friday.
The one and only $BRETT on ETH.
Time to get you some.
0x240D6FAF8c3B1A7394e371792A3bf9D28DD65515https://t.co/mLKSrFRyh0
— Brett | ARMY | OG ETH TOKEN (@brettether) May 14, 2024
As per DEXScreener, its market cap was last around $4.6 million with $260,000 in locked liquidity.
Go+ Security identifies two smart contract issues, a blacklist and a white list.
Amaterasu Omikami (OMIKAMI)
An old meme coin called Amaterasu Omikami (OMIKAMI), that was launched back in 2022, is coming back strong on Friday.
— Omikami (@Omikamitoken) May 16, 2024
After gaining over 60% in 24 hours and 250% in two days, OMIKAMI has reached a $10 million market cap.
The token currently has $440,000 in locked liquidity, and is unlikely to be a scam given how old it is.
Better Crypto Alternatives to Consider
Trading new meme coins is fraught with risk. Sure, some of these coins might 100x or more.
But traders are very unlikely to get in right at the bottom. And the vast majority of coins will fall flat, with investors unlikely to be able to find the liquidity to sell.
Moreover, the meme coin market’s fast price action tends to trigger FOMO in traders. They often neglect to do the required due diligence.
A potentially better alternative to investing in just-launched meme coins is to invest in presales.
Here, traders have more time to research a project and see if it is a good fit for them.
If investors are able to reliably identify projects that gain traction, they can make big gains.
With so many presales out there vying for invest funds, it can be tough to know where to start.
That’s why analysts at Cryptonews keep a close eye on the presale market. Here are some of their top presales for 2024.
21 Best Crypto Presales to Invest In Now
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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