Major cryptocurrency prices are trading with a modest positive bias on Wednesday. Bitcoin (BTC) was last a little higher in the last 24 hours in the $26,300s, as was Ether (ETH) which was last changing hands just above $1,600.
The latest US inflation numbers, whilst a tad above expectations, showed a big drop in the YoY rate of Core CPI, keeping intact the disinflationary trend in the US economy and thus easing fears about continued interest rate hikes from the US Federal Reserve.
Whilst macro is arguably a net positive for crypto sentiment on Wednesday, concerns about potential big sales from bankrupt exchange FTX are dampening sentiment a little.
The court presiding over the case on Wednesday gave the shuttered exchange permission to begin selling off its $3.4 billion in digital asset holdings, with this a particular concern for Solana, given the exchange currently holds around 16% of the token’s outstanding supply.
For the most part, despite some recent choppiness, major cryptocurrencies remain mostly locked within recent ranges.
Traders thus continue to turn to the shitcoin/meme coin markets in the hunt for a better prospect of near-term gains.
Ricky Morty Morty ($RICKY)
A new Rick & Morty-themed shitcoin called Ricky Morty Morty ($RICKY) has seen an explosive start to life on Wednesday, gaining over 2,000% versus its DEX launch price earlier in the day as per DEXTools.
$RICKY last had a market cap of around $827,000 with nearly $350,000 in liquidity and nearly $1 million in trading volumes so far.
The cryptocurrency has already been able to accumulate close to 200 holders amid a total TX of over 600.
DEXTools’ TokenSniffer and GoPlus security audits don’t reveal any concerning aspects to the token’s contract, which should ease any concerns that it is a scam.
However, until liquidity is locked, there remains a risk that $RICKY is a rug pull.
Dojo Supercomputer ($DOJO)
$DOJO, the token that powers the Dojo Supercomputer project that aims to bring together the best of everything in the AI world, has pumped a massive more than 350% in the past 24 hours, as per DEXTools.
The recent rally has seen $DOJO’s market cap jump back to around $660,000 amid over $200,000 in 24-hour trading volumes, and the token now has over 500 holders.
While $DOJO has $140,000 in liquidity that is locked for 7 months, the token contract has seven security alerts as per DEXTools’ audit scan, meaning a strong risk that it could be a scam.
Shitcoin investors should exercise significant caution.
A shitcoin called EmotiCoin ($EMOTI), which claims to be the first “elastic supply token” that reduces its supply by 20% every 4 hours, continues to rise in price.
Continued price pumps as a result of supply reductions have not, however, contributed to a lasting rise in the token’s market cap, which remains stuck below $100,000.
The token has nearly $250,000 in locked liquidity and only four alerts as per DEXTool’s security audit.
These include a 5% buy and sell tax, which will disappear after 14 days, according to EmotiCoin’s website.
The token probably isn’t a scam, but its failure to garner much traction means shitcoin investors should exercise caution.
Crypto Alternatives to Consider
Shitcoins are very risky, given most have no real value proposition.
For those looking for an even 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 up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap 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.
See the 15 Cryptocurrencies
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.