- Cryptocurrency markets have had a quiet start to the week, with most major coins trading within recent ranges.
- Bitcoin (BTC) is trading in the $68,000s, while Ethereum (ETH) is in the $3,800s, with traders anticipating the launch of recently approved Ethereum ETFs.
- Core PCE inflation data expected later this week could impact the market, with expectations of a decline in MoM core price pressures.
Discover the latest movements in the cryptocurrency market, including top gainers and potential risks, as traders navigate a volatile landscape.
Top Crypto Gainers Today
As traders look for quick gains in the volatile on-chain altcoin markets, several newly launched tokens have shown significant price movements. Here are some of the top crypto gainers today as per DEX analytics tool DEXScreener.
King of Memes (KING)
A newly launched Solana meme coin called King of Memes (KING) has surged nearly 750% in the past 24 hours. DEXScreener reports that the token has achieved a market cap of $642 million. However, the token has only $670,000 in locked liquidity and $2.4 million in trading volume since its launch. The community’s trust in the token is low, with more red flag votes than positive ones. The token’s social media account has also been restricted, raising concerns about its legitimacy.
Swapuz (SWAPUZ)
Swapuz (SWAPUZ) is another newly launched token that has seen a massive increase in value, with a market cap of $420 million and a 640,000% rise since launch. Despite this, the token has relatively low trading volumes of $4.8 million, and its social media activity has been minimal. These factors suggest that traders should exercise caution.
MOJO The Gorilla (MOJO)
MOJO The Gorilla (MOJO), an Ethereum-based meme coin, has increased by nearly 80,000% since its launch, reaching a market cap of $3.1 million with $250,000 in locked liquidity. Go+ Security has identified two concerning aspects of the token’s contract. While this token appears less risky than the others, traders should remain cautious as most newly launched tokens are prone to being pump-and-dump schemes.
Conclusion
In summary, while the cryptocurrency market remains relatively stable, traders are turning to more volatile altcoin markets for potential quick gains. However, the majority of these newly launched tokens carry significant risks, and traders should conduct thorough research and exercise caution. The upcoming Core PCE inflation data and the regulatory landscape will continue to influence market dynamics.
