Best Performers in the Shitcoin/Meme Coin Market
Blue chip cryptocurrency markets are mixed to modestly positive on Tuesday, ahead of the US Federal Reserve’s highly anticipated interest rate decision on Wednesday. Bitcoin (BTC) is up around 1.5% in the last 24 hours, trading at around $27,200 and finding strong support above its 21-day moving average (DMA) at $26,200. Ether (ETH) is trading just under $1,650 and has broken above its 21DMA, signaling a potential positive shift in momentum for both cryptocurrencies. However, ETH fell to its lowest level versus BTC in over 14 months due to BTC’s outperformance.
Amidst cautious trading conditions, some traders are turning to the shitcoin/meme coin markets to find volatility opportunities. Here are some of the best performers in this market according to DEXTools.
PogeX ($POGEX)
PogeX, a new shitcoin, has rallied nearly 500% on Tuesday, reaching a market cap of over $2 million. The token has been able to accumulate nearly 500 holders and has over $300,000 in partially locked liquidity. While its token contract appears to be fine, there is a 3% buy and sell tax identified in GoPlus‘ security audit. PogeX claims to be the first centralized exchange focusing primarily on meme coins and refers to itself as the next big meme project.
XMoon ($XMoon)
XMoon, another new shitcoin, is up close to 300% from its DEX launch price on Tuesday, reaching a market cap of just over $110,000. It has over $200,000 in liquidity, although this liquidity isn’t locked, which may indicate a higher risk of being a rug pull scam. The token has accumulated over 200 holders and doesn’t have any concerning aspects to its token based on DEXTools‘ security audit, although the audit is still incomplete.
Dark Forest ($DARK)
Dark Forest, an old shitcoin, is attempting a comeback. According to DEXTools, it has rallied around 150% in the last 24 hours, making it one of the best-performing low-cap coins. The token is currently trading around $0.07 per token, having hit $0.03 on Monday. Its market cap is about $350,000 with locked liquidity of just over $70,000 and over 1,200 holders. However, DEXTools‘ security audit has identified various concerning aspects of the token contract, including functions that allow the token issuer to tamper with trade and change the token’s tax.
Crypto Alternatives to Consider
Investing in shitcoins can be very risky as many of them lack real value propositions. For those seeking higher probability of near-term gains, an alternative high-risk-high-reward investment strategy is getting involved in crypto presales. This involves buying tokens of up-start crypto projects to help fund their development. These tokens are usually sold at low prices, and there is a history of presales delivering huge exponential gains to early investors. However, it is important to note that crypto is a high-risk asset class and investors could lose all of their capital.
The team at Cryptonews spends a lot of time researching presale projects and identifying the best ones. They have compiled a list of the 15 best crypto presales of 2023, which can provide investors with a good risk/reward profile for their presale investments.
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.
