Major cryptocurrency markets took a breather from their recent Fed rate cut optimism-fuelled rally on Wednesday, with traders instead turning to the DEX markets to hunt for top crypto gainers today.
Bitcoin (BTC) slipped back towards $63,000 on Wednesday, with traders awaiting a speech from Fed Chair Jerome Powell on Thursday and important US inflation data on Friday.
The world’s largest crypto was last down around 1.25% in the past 24 hours per CoinMarketCap.
Most other major altcoins were nursing similar losses, with the exception of Solana (SOL) and Toncoin (TON).
Upside volatility likely beckons for these aforementioned major cryptos in the final quarter of 2024.
October is usually a strong month for major cryptos and the start of a new Fed rate cutting cycle adds to upside risks next month.
THE FED DECISION IS OUT!
Rates have been cut by 50 bps. pic.twitter.com/v49bbg1Mpo— carbonfinance (@carbonfinancex) September 18, 2024
Any October rally could accelerate in November once US election uncertainty picks up.
Bitcoin could well power to new record highs and on towards $100,000 before the year’s end.
But traders looking for quicker gains often turn to the riskier, more volatile on-chain DEX markets.
They often use tools like DEXScreener to find top crypto gainers today.
Let’s take a look at some big movers on Wednesday.
Top Crypto Gainers Today – Which Are They?
ESTEE (ESTEE)
A Shiba Inu-themed Ethereum meme coin called ESTEE (ESTEE) is one of the top crypto gainers today, up well over 5,000% in the past 24 hours per DEXScreener.
Its market cap was last around $1.2 million, with just over $120,000 in locked liquidity.
That means that a relatively small amount of sell pressure could see ESTEE’s price quickly crash.
ESTEE also has a concerning aspect to its smart contract called a “trading cooldown”, meaning trade could be frozen at any moment by the issuer.
The token’s X page also looks very bare.
This token could easily be some sort of scam, so traders might want to avoid it.
Holy Drunk Midget (HDMI)
Elsewhere, a trending Solana meme coin called Holy Drunk Midget (HDMI) has pumped up over 3,000% or 30x in the past 24 hours, per DEXScreener.
Its market cap was last around $3 million, with over $200,000 in locked liquidity.
In contrast to ESTEE, HDMI appears to actually have some (albeit small) community.
HMDI has 200 followers on X and is running a fun meme competition.
DEXScreener users also appear to like the token.
It has 489 rocket ship emoji votes on DEXScreener to just 27 red flag votes.
But just because it looks like an innocent coin doesn’t mean HDMI isn’t a scam or pump-and-dump of some sort.
Traders must remember to never risk more than they can afford to lose in the DEX markets.
Doggo Inu (DOGGO)
The final name on the top crypto gainers today list worth noting is another Ethereum meme coin called Doggo Inu (DOGGO).
Doggo Inu is up close to 1,400% in the past 4 hours, with a market cap of $3.4 million and liquidity of just over $320,000.
Like HDMI, DOGGO also markets itself as a community owner/focused meme coin.
It has over 900 followers on X and over 400 on Telegram.
It is also very popular amongst DEXScreener users, with 2,714 rocket ship emoji upvotes versus just 23 red flag votes.
It also has no concerning aspect to its smart contract, per a Go+ Security audit.
Better Alternative to Consider
While still risky, and alternative investment strategy worth considering is crypto presale investing.
The volatility of on-chain DEX markets leaves traders exposed to FOMO, raising the risk they make a bad investment decision.
By contrast, the very definition of a presale means a private sale of a token ahead of its market launch.
Presales normally last a few weeks, allowing investors time to research a project before getting involved fully. FOMO risks are much lower.
Presales remain risky – a project may fail to deliver on its promises.
But they can be a great way to get into a high-potential crypto early and at a discount price.
Cryptonews.com keeps a close eye on the presale market. Here are some of their top picks.
17 Best Crypto Presales to Invest In Now
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