Top Crypto Gainers on DEXTools Today – TOM, VARA, CHART
Top Crypto Gainers on DEXTools Today - TOM, VARA, CHART
The Thriving Blockchain Industry: A Haven Amidst Market Volatility
The tech-led sell-off in the US stock market has been causing concern among investors, as long-term US bond yields increase and Fitch downgrades the US government’s credit rating. However, amidst this turmoil, the crypto market remains relatively unaffected. Popular cryptocurrencies like Bitcoin and Ethereum continue to trade within familiar ranges, suggesting a level of stability not seen in traditional markets. Despite the release of the monthly US jobs report looming, the cryptocurrency market seems to be disregarding macroeconomic themes, indicating that volatility may remain low for the time being.
Seeking Volatility in the Meme Coin Market
With the subdued price action in blue-chip crypto markets, traders are naturally gravitating towards the meme coin or shitcoin market, in search of short-term gains and excitement. These coins, often based on pop culture or internet trends, have become a speculative playground for traders looking for heightened volatility. DEXTools, a popular DEX (decentralized exchange) analytics platform, provides insights into the top-gaining Ethereum-based coins of the day.
Tommy Vercetti ($TOM) – A Memorable Meme Coin
One of the top-performing meme coins based on the character Tommy Vercetti from the Grand Theft Auto game franchise is Tommy Vercetti ($TOM). Since its launch, $TOM has seen a meteoric rise in price, reaching nearly 4x its decentralized exchange launch price. With a market cap of approximately $550,000, liquidity of $500,000, and over 100 holders, $TOM has generated significant interest. However, potential investors should exercise caution, as liquidity is not locked, leaving room for a possible rug pull. DEXTools acknowledges this risk by displaying a warning message on its $TOM page.
Vara ($VARA) – Riding the Shitcoin Surge
Vara ($VARA), the token of Equilibre, a self-proclaimed smart contract protocol, has experienced a substantial price increase, soaring over 200% in the past 24 hours. However, it’s important to note that the trading volume for $VARA is relatively low compared to its market cap, indicating the influence of thin liquidity conditions. While $VARA has 4,300 holders and a market cap of around $6 million, its available liquidity stands at only $28,000. Buyers should approach this shitcoin with caution, as it lacks a security audit on DEXTools and has garnered mixed ratings.
- Marathon Digital becomes largest publicly traded Bitcoin miner.
- Bulls are safe as Bitcoin price remains in range.
- Direxion, a traditional finance giant, enters the race for crypto ETFs by filing for a combined Bitcoin and Ether futures fund.
Nchart Token (CHART) – Charting New Highs
Nchart Token (CHART), part of the Nchart ecosystem, has seen a remarkable price surge of over 130% within the last 24 hours, positioning itself as one of the top-performing shitcoins according to DEXTools. Despite its recent launch, CHART has already experienced a pullback from its highs, demonstrating the volatility common in this market segment. While CHART boasts good liquidity of nearly $850,000, there are concerns regarding the token contract. Features such as the lack of renouncement, a 5% buy and sell tax, and the existence of a wallet blacklist function raise eyebrows among investors.
A Better Alternative to Shitcoins: Promising Presale Projects
Investors enticed by the volatility of the shitcoin market should consider exploring promising presale projects with underlying utility and project vision instead. These projects offer a stronger likelihood of near-term gains and a more sustainable investment strategy. Platforms like Cryptonews.com scrutinize such projects, providing valuable insights for interested investors.
Wall Street Memes (WSM) – From Meme stocks to Meme Tokens
Wall Street Memes, a retail investing community, gained prominence during the meme stock craze of 2021. Recently, the community expanded its influence into the cryptocurrency space with the presale of its new token, Wall Street Memes ($WSM). The success of the $WSM presale, which raised over $20.5 million, reflects the size and engagement of Wall Street Memes’ community. With a 1 million-strong social community and expectations of being listed on tier 1 crypto exchanges like Binance, $WSM holds significant potential. Airdrops to holders will play a pivotal role in this ecosystem, with 30% of the token supply allocated for community rewards.
Embracing the Thriving Blockchain Industry
While market volatility continues to grip traditional financial markets, the blockchain industry remains relatively stable. Traders seeking excitement and potential gains are drawn to the meme coin market, despite the inherent risks associated with such assets. However, for those seeking more reliable investment opportunities, exploring promising presale projects or engaging with communities like Wall Street Memes may yield better long-term results. The blockchain industry, with its distributed ledger technology and innovative applications, continues to thrive amidst market uncertainty, attracting both investors and enthusiasts alike.
Disclaimer: Crypto investments carry a high level of risk. This article is provided for informational purposes only and should not be construed as investment advice. Potential investors should exercise caution and conduct thorough research before making any investment decisions.