Biggest Crypto Gainers Today on DEXTools – GeneraitivAI, ZkTsunami, Prophet
Despite a lack of notable fundamental catalysts to drive downside, Bitcoin (BTC) briefly dipped under $26,000 for the first time in over a week on Monday.
While it has since recovered back into the $26,200s, it has been unable to recover back to the north of its 21DMA, which was last just under $26,300.
The world’s largest cryptocurrency is currently on course to end Q3 with losses in the region of 15%, largely due to a continued rise in US government bond yields in anticipation that the Fed will leave interest rates at higher levels for longer, thanks to the continued strength of the US economy.
Higher yields on US government bonds, seen as a risk-free safe haven asset, reduce the incentive to hold non-yielding assets and riskier assets, like Bitcoin.
Ether (ETH) was last trading just under $1,600 and also to the south of its 21DMA, indicative of the market’s overall bearish trend.
In terms of macro events to keep an eye on this week, US Core PCE Inflation data out on Friday will likely be the most important release, given it is the Fed’s preferred inflation measure.
Ahead of that release, things are likely to be fairly quiet in the crypto market, with most major cryptocurrencies probably set to remain stuck in recent ranges.
Traders are thus likely to continue to turn to the shitcoin/meme coin markets in the hunt for near-term gains.
Here are some of the top-performing low-cap coins, as per DEXTools.
GeneraitivAI ($GIA)
GeneraitivAI ($GAI), which claims to be a “community-driven AI platform built to empower AI contributors by recognizing and rewarding their efforts” has been pumping since Sunday.
According to DEXTools, $GIA was up nearly 100% in the last 24 hours and looks on course to soon hit the all-time highs it hit back in February in the $0.40s per token.
Its market cap was last just over $2.5 million, with over $530,000 in locked liquidity.
However, as per the DEXTools security audit, $GIA does have a few concerning aspects to its token contract though, including a 5% buy and sell tax which is modifiable, and some other functions that allow the contract issuer to potentially interfere with trade unfairly.
ZkTsunami ($:ZKT)
ZkTsunami ($:ZKT), which claims to be a platform that puts ZK-AnonSNARK-powered transactional anonymity at your fingertips, has pumped 50% on Monday, making it one of the best performers, as per DEXTools.
$:ZKT last had a market cap of close to $2.0 million, $240,000 in locked liquidity, and close to 2,600 holders.
Traders should exercise caution when investing in $:ZKT, however, given it has a few concerning aspects to its token contract, including a 4% buy and sell tax and some functions that allow the issuer to unfairly interfere with trade.
$:ZKT also only has a 60% upvote record as per DEXTools’ community trust score.
Prophet ($PROPHET)
A new shitcoin called Prophet ($PROPHET) is up nearly 50% on Monday, as per DEXTools, making it one of the best performers.
$PROPHET last had a market cap of close to $2 million, just under $200,000 in locked liquidity and close to 1,200 holders.
Despite its recent strong price performance, $PROPHET has a few concerning aspects to its contract, including a 5% buy and sell tax, which can be modified, plus some functions that allow the issuer to unfairly interfere with trade.
The token also has a 55% downvoting rate on DEXTools, so traders should exercise extreme caution.
Crypto Alternatives to Consider
Shitcoins are very risky, given most have no real value proposition.
For those looking for an even better probability of near-term gains, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
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.
