Exciting Crypto Winners Today on DEXScreener – PEIPEI, MAGAA, eef
Joel Frank
Last updated:
June 5, 2024 00:43 EDT
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3 min read
When major cryptocurrencies were enjoying a positive trend due to promising signs in the US labor market, smaller altcoins traded on decentralized exchanges stole the spotlight as the top crypto gainers of the day.
Bitcoin (BTC) showed a 2.5% increase in the past 24 hours, reaching close to $71,000. Additionally, BNB surged by 11%, Solana (SOL) by 4%, and Toncoin (TON) by 13%.
The US JOLTs Job Openings report for April revealed a decrease in job openings to 8.06 million from 8.49 million in March. This was the lowest reading since June 2021, exceeding the expected drop to 8.35 million. The data indicated a decreasing demand for labor since 2022, with job openings peaking above 11.5 million in May 2022. This information fueled speculation that the Federal Reserve would cut interest rates by September.
According to CME’s tool, the likelihood of at least one rate cut by September stood at over 65%, up from under 60% a day ago, under 45% a week ago, and around 33% a month ago. This increase in rate-cut expectations contributed to the positive market sentiment, including in the microcap crypto trading sector.
Traders seeking rapid gains often turn to on-chain markets for high-potential meme coins and cryptocurrencies. While newly launched tokens can yield substantial profits, many end up as pump-and-dump schemes or scams, emphasizing the need for caution.
Here are the top crypto gainers today on Ethereum that traders are monitoring:
PeiPei (PEIPEI)
PeiPei (PEIPEI), another Pepe Coin variant, experienced significant growth on Wednesday, with a staggering 130,000% surge in 24 hours. Despite achieving a market cap of $7.6 million and $450,000 in locked liquidity, concerns remain about its smart contract, suggesting a potential pump-and-dump scenario.
MAGAA (MAGAA)
MAGAA (MAGAA), a Donald Trump-themed meme coin, soared by 27,500% in 24 hours, with a market cap of $14.5 million. Despite impressive trading volumes and locked liquidity, caution is advised due to pausable token transfers, indicating a possible scam.
eef (eef)
The shitcoin eef (eef) skyrocketed by 7,300% since its launch, with a market cap of $2.5 million and $18.2 million in 24-hour trading volumes. Though its smart contract appears sound, it’s essential for traders to conduct thorough research before investing.
While established altcoins offer stability, newer coins provide opportunities for substantial gains. For risk-tolerant investors seeking high returns, presale investing in Web3 startups could be a lucrative strategy. With numerous presales available, investors should exercise caution and research thoroughly before making investment decisions.
Crypto enthusiasts can explore Cryptonews’ top picks for crypto presales to stay informed about potential investment opportunities. Remember, crypto is a high-risk asset class, and this information is for educational purposes only. Invest wisely and never risk more than you can afford to lose.
