With major cryptos succumbing to profit-taking as nerves ahead of next week’s US presidential election grow, traders flocked to the on-chain DEX markets as they hunted for top crypto gainers today that might offer them quick gains.
Bitcoin (BTC) slipped back to test $70,000, while major altcoins saw even steeper losses.
Ethereum (ETH), Solana (SOL), BNB (BNB) lost between 3.5-5.5% over the past 24 hours.
Some investors might see buying this dip as a great way to book near-term profits – once election uncertainty clears up, markets could get the green light to rally into the year’s end thanks to the strong US economy and a Fed that is gradually easing interest rates.
But rather than making 2-3x gains on an altcoin, some investors would prefer to trade highly risky micro-cap coin with huge upside potential.
Indeed, the prospect of making 50-100x gains is a key motivation for traders to flock to the DEX markets in search of top crypto gainers today.
But DEX markets are fraught with risk – most coins are either scams, pump-and-dump schemes, or never go on to retain any real value.
And owing to their low liquidity, a small amount of sell pressure could trigger a price crash just as quickly as a small amount of buy pressure could trigger a price rally.
Traders often use tools like DEXScreener as they search for top crypto gainers today. Here are some big movers they will likely be watching.
Top Crypto Gainers Today on DEXScreener – Which Are They?
An Ethereum meme coin that claims to have been created by the owners of the original Shiba Inu logo called Shiba $WING (WING) is the best performer on the top crypto gainers today list, having gained an impressive 145,000% in the past 24 hours per DEXScreener.
Good evening $WING fam
Did you know that we are the proud owners of the globally recognized Shiba Inu Logopic.twitter.com/wXKsS70wPX
— Shiba Wing Token (@tokenshibawing) October 31, 2024
But this new shitcoin’s chart has strong indications of being a pump-and-dump. It saw a rapid rise immediately after launch, and has been declining ever since.
Elsewhere, another name on the top crypto gainers today list is BUCKS (BUCK), a new Solana meme coin that is up more than 92,000% in 24 hours to a market cap of $1.3 million.
Like with WING, traders should be very cautious when getting involved in this coin – It has very weak social media engagement, suggesting it lacks a real following/community, which is the lifeblood of any successful meme coin.
Finally, a new Base meme coin called Hedge Fund AI (HEDG), is just just over 5,000% in the past 24 hours, reaching a market cap of $1 million.
The token claims to be some sort of DAO/AI investment protocol, and there does seem to be some interest in the token on X.
That said, traders must always remember the risks involved with trading on the DEX markets, and never risk more than they can afford to lose.
A better alternative strategy for finding low-cap gems might be to instead get involved in meme coin presales.
Analysts at cryptonews.com are constantly monitoring the market for high-potential projects. Here are some of their top picks as we go into November.
21 Best New Meme Coins to Buy in October 2024
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