On a mostly bearish day in the cryptocurrency market on Tuesday, Render (RNDR), Kaspa (KAS) and Tron (TRX) are top crypto gainers today and some of the only coins trading in the green over the past 24 hours.
Each of these altcoins was last up between 1.5-5% in the past 24 hours.
Bitcoin (BTC), meanwhile, dropped 1.2% on Tuesday to the low $62,000s, after finding resistance once again at its 50DMA.
While the world’s largest crypto remains substantially higher versus last week’s lows, that suggests the bulls haven’t regained full control.
That shouldn’t come as too much of a surprise. The SEC hit Robinhood with a Wells Notice this week, throwing US regulatory uncertainty into the spotlight once again.
JUST IN – SEC Chairman Gary Gensler is asked about the SEC’s current priorities, the recent Wells Notice issued to Robinhood, and more. pic.twitter.com/2VhiYPyw9F
— Swan (@Swan) May 7, 2024
The outlook for Bitcoin remains one of consolidation for the months ahead. Firstly, the summer months tend not to be particularly exciting for BTC.
Sell in May and go away in Bitcoin? @MadsEberhardt with all the data here -> https://t.co/OQyGuqYCFr pic.twitter.com/qxyr0yZ2nN
— Andreas Steno Larsen (@AndreasSteno) May 2, 2024
Secondly, post-halving rallies typically don’t propel the price to new highs for around 4-6 months. The halving latest halving was only a few weeks ago.
Moreover, Fed rate cuts aren’t expected until the end of the year. And a lot could still change that could push expectations for the first-rate cuts into 2025, like continued US economic strength/high inflation.
As a result, Bitcoin lacks narrative strength to propel it higher right now. It will likely remain stuck within recent $56,000-$74,000ish ranges.
Bitcoin is not amongst the top crypto gainers today, and may not be for some time as it languishes within recent ranges. Source: TradingView
With blue-chip cryptocurrencies not likely to excite much in the months ahead, traders are looking for alternatives.
Given the prospect of making quick riches, the highly volatile and illiquid on-chain markets are one place traders turn.
They often use tools like DEXScreener to hunt for top crypto gainers today.
But investors must remember this – nearly all new coins issued on-chain are scams, rug pulls or pump-and-dumps.
That being said, here are some of the top crypto gainers today on Ethereum as per DEXScreener.
Top Crypto Gainers Today on DEXScreener
WalletAI (WALLETAI)
A just-launched supposed AI wallet token called WalletAI (WALLETAI) is pumping on its first day.
The token is up 21,500%, as per DEXScreener, with a market cap $1.6 million, with $230,000 in locked liquidity.
But traders should be cautious with this token. It doesn’t have any information on its DEXScreener page – no Twitter, no website. Nothing.
Go+ Security also identifies three issues with its smart contract, including a 5% buy and sell tax.
This token could easily be a rug pull or pump-and-dump scam of some sorts. Investors must always do their due diligence.
BOBO (BOBO)
A just-launched shitcoin called Bobo (BOBO) is up 8,000% on the day, as per DEXScreener.
It last had a market cap of $3.4 million, with $250,000 in unlocked liquidity.
Like WalletAI, it has no information on its DEXScreener page. Investors should always familiarize themselves with a project before buying its token.
As they read up on a project, they should take not of any red flags they notice, or gut feelings they get that something isn’t right.
BOBO only has one smart contract issue, as per Go+ Security.
Mew on ETH (MEW)
A cat-themed meme coin called Mew on ETH (MEW) is up over 3,000% in 24 hours, as per DEXScreener.
Despite those impressive gains, its market cap is still small at just over $200,000. The token also has $70,000 in locked liquidity.
https://twitter.com/MewErc20/status/1787997709380571445
MEW appears designed for the cat fans in the crypto space who may be sick of dog meme coin domination.
The meme coin has a telegram group that has already amassed 144 subscribers.
Just because this coin has more information on it than the others in this list doesn’t mean it can be trusted.
Investors should never risk more than they can lose in the on-chain markets.
Better Alternative to Consider – Wiener AI (WAI)
Investors tempted to jump into risky, speculative coins obviously have a high-risk tolerance.
This appetite towards risk might be better served with a different strategy that, while also risky, has higher upside potential.
The strategy in question is presale investing, which involves buying the tokens of upstart crypto projects before they gain traction.
Presale investing is risky because projects can fail to deliver on their promises or achieve adoption.
But if investors are able to reliably identify high-potential projects, they can bag big gains.
A fun new AI meme coin called Wiener AI (WAI) has caught the attention of analysts at Cryptonews.
The Sausage dog-themed meme coin offers a suite of handy AI trading capabilities and has already raised over $1.2 million.
Once you harness the power of AI for your trading…you’ll never look back.
— WienerAI (@WienerDogAI) May 7, 2024
Interested investors need to move quickly, as the WAI price will raise in 8 hours.
Currently priced at $0.000704, investors are buying WAI at a market cap of around $45 million.
But investors could be looking at gains of 10x or more if WAI can become a market leader.
Not only is WAI an exciting meme coin with AI capabilities, but its also a passive income gem.
A HUGE MILESTONE!
Just WAIT until you see what we have in store.
— WienerAI (@WienerDogAI) May 4, 2024
20% of the supply has been allocated to staking rewards. Presale investors are currently earning a massive 1091% APY.
At this rate, investors can double their initial presale investment in under one month.
The post Top Crypto Gainers Today on DEXScreener – WALLETAI, BOBO, MEW appeared first on Cryptonews.