Bitcoin ETF Excitement Fuels Meme Coin Surge 💥

Spike in US Dollar Index (DXY) and Increase in US Treasury Yields on Monday due to Fed Chair's Hawkish Comments

Today’s top crypto gainers on DEXTools are POP, INEDIBLE, BEBE.

📅 Last updated: February 5, 2024 | 🕒 3 min read

Joel Frank

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The surging US Dollar Index (DXY) and rising US government bond yields, combined with Jerome Powell’s fresh hawkish comments, are capping gains in major cryptocurrencies today. However, meme coin markets are still pumping, with $POP, $INEDIBLE, and $PANDORA taking the lead as the top crypto gainers on DEXTools. 🚀

Fed Chair Jerome Powell’s argument for patience on rate cuts during a recent interview aired on Sunday is contributing to Bitcoin’s price staying below $43,000, currently hovering around $42,600. Additionally, a stronger-than-expected ISM Services PMI report released today is giving the market further reasons to push off Fed rate cut bets, hindering crypto gains. 😫

But not all hope is lost. Bitcoin and the broader market continue to remain fairly well underpinned. BTC is currently holding above the $42,000 support level. One of the reasons for this support is the strong net flows into spot Bitcoin ETFs, which have seen significant activity in recent sessions. According to CoinShares, Bitcoin ETFs attracted $700 million in net flows last week. 📈

• Chainlink (LINK) Price Surges to New Highs: Bullish Flag Breakout Signals Strong Momentum
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While major cryptocurrencies like Bitcoin consolidate, adventurous traders seeking quick exponential gains are turning to the shitcoin markets. These low-cap cryptocurrencies almost always lead as the biggest crypto gainers each day. 💪

💰 Top Crypto Gainers Today on DEXTools

Popeye ($POP) 🍃

A shitcoin called Popeye ($POP) is currently the top crypto gainer today on DEXTools on Ethereum. In the past 24 hours, its price has surged by over 900%. With a market cap of around $500,000 million and approximately 600 holders, $POP showcases high liquidity with nearly $300,000 in token liquidity. However, it’s important to note that DEXTools’ security audit has identified four concerning aspects of its smart contract. Keep that in mind when considering this meme coin. 🤔

Inedible Coin ($INEDIBLE) 🍔

Inedible Coin ($INEDIBLE), another token on the rise, has experienced a pump since Sunday. In the past 24 hours, it has surged by around 180%, making it one of today’s top crypto gainers. With a market cap of approximately $1.9 million and nearly $260,000 in locked liquidity to reduce the risk of rug pulls, $INEDIBLE appears to be attracting attention. However, it’s important to note that three smart contract alerts have been flagged for this token. Proceed with caution. ⚠️

BEBE ($BEBE) 👶

Pandora ($PANDORA), an experimental shitcoin, has also seen a surge of over 200%, earning its place as one of today’s top crypto gainers. With a market cap of around $46 million and $13.6 million in locked liquidity, $PANDORA seems to be attracting investors looking for quick exponential gains. However, it’s worth mentioning that four smart-contract alerts have been identified for this token. Exercise due diligence. 🚨

💡 Crypto Alternatives to Consider

While low-cap coins can offer massive returns, they also come with a lot of risk. If you’re looking for a high-risk, high-reward investment strategy that offers a better probability of near-term gains, consider getting involved in crypto presales. These presales involve buying tokens from upstart crypto projects to fund their development. Historically, presales have delivered exponential gains to early investors.

Many of these projects have exceptional teams and ambitious visions for delivering groundbreaking crypto applications/platforms. Identifying such projects can provide an excellent risk/reward ratio for presale investments. To help you navigate the world of presales, the team at Blocking.net has compiled a list of 15 of the best crypto presales of 2023.

See the 15 Cryptocurrencies in Presale

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.

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💼 Expert Q&A

Q: Are meme coins a reliable investment option?

A: Meme coins, by nature, offer a high-risk, high-reward investment opportunity. While some meme coins have achieved astronomical gains, it’s important to approach them with caution. Conduct thorough research and consider factors such as token liquidity, smart contract security, and project fundamentals before investing in meme coins.

Q: How do crypto presales work, and how can I participate?

A: Crypto presales involve purchasing tokens of upstart crypto projects before they officially launch. These tokens are typically sold at lower prices, offering early investors the potential for significant returns. To participate in presales, you’ll need to stay updated on upcoming projects and follow their official channels. Engage with the project team, join their community, and be prepared to undergo the necessary due diligence process before investing.

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🔍 Further Reading

For more insights into the world of blockchain and cryptocurrencies, check out these relevant articles:

1. Donald Trump Reappoints Fed Chair Jerome Powell If Elected President
2. Spot Ethereum ETF Approval Expected on the 23rd: Surge in Value, New Report Says
3. CME Bitcoin Futures Held $16k Premium as Spot BTC Price Traded at $45k: Why?
4. Tesla Misses $300M Profit Due to Bitcoin Sales
5. 5 Large and Small-Cap Cryptos to Spice Up Your Stock Portfolio in 2024
6. 3 Things Web3 Founders Think Could Happen in 2024
7. PancakeSwap Developers Launch Proposal to Reduce Cake Token Supply by 300 Million Tokens

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