Top Crypto Gainers Today on DEXScreener – KING, SWAPUZ, MOJO
Joel Frank
Last updated: May 29, 2024 00:30 EDT | 2 min read
The cryptocurrency market has had a relatively calm start to the week, with major coins trading within recent ranges. However, traders seeking higher gains are turning to the more volatile on-chain altcoin markets.
Bitcoin (BTC) is currently trading in the $68,000s, slightly down from its peak above $70,000 due to concerns over Mt Gox wallet movement. Ethereum (ETH) is trading in the $3,800s, and traders are eagerly awaiting the launch of recently approved Ethereum ETFs.
The market may experience some volatility later in the week with the release of Core PCE inflation data. It is expected that the data will show a decline in core price pressures from 0.3% in March to 0.2% in April. This would provide relief to the market and increase confidence in the possibility of future Fed rate cuts.
In terms of politics and regulations, the market is currently benefiting from positive developments. US Presidential candidate Donald Trump has expressed support for cryptocurrencies, and the SEC’s approval of Ethereum ETFs indicates a weakening anti-crypto sentiment in the US.
While major cryptocurrencies may soon retest their recent highs, traders looking for faster gains are turning to the risky on-chain markets. New meme coins and shitcoins are launched every day, and if traders can get in early on a coin that gains traction, they can make substantial profits. However, it is important to note that most of these newly launched coins are scams or pump-and-dump tokens, and traders should exercise caution and conduct thorough research before investing.
That being said, here are the top crypto gainers today according to DEX analytics tool DEXScreener:
1. King of Memes (KING): This newly launched Solana meme coin has seen a staggering increase of nearly 750% in the past 24 hours. However, there are concerns about the legitimacy of this token, as it has low locked liquidity and trading volume, and lacks trust from the community. Traders should be wary and avoid this coin.
2. Swapuz (SWAPUZ): Another suspicious coin, Swapuz, has achieved a massive market cap shortly after launch, with an increase of 640,000%. However, the trading volumes are relatively low, and there are no notable activities associated with the coin’s X account. Traders should exercise caution and stay away from this coin.
3. MOJO The Gorilla (MOJO): This recently launched Ethereum meme coin has experienced a significant pump of almost 80,000% since its launch. While it may appear less scammy than the previous two coins, it still carries risks. Traders must remember that most newly launched tokens are pump-and-dump schemes, and they should approach with caution.
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