Traders are utilizing tools like DEXScreener to find the top-performing cryptocurrencies in the on-chain markets following the recent drop in Bitcoin’s price. Bitcoin is currently trading in the $57,000 range as investors analyze the latest Federal Reserve policy announcement. They are also keeping an eye on negative flows in Bitcoin ETFs, which have experienced outflows for five consecutive days. Most altcoins are also experiencing losses, prompting traders to turn to the volatile on-chain markets in hopes of quick profits.
On-chain markets refer to the trading of assets directly on the blockchain. While many new tokens are launched daily, most of them are pump-and-dump schemes or scams. However, there are some hidden gems that can offer significant gains for early investors. Traders often rely on tools like DEXScreener to identify trending and high-performing coins.
Here are some of the top-performing cryptocurrencies today on Ethereum, according to DEXScreener:
AITaxBot (AITAX): This newly launched cryptocurrency has seen a 1800% increase in value on Wednesday. It currently has a market cap of $370,000 and $130,000 in locked liquidity, with trading volumes reaching $520,000. However, there are four concerning aspects to its smart contract, as highlighted by Go+ Security, so investors should exercise caution.
America (AMERICA): This meme coin, launched three days ago, continues to surge in value. It has seen a 220% increase in the past 24 hours and has a market cap of $5.1 million. Additionally, it has $260,000 in locked liquidity. The coin has been actively donating to US veterans, which may be contributing to its growth. Go+ Security has identified two smart contract issues with this token.
Book of Ethereum (BOOE): This meme coin has reached record highs on Wednesday, with a 50% increase in value during the day. Its market cap stands at $3.3 million, with liquidity of $270,000. BOOE does not have any smart contract issues and appears to be a legitimate investment. However, investors should always conduct their due diligence, as most newly launched coins do not hold long-term value.
In addition to identifying profitable altcoins, investors can also explore the strategy of investing in presales, which can potentially yield even higher gains. Web3 projects often offer their native tokens at a discounted price to early investors to raise funds for development. By identifying projects with a strong vision, use case, and competent team that gain traction in the market, investors can make significant profits. However, navigating the presale market can be challenging. Cryptonews has compiled a list of their top picks to assist investors in getting started.
It’s important to note that cryptocurrency is a high-risk asset class, and this article is for informational purposes only and should not be considered investment advice. There is a possibility of losing all invested capital.
