Blue chip cryptocurrency markets are mixed to modestly positive on Tuesday, amid largely cautious trading conditions one day out from the US Federal Reserve’s highly anticipated interest rate decision on Wednesday.
Bitcoin (BTC) was last up around 1.5% in the last 24 hours in the $27,200 area, having continued to find strong support above its 21DMA at $26,200.
Ether (ETH), meanwhile, was last trading just under $1,650, but has importantly also managed to break above its 21DMA.
That signals a potential positive shift in momentum for both cryptocurrencies, with the 21DMA having in recent weeks acted as strong short-term resistance for both.
Ether doesn’t seem to have responded much to negative reporting regarding the cryptocurrency’s founder Vitalik Buterin and other major whales sending $60 million worth of holdings to crypto exchanges, perhaps due to news popping up that crypto asset management giant Grayscale had just applied for a new Ether Futures ETF.
That being said, ETH on Tuesday fell to its lowest level versus BTC in over 14 months, thanks to continued outperformer of the latter.
With trading conditions set to remain subdued ahead of Wednesday’s key Fed meeting, traders are instead turning to the shitcoin/meme coin markets to hunt for volatility opportunities.
Here are some of the best performers as per DEXTools.
A new shitcoin called PogeX ($POGEX) has exploded into life on Tuesday, rallying nearly 500% to a market cap of over $2 million, making it one of the best-performing low-cap coins as per DEXTools.
The token has already been able to accumulate nearly 500 holders and has over $300,000 in partially locked liquidity.
Its token contract appears to be fine, aside from a 3% buy and sell tax identified by GoPlus’ security audit.
PogeX claims to be the first centralized exchange to focus primarily on meme coins through spot and derivatives, and refers to itself as the next big meme project.
Another new shitcoin called XMoon is up close to 300% from its DEX launch price on Tuesday, another strong performer in the low-cap coin market, as per DEXTools.
However, the token has only been able to achieve a modest market cap of just over $110,000, though it does have over $200,000 in liquidity, though this liquidity isn’t locked, meaning the token could be a rug pull scam.
In just under $100,000 in trading volumes in the last 24 hours, $XMoon has been able to accumulate over 200 holders and appears to have no concerning aspects to its token, according to DEXTools’ admittedly still incomplete security audit.
Dark Forest ($DARK)
An old (by meme coin standards) shitcoin called Dark Forest ($DARK) is attempting to stage a comeback.
According to DEXTools, $DARK was last up around 150% in the last 24 hours, making it one of the best-performing low-cap coins.
$DARK was last trading around $0.07 per token, having hit $0.03 on Monday.
But the token is still down massively versus its all-time high price of $1.17 hit back in mid-August.
Its market cap was last around $350,000, with locked liquidity of just over $70,000 and over 1,200 holders.
DEXTools’ security audit has identified various concerning aspects to the token contract, including functions that allow the token issuer to tamper with trade, and change the token’s tax, which is already high at 5% for buys and 5.5% for sells.
In total, there are eight alerts.
Dark Forest describes itself as a “cutting-edge” platform designed to provide users with an intuitive interface and tools to navigate Ethereum’s mempools.
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 very cheap 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.
See the 15 Cryptocurrencies
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.