As the week kicks off, cryptocurrency markets remain pretty stable, with major coins trading in recent ranges. Bitcoin (BTC) has been down from $70,000 and slightly dipped to the $68,000s on Mt Gox wallet movement fears.
Meanwhile, Ethereum (ETH) changes hands within the $3,800s as traders await the launch of recently approved Ethereum ETFs.
With this stability, though, traders looking for quicker gains turn their focus to more volatile on-chain altcoin markets.
New meme coins and lesser-known tokens usually promise huge returns, but they are also very risky. Let’s dive into the top crypto gainers today according to DEX analytics tool DEXScreener.
Top Crypto Gainers Today
King of Memes (KING)
King of Memes (KING) is another Solana meme coin that has been in existence for only a few days but surged by almost 750% over the past 24 hours.
According to DEXScreener, KING had managed to reach a market capitalization of $642 million. However, the token has only $670,000 in locked liquidity and has seen a trading volume of $2.4 million since its launch.
Despite its tremendous surge, the community on DEXScreener shows low trust in KING, with numerous red flag votes and a restricted X account. Legitimacy in this coin is pretty suspect, and investors would need to exercise caution.
Swapuz (SWAPUZ)
Another suspicious token is Swapuz (SWAPUZ), whose huge market cap was achieved moments after its launch.
SWAPUZ’s market capitalization reached around $420 million, with the token shooting up by 640,000% since its launch. However, the trading volumes remain low at $4.8 million, and no activity by the coin’s X account is seen since last year.
These points lead to Swapuz being another risky investment that one would advise investors to avoid.
MOJO The Gorilla (MOJO)
MOJO The Gorilla (MOJO), a recently launched Ethereum meme coin, gained nearly 80,000% since its launch. According to DEXScreener, the market cap for MOJO stands at $3.1 million, with $250,000 in locked liquidity.
Although much less suspicious looking than KING and SWAPUZ, MOJO’s contract has two concerning aspects, according to Go+ Security.
Despite the fact that MOJO seems less risky, traders remember most new tokens are poised to be pump-and-dump schemes.
Context and Market Insights
Data expected later this week from Core PCE inflation could shift the larger crypto market. This data is expected to reveal a decline from 0.3% in March to 0.2% in April, which could further boost market confidence and support the expectation of Federal Reserve rate cuts later this year.
On the political front, pro-crypto commentary from US Presidential candidate Donald Trump, as well as the SEC’s approval of Ethereum ETFs, is also boosting market sentiment. Major cryptocurrencies may soon retest recent highs, but the allure of the on-chain altcoin market draws traders seeking faster gains.
However, it’s crucial to perform thorough research and avoid risking more than one can afford to lose.
While some new tokens may offer significant returns, many are scams or pump-and-dump schemes with no long-term value.
For more detailed insights and updates, traders can utilize tools like DEXScreener and stay aware of market trends and shifts within the crypto space.
