On a bearish day in major cryptocurrency markets that saw the likes of Bitcoin (BTC) and Ethereum (ETH) fall back towards recent lows amid ongoing concerns that the US economy might be about to tilt into recession ahead of the release of key US jobs data for August, traders turned to on-chain DEX markets in their hunt for top crypto gainers today that might be able to deliver fast gains.
Bitcoin vibe right now.. pic.twitter.com/yiS1QGQJSF
— MMCrypto (@MMCrypto) September 5, 2024
That’s because, even on a bad day for the broader crypto market, there are always top crypto gainers in the DEX markets posting big gains.
The crypto tokens trading on DEXs on blockchains like Ethereum and Solana are generally very illiquid, unless they have been around a very long time and become very well established (like Shiba Inu).
And that means that a relatively small amount of buy or sell pressure can result in big price swings.
On-chain DEX markets have a strong appeal to traders, given stories of traders posting 100x or more gains and getting rich from a small investment.
But readers must remember that these occurrences are exceedingly rare.
More likely, a trader will get caught on the wrong side of extreme volatility. Or, worse yet, the coin they are trading may end up being some sort of scam/pump-and-dump scheme.
With that being said, here are some top crypto gainers today on DEXScreener that traders will be monitoring.
Top Crypto Gainers Today on DEXScreener
A new Ethereum meme coin called VOTE FOR PEDRO (PEDRO) is up over 25,000% in 24 hours perDEXScreener, making it one of the top crypto gainers today.
The shitcoin last had a market cap of around $1.5 million, with around $160,000 in locked liquidty.
With liquidity only around 10% of the token’s market cap, a very small sell order could trigger a large price crash.
So traders need to be very careful with coins like this. Its also worth mentioning.
Another one of the top crypto gainers today worth mentioning is a new Base meme coin called Vista is Green (VGREEN).
Per DEXScreener, this shitcoin is up a little over 2,000% in the past 24 hours, taking its market cap to $200,000.
That means there is plenty of room left for growth, although price action suggests the peak might be in for VGREEN.
Traders should note VGREEN has no concerning aspects to its smart contract, per Go+ Security and Quick Intel audits.
That doesn’t mean the token isn’t a scam, rug-pull or pump-and-dump token.
Traders must always do their own due diligence and never risk more than they can afford to lose int these risky DEX markets.
The final name on the list of top crypto gainers today is a Solana meme coin called CROCO (CROCO).
It was last up 666% in the past 24 hours, per DEXScreener. However, it appears to have mostly completed a pump-and-dump cycle.
Its market cap was last around $32,000, which is absolutely tiny.
Shitcoins like this rarely recover once dumping back from highs like this.
Better Alternative to Consider
Trading newly launched coins on DEX markets, like the top crypto gainers today mentioned above, is a highly risky game.
As mentioned, most are scams or pump-and-dump schemes, and almost none go on to hold long-term value.
Meanwhile, volatility often scares traders into making poor buy/sell decisions.
A common mistake traders make is to FOMO in after seeing a coin rapidly rising, only for the price to then sharply drop.
A better idea might be to invest in meme coin presales.
Presales usually run for a few weeks, giving investors plenty of time for research and due diligence.
Here are some of the best crypto presales in the market right now, per analysts at Cryptonews.com.
19 Best Crypto Presales to Invest In Now
The post Top Crypto Gainers Today on DEXScreener – PEDRO, VGREEN, CROCO appeared first on Cryptonews.
