As crypto markets surged higher on Monday, traders were on the lookout for the top crypto gainers of the day in the on-chain markets. Ethereum (ETH) experienced a remarkable 19% increase, reaching the $3,600 range. The potential approval of spot Ethereum ETFs in the US could have a significant impact on institutional investment in the asset, similar to what was observed following spot Bitcoin ETF approvals.
Bitcoin (BTC) also saw a notable 8% jump, with a current trading price around $71,000. Additionally, altcoin markets displayed considerable growth with coins like Pepe (PEPE), Arbitrum (ARB), Optimism (OP), and Uniswap (UNI) all increasing by approximately 20% alongside Ethereum.
The overall market outlook appears positive, with reduced macro headwinds this month and increased bets on a Fed rate cut following US jobs and CPI inflation data that came in lower than anticipated. The possibility of an Ethereum ETF approval could serve as a catalyst to sustain the ongoing rally.
Major cryptocurrencies such as Bitcoin, Ethereum, and Solana have surpassed crucial short-term resistance levels and may retest yearly highs. Despite the optimistic outlook, some traders are seeking increased volatility, turning to the highly illiquid on-chain markets that cater to those with a high-risk tolerance.
In these markets, new tokens and meme coins are being launched daily on blockchains like Solana and Ethereum. While many of these projects are short-term pumps or scams lacking long-term value, they can yield significant gains in the short term.
Here are some of the top crypto gainers for the day in the on-chain markets according to DEX analytics tool, DEXScreener:
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Dogwifmaga (WIFMAGA)
A newly launched MAGA-themed version of the dogwifhat coin, Dogwifmaga (WIFMAGA) has shown significant growth in early Tuesday trade. The token currently boasts a market cap of $1.7 million with over $100,000 in locked liquidity.
MEGA (MEGA)
Another Trump-themed coin named MEGA, short for “Make Ethereum Great Again,” has seen a substantial increase in value since its launch on Monday. With a market cap of $3.7 million and partially locked liquidity exceeding $400,000, MEGA has garnered considerable attention.
Ape.lol (APE)
The token of a platform allegedly soon to be launched, Ape.lol (APE), exhibited a strong performance on Monday with nearly a 40,000% increase since its launch. The token has a market cap of approximately $2.2 million, $135,000 in locked liquidity, and has seen trading volumes of $1.7 million.
For traders seeking larger gains, exploring newer coins and participating in presales may offer opportunities. Investing in presale tokens from Web3 startups at an early discount can potentially yield significant returns. However, it is crucial for traders to conduct thorough research and exercise caution due to the high-risk nature of the crypto market.
