Bitcoin Blasts Past $47K as Bitcoin ETF Excitement Gets Feverish

As Bitcoin Stabilizes at $68,000, Traders Look to On-Chain Shitcoin Markets for Today's Top Crypto Gains

Today’s biggest cryptocurrency gainers on DEXTools are PEPES, WOLF, and BVM.

By Joel Frank

Last updated: March 8, 2024 19:41 EST | 3 min read

As Bitcoin (BTC) consolidates in the $68,000s as trading volumes drop off ahead of the weekend, traders are turning to the on-chain shitcoin markets in the hope of identifying top crypto gainers today.

Bitcoin briefly surpassed $70,000 for the first time on Friday. Ether (ETH) momentarily hit $4,000 for the first time since December 2021.

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The major cryptos were boosted by strong continued inflows into spot Bitcoin ETFs, and by macro tailwinds.

Fed Chair Powell’s comments earlier this week that the Fed is close to becoming confident enough on inflation to start cutting interest rates have weighed on the US dollar and US yields this week as traders upped bets on rate cuts starting in June.

Those bets were further supported by US data on Friday which showed the US unemployment rate rising unexpectedly to 3.9%.

But Bitcoin and Ether have both since pulled back from earlier session highs.

As traders take profit on these coins, they are hunting for new opportunities to make a quick buck.

And there is no better place for that that the on-chain shitcoin markets.

Newly launched coins can frequently post gains of as much as 100x in one day.

Of course, the potential for massive gains also comes with the risk that traders could quickly lose everything.

Their illiquidity and volatility mean shitcoin markets aren’t for the faint-hearted.

Top Crypto Gainers Today

PEPESimpsons ($PEPES)

A shitcoin called PEPESimpsons ($PEPES) is up around 75,000% on Friday, as per DEXTools.

But traders should beware that this coin appears to be a scam.

Its price chart looks very weird and manipulated.

And honeypot.io think it is a honeypot scam, as per DEXTools’ security audit.

This coin is almost certainly best avoided.

Traders must remember to always start off with the assumption that all coins are scams unless proved otherwise.

Landwolf ($WOLF)

A just-launched shitcoin called Landwolf ($WOLF) is up over 44,000% in 24 hours, as per DEXTools.

The token, which claims to be Pepe’s best friend, has a market cap of just over $3 million.

It also has liquidity of over $300,000 and over 850 holders.

The smart contract has a few concerning issues, including an antiwhale function and a max sell ratio.

Trades should tread with caution.

BVM ($BVM)

Another just-launched shitcoin called BVM ($BVM) has pumped up over 1000% in 24 hours, as per DEXTools.

That rally has seen it clinch a market cap of nearly $20 million.

The token has $5.5 million liquidity and close to 3,000 holders, not bad for a first day of trade.

But the token’s smart contract hasn’t finished being audited just yet, so traders should be careful.

Alternatives to Consider – Smog (SMOG)

Shitcoins are highly risky.

Most are either outright scams or, at the very least, pump-and-dump schemes designed to leave unsuspecting investors holding the bag.

A much better strategy is to look for more established meme coins that already have a presence but haven’t seen a massive pump just yet.

One such meme coin is a recently launched Solana coin called Smog (SMOG).

Its price has pumped nearly 8x since late February to reach a market cap of $270 million, as per DEXTools.

The dragon-themed token markets itself as offering Solana’s greatest airdrop of all time.

Traders can qualify for the airdrop by buying a holding SMOG on Solana, or staking the token on Ethereum.

Even though its market cap remains modest, SMOG already boasts a strong community.

Indeed, as per birdeye.so, it already has over 60,000 holders.

Given all the excitement about Solana airdrops in recent months, SMOG could gain significant interest in the coming weeks.

SMOG could deliver at least 10x gains to investors, hence its rank in the best crypto meme coins to buy now.

Traders should note that they can clinch a 10% discount when buying SMOG directly through the project’s website.

They can also stake their tokens for a 42% APY.

Buy SMOG Here

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Q&A

Q: Are shitcoin markets really as risky as the article suggests?

A: Yes, shitcoin markets are extremely risky. The lack of liquidity and high volatility make them a breeding ground for scams and pump-and-dump schemes. Traders should exercise extreme caution and thoroughly research any coin before investing.

Q: What should traders look for when considering investing in a new coin?

A: When considering a new coin, traders should look for transparency, a strong community, and a reputable audit of the token’s smart contract. It’s also important to assess the coin’s market cap, liquidity, and the number of holders. These factors can help gauge the potential for growth and minimize the risk of investing in a scam.

Q: Are there any alternative meme coins worth considering other than the ones mentioned in the article?

A: Yes, there are several alternative meme coins worth considering. Some notable ones include Dogecoin (DOGE), Shiba Inu (SHIB), and SafeMoon (SAFEMOON). These coins have gained popularity in recent years and have a dedicated community of supporters. However, it’s important to note that investing in meme coins carries significant risks, and thorough research is essential before making any investment decisions.

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The Future of Crypto Meme Coins

While shitcoin markets offer the allure of quick gains, it’s important for traders to tread carefully due to the inherent risks involved. Scams and fraudulent projects are prevalent in this space, so it’s crucial to separate the diamonds from the rough.

Looking ahead, the crypto market will likely continue to see the emergence of new meme coins with unique features and narratives. Investors should keep an eye on established projects that have yet to experience massive pumps, as these may offer more sustainable growth opportunities.

As the cryptocurrency market evolves, it’s essential to stay informed and adapt investment strategies accordingly. Constant vigilance and thorough research will be key to navigating the ever-changing landscape of crypto meme coins.

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References

1. Bitcoin ETFs
2. Fed on inflation
3. US data on Friday
4. Bitcoin miners reduce BTC holdings
5. Decentralized exchange
6. DEXTools
7. Birdeye.so
8. Google News

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