Top Crypto Gainers Today on DEXTools – X, KITE, NYAN

Top Crypto Gainers Today on DEXTools - X, KITE, NYAN

The Rise of Blue Chip Cryptocurrencies and the Hunt for Volatility in the Meme Coin Market

DEXTools

Blue chip cryptocurrencies such as Bitcoin and Ethereum have been experiencing a period of sideways movement in anticipation of the US Federal Reserve’s upcoming policy announcement. Market participants widely expect a 25 basis point rate hike to 5.25-5.5%, and the Fed’s tone on the likelihood of further interest rate hikes later this year will significantly impact price action in the crypto market.

Investors are closely watching for indications that fewer rate hikes are likely to occur later in the year, as this could potentially lead to a rally in cryptocurrencies. Currently, Bitcoin is trading sideways in the low $29,000s, while Ethereum remains stagnant in the mid-$1,800s. With the price action in blue chip cryptocurrencies subdued, many investors are turning to the meme coin/shitcoin market in search of volatility and short-term gains.

X (X)

One interesting development in the meme coin market is the emergence of X tokens following Elon Musk’s Twitter rebranding to “X,” which opens the door for the social media platform to become an “everything” app. Among the X tokens, the X (X) token with the contract address 0xa62894d5196bc44e4c3978400ad07e7b30352372 has gained significant attention. Its price recently hit an all-time high at around $0.000015, giving it a market cap of approximately $15 million.

It is important to note that the X (X) token has no real value and has no connection to Elon Musk’s rebranding from Twitter to X. Nevertheless, it has managed to attract around 5,860 holders and has a locked liquidity pool worth nearly $500,000. Since its launch, the token has seen substantial trading volumes, reaching approximately $24 million, as reported by DEXTools.

Kite (KITE)

Another coin to be cautious about is Kite (KITE), which has recently surged on the DEXTools gainers list. However, this coin comes with a significant drawback. The token contract has a 100% sell tax attached to it, meaning that even if its price goes up, investors will lose everything when they sell. Due to this concerning feature, Kite has received a 100% downrating on DEXTools. It is crucial for investors to scrutinize DEXTools’ audit before buying any similar coins to avoid falling victim to scams.

Nyan (NYAN)

On the other hand, Nyan (NYAN), a cat-themed meme coin, has experienced a pump of approximately 170% according to DEXTools. This coin has been around since May and has shown resilience, bouncing back from monthly lows in the $0.000000008 area. With the current price hovering around $0.00000003, NYAN is about 3.5 times higher than its earlier lows and approximately 5 times up compared to June’s lows at $0.000000006. Bulls are hoping for a further pump, aiming to reach its May all-time highs at $0.00000007, which would represent a more than 100% rally from its current levels. As of now, NYAN has a market cap of around $2 million, close to 1,800 holders, and has seen approximately $330,000 in trading volumes over the past 24 hours.

A Better Alternative to Shitcoins

While the volatility of the shitcoin market often entices investors, it is important to note that most of these coins lack underlying utility or long-term project visions. Consequently, they tend to end up as worthless coins. For those seeking stronger possibilities of near-term gains, it is advisable to explore promising presale projects scrutinized by reputable sources like Cryptonews.com.

Here’s one project worth considering:

BTC20 (BTC20)

BTC20 is billed as “Bitcoin on Ethereum” and positions itself as an opportunity for members of the cryptocurrency community to purchase bitcoin at its 2011 price of $1. This novel token aims to mimic bitcoin’s tokenomics with a similar supply cap of 21 million tokens. However, instead of using energy-guzzling Proof-of-Work like bitcoin, BTC20 runs on an ecofriendly, low energy consuming Proof-of-Stake Ethereum blockchain.

Bitcoin enthusiasts may find BTC20 appealing due to its environmentally friendly approach and the potential to acquire an asset similar to bitcoin at a fraction of the current price. The project is seeking to raise a minimum of $3 million, with the possibility of reaching $6 million through the sale of BTC20 tokens at $1 each. As of now, the project has already raised over $2.6 million in just a few days, highlighting the interest and demand for this unique offering.

Investors must bear in mind that the cryptocurrency market is highly volatile and entails significant risks. Therefore, it is crucial to conduct thorough research and exercise caution when making investment decisions.

Disclaimer:

Crypto assets are high-risk investments. The information provided in this article is for informational purposes only and should not be considered investment advice. It is essential to understand the risks involved and be prepared to potentially lose all of your capital.

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