With major cryptocurrencies struggling on Friday as focus returns to heavy and largely GBTC-driven spot Bitcoin ETF outflows, traders looking to turn quick exponential profits continue to flock to the on-chain shitcoin markets as they hunt for top crypto gainers today.
Bitcoin (BTC) has been up by 2.5% in the past 24 hours, as per CoinMarketCap, and trading in the mid-$63,000s.
Other major cryptos Ether (ETH), Solana (SOL), and XRP (XRP) dropped as much as 5% over the same time period.
As per Zerohedge, GBTC is now down to 356,000 BTC from 619,000 BTC just two months ago.
GBTC only has 356K bitcoins left to liquidate, down from 619K two months ago
— zerohedge (@zerohedge) March 21, 2024
Traders have been dumping GBTC since it converted into a spot ETF.
That’s because of:
- Its comparatively high fee (of 1.5%),
- Traders who bought GBTC at a big discount to NAV in 2023 before it converted to an ETF taking profit,
- Bankrupt crypto companies (like FTX, Celsius, and BlockFi) liquidating holdings.
While GBTC sell pressure could persist in the short term, this is unlikely to be a long-term headwind to the market.
Major cryptos are thus likely to recover and hit new highs later this year, with Bitcoin bulls eyeing $100,000.
But in the meantime, impatient traders looking to turn faster profits will continue to enter the on-chain markets.
On-chain markets refer to the market for digital assets that have been issued directly on top of an existing blockchain.
For example, the Shiba Inu (SHIB) token is issued on Ethereum as an ERC-20 token.
These tokens can then be traded on decentralized exchanges (DEX), and also perhaps on centralized exchanges if they get big enough.
They are often referred to as meme coin (or shitcoin) markets and virtually anyone can issue a token at any time.
As a result, these on-chain markets are replete with scams and pump-and-dump schemes.
But shitcoin markets are the only place to find tokens that can rally in the 50-100x region.
Here are a few of the top crypto gainers today on Solana that traders will be monitoring, as per DEXScreener.
Top Crypto Gainers Today
Stop ($STOP)
A just-launched anti-racism token called Stop ($STOP), which appears to be campaigning against racist tokens being launched on Solana, is up 130,000% in the past 24 hours, as per DEXScreener.
The token’s market cap was last $2.2 million, with $120,000 in locked liquidity.
It has also seen an impressive $9.5 million in trading volumes since its launch.
But just because the token seems innocent and well-meaning, that doesn’t mean it isn’t a scam.
Traders must always do their due diligence in the on-chain shitcoin markets. Most tokens are scams or pump-and-dump schemes.
Doege ($DOEGE)
A fun alternative version of Dogecoin called Doege ($DOEGE) is pumping on Solana on Friday.
It went up 35,600% in 24 hours as per DEXScreener.
But its market cap remains modest at just $800,000, with $100,000 in locked liquidity.
It seems to have decent community support though, with 563 “rocket” votes on DEXScreener versus 28 “shitcoin” and “40” red flag votes.
Thicc ($THICC)
A shitcoin called $THICC has pumped up 130% in 24 hours, reaching a market cap of $2.7 million.
That’s according to DEXScreener, which puts the token’s 24-hour volumes at a massive $30 million.
Moreover, over 10,000 unique wallets have traded the pair, an impressive feat.
But investors should never ape into a coin purely because of impressive numbers. Always do your own research first.
Crypto Alternatives to Consider
Investing in low-cap shitcoins is a very risky strategy.
An innocent-looking project could easily turn out to be a scam, and a few big sell orders could easily drive the price 80% lower.
A strategy that is still risky, but arguably has a better risk reward is getting involved in crypto presales.
The idea is that investors secure tokens of up-and-coming, high-potential crypto projects/protocols at a discounted early price.
These projects then put those funds to work, paying for protocol development and marketing.
While lots can go wrong when investing in crypto presales—unforeseen circumstances can prevent a project from delivering on its vision—savvy presale investors routinely secure gains of 10x or more.
With hundreds of presale projects vying for investor funds, analysts at Cryptonews have been combing the market.
Here are 14 of the presale projects with the highest potential.
See the 14 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
