Cryptocurrency Market Update:
Trading conditions were broadly bearish on Tuesday as traders focused on a hotter-than-expected US PPI report and commentary from Fed Chair Jerome Powell. Bitcoin (BTC) and Ether (ETH) were both down around 2% in the past 24 hours. The market’s attention has shifted to Wednesday’s release of US CPI and Retail Sales data, which could impact Fed rate cut bets.
Bitcoin and Ether are down from earlier yearly highs primarily due to the US economy remaining hotter than expected this year. Traders are hoping for evidence that price pressures are starting to reverse, potentially providing relief to the market. However, major cryptocurrencies are mostly trading within recent ranges.
While big moves are not expected in the near term, the on-chain crypto markets have seen significant activity. Meme coins inspired by the GameStop craze leader are gaining popularity. Here are some of the top crypto gainers today according to DEXScreener:
Indholdsfortegnelse
Roaring Kitty Wif Hat (RWIF)
A newly launched Solana meme coin combining popular meme coin dogwifhat and Roaring Kitty surged 95,000% in the past 24 hours. RWIF now has a market cap of $2.7 million. However, traders should exercise caution, as most newly launched coins end up being scams or pump-and-dumps.
DUMB MONEY (DUMB)
Another recently launched Solana meme coin, DUMB MONEY, saw a 36,000% increase in the past 24 hours with a market cap nearing $900,000. The token plays on the concept of retail investors as “dumb money”, referring to meme stock investors who were successful in 2021.
GameStop (GME)
BNB traders are getting involved in the action with a newly launched meme coin named GameStop (GME). Inspired by the legendary meme stock, GME surged 8,900% in 24 hours with a market cap of $4.4 million.
While these meme coins may offer significant returns, they also come with high risk. Investing in newly launched meme coins can be risky, as many turn out to be scams. It is essential for traders to conduct thorough research and due diligence before investing in such projects.
For a potentially better alternative, traders can consider investing in presales, where they have more time to research a project and assess its potential. Identifying projects that gain traction early can lead to significant gains. Analysts at Cryptonews closely monitor the presale market and provide insights on top presales for 2024.
Disclaimer: Crypto is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. Investors should be aware of the risks and the possibility of losing all capital in crypto investments.
