On a day where major cryptos took a beating amid rising recession fears and headwinds relating to September seasonality, some traders switched their focus to the on-chain DEX markets as they hunted for top crypto gainers today.
The latest US jobs report, while not disastrous, seemingly didn’t do enough to ease growing fears that the US might soon slide into recession.
As US payrolls came in short of forecasts, Shana Sissel of @Banrion_Capital says the Fed is in line to cut 25 basis points this month https://t.co/PajWqQOdO9 pic.twitter.com/q12xKCLgcr
— Bloomberg TV (@BloombergTV) September 6, 2024
And as US equity markets crumbled and US bond yields slid, Bitcoin (BTC) led a crypto market decline, falling over 4% to under $54,000, per TradingView.
With blue-chip cryptos unlikely to deliver quick gains, impatient traders often turn to on-chain DEXmarkets instead.
Even in bearish crypto market conditions, newly launched coins can still post massive intra-day gains.
Indeed, the appeal of going from rags to riches in with a 100x investment in the DEX markets is a major reason why traders flock to these highly risky markets.
Newly launched coins are risky for a number of reasons. Firstly, low liquidity means extremely high levels of volatility.
Secondly, most newly launched coins are either scams, or pump-and-dump/exit liquidity schemes.
So traders must do their due diligence before getting involved in these markets and not risk more than they can afford to lose.
That being said, here are some top crypto gainers today in the DEX markets, per DEXScreener.
Top Crypto Gainers Today on DEXScreener – Which Are They?
The top three crypto gainers today on DEXScreener today are all newly launched Solana meme coins. Solana is a very popular blockchain to launch new meme coins on, given its fast transactions and low fees.
A new airdrop token called BRR (BRR), which markets itself as the coldest Solana airdrop of all time, is up over 100,000% in the past 24 hours, per DEXScreener.
Its market cap was last around $2 million, though liquidity is very thin at just $100,000.
So a BRR whale could cause a huge price crash is they decided to cash out.
Traders should also be cautious of this coin because of its low trust in the DEXScreener user community.
1,200 DEXScreener users have given the token a red flag emoji vote. Just 68 have given it a rocket ship emoji vote.
Elsewhere, other top crypto gainers today include reddit bull (r/gustav), a new meme coin that has its roots in the Gustav the bull Reddit community, is another one of the top crypto gainers today.
R/gustav was last up over 800% in the past 24 hours, taking its market cap to over $460,000, per DEXScreener.
Like other coins mentioned in this article, it has low liquidity of just $66,000. But its valuation is still low, so investors might be getting in early.
By contrast to BRR, r/gustav has a good standing in the DEXScreener user community. It has 313 rocket ship emoji votes to just 31 red flags.
Of course, that doesn’t mean it isn’t some sort of scam or pump-and-dump.
Finally, a Gamestop-based shitcoin called GameStop Cat (GMEC) is another one of the top crypto gainers today.
GMEC was last up 250% in the past 24 hours, but with a small market cap of just $175,000, per DEXScreener.
However, GMEC has already shown signs with its price action of being a pump-and-dump. After their initial dump, new meme coins rarely recover.
Alternative to Consider
Rather than investing in these risky top crypto gainers today, a better option might be to check out presale investing.
Cryptonews.com’s in-house presale analyst Crypto Arjay discusses in the below video some of his favorite meme coin presales to invest in right now.
Alternatively, check out Cryptonews.com’s carefully curated list of the 20 best presales right now.
19 Best Crypto Presales to Invest In Now
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