As Bitcoin (BTC) hovers just above the $64,000 level with the issuance rate halving just hours away and most other major altcoins trade with little by way of impetus, traders are turning to on-chain crypto market monitoring tools like DEXScreener as they hunt for top crypto gainers today.
The Halving is Coming. #Bitcoin pic.twitter.com/JCD677j4Md
— Michael Saylor
(@saylor) April 19, 2024
On-chain markets refer to crypto assets that are issued and trade directly on the blockchain.
Ethereum, Solana and BNB are the most commonly used chains by those issuing or trading on-chain tokens.
These on-chain markets are highly illiquid when compared to centralized spot cryptocurrency exchanges or traditional financial markets.
That makes them highly volatile. A newly launched coin can easily see gains of 100x in days as its market cap surges from the tens of thousands to millions.
Equally, a small amount of sell pressure can trigger huge price drops. And that’s not the only risk.
There is virtually no barrier to entry for someone to issue their own token. That means scammers flock to the on-chain crypto markets to attempt to scam unaware investors.
They can do this via inserting malicious code into the token’s smart contract that someone creates unfair trading conditions.
Alternatively, the token might be a pump-and-dump scheme. This is where the team behind a token builds up artificial hype to create demand, cashes in and abandons ship.
One popular technique is for a token’s issuer to watch the ETH in the token’s liquidity pool rise as the token’s price pumps, only to then abruptly withdraw and make off with this ETH.
That’s why many on-chain investors look for “locked liquidity”, which prevents such rug pull attempts.
All that being said, let’s take a look at some of the top crypto gainers today in the on-chain markets.
Top Crypto Gainers Today
RunesBot (RBOT)
Newly launched Ethereum token RunesBot (RBOT) is up nearly 26,000% in the past 24 hours, as per DEXScreener.
RunesBot is a telegram trading bot built to function on the soon-to-be-launched Runes ecosystem.
https://twitter.com/RunesBotERC20/status/1781161203454054599
The token’s market cap was last around $1.8 million, with just over $200,000 in locked liquidity.
While it looks like a legit project, RBOT has a few concerning aspects to its smart contract.
Transfers are pausable. Moreover, there is a 5% buy and sell tax.
Traders should always exercise caution before involving themselves in the on-chain market.
BitRunes (BRUNES)
Another Runes protocol-linked token called BitRunes (BRUNES) is pumping hard on Friday.
As per DEXScreener, it was last up 150,000% in the past 24 hours with a market cap of $9.5 million.
BitRunes allows users to bridge their Ethereum funds to the Bitcoin network through the Rune Launchpad.
https://twitter.com/bitrunesnet/status/1781113973548470411
The token last had $520,000 in locked liquidity and has seen 24-hour trading volumes of $4.5 million.
Like RBOT, it looks like a legit project. But like RBOT, it has concerning aspects to its smart contract.
BitRunes has a modifiable tax and transfers are pausable. Moreover, the ownership of the token hasn’t yet been renounced.
Alien Kind (ALK)
A Base launched meme coin called Alien King (ALK) has pumped hard since its launch on Friday.
As per DEXScreener, ALK was last up 11,500% in the past 24 hours, with its market cap reaching $1 million.
The token has locked liquidity of $244,000 and has seen over $13.3 million in volumes so far.
As per Go+ Security, the token has zero smart contract issues. But that doesn’t mean it isn’t a pump and dump. Traders must always be cautious and do their own research.
Crypto Alternatives to Consider
Investing in low-cap shitcoins is a very risky strategy.
An innocent-looking project could easily be a scam, and a few big sell orders could easily drive the price 80% lower.
A strategy that is still risky, but arguably has a better risk reward is getting involved in crypto presales.
The idea is that investors secure tokens of up-and-coming, high-potential crypto projects/protocols at a discounted early price.
These projects then put those funds to work, paying for protocol development and marketing.
While lots can go wrong when investing in crypto presales—unforeseen circumstances can prevent a project from delivering on its vision—savvy presale investors routinely secure gains of 10x or more.
With hundreds of presale projects vying for investor funds, analysts at Cryptonews have been combing the market.
Here are 19 of the presale projects with the highest potential.
See the 19 Cryptocurrencies
The post Top Crypto Gainers Today on DEXScreener – RBOT, BRUNES, ALK appeared first on Cryptonews.
