DEXTools Logo / Source: DEXTools X Account
Blue chip cryptocurrencies have been choppy on Wednesday, with the US Federal Reserve just issuing its latest monetary policy decision, in which it decided to leave interest rates unchanged at 5.25-5.5% whilst leaving the door open to further interest rates hikes, should they be required.
Bitcoin (BTC) was briefly able to break back to the north of the $35,000 level earlier in the session but was last trading within recent intra-day ranges just above $34,500.
Ether (ETH), meanwhile, has chopped within a $50 range either side of $1,800, also within recent ranges, though bulls will take solace from the fact that the cryptocurrency has been able to hold above its 200DMA at $1,780.
Cryptocurrency markets now await comments from Fed Chairman Jerome Powell for more insight into the outlook for interest rates in the US.
Macro investors are betting interest rates will stay high for some time, with the US economy still trucking along nicely, making the Fed’s task in bringing US inflation sustainable back to its 2.0% target more difficult.
That’s why US yields, despite dipping on Wednesday due to weak US manufacturing PMI survey data, remain fairly close to multi-decade peaks.
It also partially explains why stocks have been pulling lower in recent weeks, though concerns about the geopolitical outlook are also a factor.
Despite these macro trends that would typically have been thought to be bearish for crypto, blue-chip cryptocurrencies have been performing well in recent weeks, thanks to optimism about crypto-specific narratives, mainly surrounding adoption and the arrival of a new bull market.
For example, Bitcoin was a market leader bouncing over 28.5% in October thanks to institutional adoption optimism amid growing hopes that spot Bitcoin ETFs will soon gain approval in the US.
These themes may continue to offer crypto support in the near-term, even if the macro backdrop remains unfavorable.
Whilst the outlook for blue-chip cryptocurrencies is looking good, traders looking to bag exponential gains in a matter of days or hours will continue to turn to the only market where this is possible – the highly illiquid shitcoin/meme coin market.
Here are some of the best-performing low-cap shitcoins on Wednesday on decentralized exchange (DEX) Uniswap, as per DEXTools.
COINFi ($COIN)
A newly launched shitcoin called COINFi ($COIN) has seen a huge more than 1,000% pump in the past 24 hours amid over $115,000 in 24-hour trading volumes, as per DEXTools.
The cryptocurrency last had a market cap of just under $200,000 and liquidity of just under $260,000, with close to 250 holders.
The token only has one smart-contract alert, as per DEXTools’ security audit – it is potentially mintable by the issuer, so possible investors should be very cautious that it could be a scam.
Rubic Token ($RBC)
Rubic Token ($RBC), which claims to power cross-chain and dApp service-providing protocol Rubic, has pumped an impressive 250% in the past 24 hours amid trading volumes of around $1.3 million, as per DEXTools.
The token’s market cap was last around $3 million, with nearly $350,000 in liquidity and close to 2,500 holders.
The token is mintable, which is concerning, though has been around since late-2022 and hasn’t turned out to be a scam just yet.
That being said, its pretty unpopular, with a downvote rating on DEXTools of nearly 55%.
The SimpSonGoku (SIMPKU)
A just-launched shitcoin called The SimpSonGoku (SIMPKU) has pumped around 140% since its launch earlier on Wednesday amid nearly $600,000 in 24-hour trading volumes as per DEXTools.
The token last had a market cap of just over $260,000, around $240,000 in locked liquidity and close to 200 holders.
Its smart contract has just one alert, as per the DEXTools security audit, though the audit doesn’t define what.
Crypto Alternatives to Consider
Shitcoins can offer huge potential returns, but also come with a lot of risk.
Those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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