Biggest Crypto Gainers Today on DEXTools – TOSHI, BULLET, XBTC
Blue chip crypto markets are on the front foot on Tuesday, with Bitcoin (BTC) at its highest level in nearly a week above $29,500 and up close to 3% in the last 24 hours, and Ether (ETH) approaching a retest of $1,850 and up around 2% in the last 24 hours.
The total crypto market’s capitalization was last up around 1% on Tuesday at around $1.137 trillion, with sentiment seemingly lifted as investors digest the news of PayPal’s move to launch its own stablecoin, which could significantly boost crypto’s broader adoption.
Sentiment is also getting a boost from positive commentary from Galaxy CEO Mike Novogratz, who was quoted by Bloomberg as saying that, as per his contacts, it’s a matter of “when, not if” BlackRock and Invesco and other secure spot bitcoin ETF approval from the SEC, and this could occur within the next “four to six months”.
According to "contacts" from inside BlackRock and Invesco spot Bitcoin ETF approval a matter of "when, not if" likely in "four to six months" — Galaxy CEO Mike Novogratz on earnings call this morning pic.twitter.com/TIhHC7xnHI
— Eric Balchunas (@EricBalchunas) August 8, 2023
Arguably, technicals are also playing a role.
Bitcoin just tested its 2023 uptrend, which could have encouraged dip buyers to jump in, while Ether just tested its 200DMA.
Despite the intra-day bounce in blue chip markets, big coins remain stuck within recent multi-month ranges.
Traders with a higher tolerance for risk continue to turn to the much more volatile shitcoin/meme coin markets for opportunities.
Here are some of the best-performing small-cap coins on the day, as per DEXTools.
Toshi (TOSHI)
A cat-themed meme coin called Toshi continues to pump just over one day after its launch and was last up close to 200% in the last 24 hours, as per DEXTools.
The token was last trading at record highs in the $0.0000017 area, with a market cap of close to $350,000, close to $300,000 in liquidity and close to 400 holders.
TOSHI doesn’t appear to have any concerning aspects to its token contract.
But the token’s liquidity isn’t locked, keeping alive the possibility of a rug pull.
Bullet (BULLET)
Bullet, the token that powers a blockchain-powered Telegram Russian roulette game, has been flying higher in recent days.
As per DEXTools, BULLET was up over 450% in the last 24 hours, but is up a massive 5500% versus its DEX launch price.
BULLET’s market cap was last around $5 million, with $1.4 million in trading volumes over the past 24 hours, and total liquidity of around $450,000, which includes a lock.
The only concerning aspect of the token’s contract is its 5% buy and sell tax.
XBTC (XBTC)
Be careful of this scam coin called XBTC.
It is currently DEXTools’ best performer over the last 24 hours, up nearly 16,000% and with a market cap of close to $1 million.
But the token has a 100% sell tax, any buyer is either stuck unable to ever sell the coin, or if they do sell the coin at they lose everything, then the token issuer takes all of the ETH they made from the sell.
XBTC is a scam designed to steal from investors who didn’t do their due diligence properly.
Always check the audit of a token contract before investing in the token so as to avoid pitfalls like 100% buy or sell taxes.
Better Low-Cap Alternatives
While the above coins have been performing well in the last 24 hours, none are likely to be worth much in a few days.
Crypto investors looking for low-cap coins with a better value proposition and better long-term outlook should take a look at the following three projects, all of which analysts at Cryptonews.com are big fans of.
Wall Street Memes (WSM)
Wall Street Memes, one of the most powerful online retail stock investing communities, has been expanding its relevance within crypto with a hugely popular presale of its very own meme coin $WSM.
Thanks to Wall Street Memes’ following of more than 1 million across its various social channels, the presale has been generating huge hype and has already raised a staggering more than $22 million.
Dozens of respected crypto experts and influencers are bullish on the coin, including the likes of Michael Wrubel, Zack Humphries, No Bs Crypto, Joe Parys Crypto, CryptoWendyO and many more.
XRP20 (XRP20)
Another promising presale project is XRP20, an exciting new iteration of the XRP token that instead lives on the Ethereum blockchain as an ERC-20 token.
XRP20 markets itself as an improved version of XRP thanks to 1) the fact it runs on Ethereum, which is more decentralized than the XRP Ledger and is home to the largest existing Decentralized Finance (DeFi) ecosystem and 2) thanks to its exciting passive income opportunity for those who stake their tokens.
The project has already raised an impressive $1.3 million and will soon reach its soft cap of $1.85 million.
BTC20 (BTC20)
BTC20 is similar to XRP20 – it’s an ERC20 version of the bitcoin token that has all the benefits of running on Ethereum (more eco-friend and access to DeFi markets).
The token sold out a blockbuster $6.05 million presale in less than two weeks last week, with BTC20 also marketed as an opportunity to get bitcoin back when it cost just $1 in 2011.
Indeed, BTC20’s tokenomics is modeled on bitcoin, but winding the clock back to 2011 when the supply was just 6.05 million tokens.
Like XRP20, BTC20 offers an exciting passive income opportunity for stakers.
Staking goes live in under 24 hours, with the DEX launch to come a further 24 hours later.
Visit BTC20 Here to Learn More
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.
