Top Crypto Movers Today on DEXScreener – PE, PEPE, BENCH
Joel Frank
Last updated:
June 3, 2024 18:51 EDT
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3 min read
Top Crypto Movers Today on DEXScreener – PE, PEPE, BENCH / Source: Cryptonews
In a day of mixed performance in the crypto markets, Bitcoin (BTC) saw positive movement after weaker-than-expected US economic data. However, most other major altcoins faced challenges. Traders seeking the top crypto gainers today turned to tools like DEXScreener to identify significant movements in the on-chain markets.
The US ISM Manufacturing PMI fell short of expectations, increasing speculation that the Fed will begin cutting in September. This development briefly pushed Bitcoin above $70,000, but it is currently trading near $69,000. Ethereum (ETH) remained steady in the $3,700s, while SOL, BNB, DOGE, and ADA experienced gains of 2-4%.
During periods of market stagnation in established cryptocurrencies, traders often explore the illiquid and volatile on-chain markets. On-chain markets refer to the market for crypto tokens that are issued and traded directly on blockchains like Ethereum. The ease of issuing new tokens means that new ones emerge almost daily, but the majority are either scams or pump and dumps. Consequently, few newly launched crypto tokens retain long-term value.
Considering this, here are the top crypto gainers today that are garnering attention:
Pe Coin (PE)
Pe Coin (PE), a newly launched meme coin featuring a one-eyed version of Pepe, has experienced significant growth. Since its launch, the Ethereum-based meme coin has surged by over 21,500%, according to DEXScreener. Its market capitalization has reached $1.6 million, and the token has nearly $200,000 in locked liquidity. However, there is one concerning aspect related to its smart contract, as identified by Go+ Security. Traders must conduct thorough research before participating in on-chain markets and be prepared for potential losses.
Pepe (PEPE)
Pepe (PEPE), a copycat version of the popular Pepe meme coin, is also experiencing growth on Monday. The new token, marketed as a second chance for meme coin investors to get in early on Pepe, currently has a market cap of approximately $2.2 million and around $230,000 in locked liquidity, as reported by DEXScreener. However, the smart contract for this token raises three concerns.
Benchmark of Memecoins (BENCH)
Benchmark of Memecoins (BENCH), a new token, has seen significant gains on Monday, with a 24-hour increase of 8,500%. According to DEXScreener, its market cap stands at $34.3 million. The token claims to have introduced a new token standard on Ethereum called ERC-7660, which serves as a next-generation benchmark for meme coins. However, traders should exercise caution with this token as it is mintable, and its ownership has not been renounced.
Consider Better Crypto Alternatives
Trading newly launched meme coins carries significant risks. While some coins may experience substantial gains, it is highly unlikely that traders will enter at the bottom. The majority of coins will likely fail, leaving investors unable to find liquidity to sell. Moreover, the fast-paced price action in the meme coin market often triggers FOMO (fear of missing out) among traders, causing them to neglect the necessary due diligence.
A potentially better alternative to investing in just-launched meme coins is to explore presales. These offer traders more time to research a project and determine if it aligns with their investment goals. Identifying projects with reliable traction can result in significant gains. However, with numerous presales competing for investment funds, it can be challenging to know where to begin. Cryptonews analysts closely monitor the presale market and have compiled a list of the top presales for 2024.
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