Altcoins, such as XRP, Dogecoin, Cardano, Solana, Polkadot, and Polygon, experienced a decline in value on Tuesday, with losses ranging between 4-7% over the past 24 hours. The drop in prices can be attributed to multiple factors, including the rise in long-term US government bond yields and a lack of risk appetite in the US stock market, with the S&P 500 reaching its lowest point in over a month.
As for the major cryptocurrencies, Bitcoin and Ether also saw a slight decrease in value. Bitcoin was trading around 0.75% lower at around $29,100, while Ether was down almost 1% at approximately $1,830. The release of stronger-than-expected US Retail Sales data for July did little to change the narrative that the US economy is far from a recession. This news is seen as crypto-positive, as long as it doesn’t lead to expectations of additional rate hikes by the Federal Reserve.
While altcoins are struggling, larger cryptocurrencies remain stagnant within recent trading ranges. Market conditions are relatively dull as traders wait for catalysts such as the release of the FOMC Meeting Minutes on Wednesday and a potential judge ruling on Grayscale’s lawsuit against the SEC over the rejection of their spot Bitcoin ETF application.
In search of quick gains, traders are turning to the “shitcoin” and “meme coin” markets, hoping to find the next token that will experience significant growth. Despite their inherent risks, these markets continue to attract traders looking for exponential returns.
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One of the best-performing coins on Tuesday was the Shibarium Token (SHIBARIUM). This token has gained significant attention due to the upcoming launch of the alpha version of the Shiba Inu ecosystem’s Ethereum layer-2 scaling blockchain, Shibarium. However, it’s important to note that Shibarium Token has no actual affiliation with Shiba Inu’s Shibarium project. Despite this, meme coin enthusiasts have been boosting its value. Since its launch, SHIBARIUM has surged by over 350%. Its total market cap is currently around $300,000, with trading volumes exceeding $1 million in the past 24 hours and over 400 holders. However, DEXTools’ GoPlus security audit has revealed a concerning aspect of the token’s contract, which allows the issuer to implement a trading pause. Traders should exercise caution when dealing with coins that falsely claim to be related to successful projects like Shiba Inu, as they are likely scams.
Another notable performer is Snake Eyes (SNAKE), a newly emerged shitcoin. Over the past 24 hours, SNAKE has experienced a nearly 250% increase in value. Its market cap is currently around $260,000, with liquidity exceeding $280,000 and over 100 holders. While DEXTools’ GoPlus security audit has not unveiled any concerning aspects of the token contract, liquidity is not locked, leaving the possibility of a rug pull open.
Companion Bot (CBot) token has also seen significant gains, with a rise of around 320% on Tuesday. CBot claims to enhance the crypto experience within the Telegram platform. It currently boasts a market cap of approximately $1.78 million, with locked liquidity of over $660,000 for at least 10 months. However, the presence of a 5% buy and sell tax might raise concerns for some investors.
Investing in shitcoins carries a high level of risk, as most of these coins lack a solid value proposition. For those seeking a higher probability of near-term gains, participating in crypto presales offers an alternative high-risk-high-reward investment strategy. Crypto presales involve purchasing tokens from emerging crypto projects to support their development. These tokens are usually sold at low prices and often yield exponential gains for early investors. Many of these projects have exceptional teams and revolutionary visions for crypto applications or platforms. Identifying promising projects allows investors to benefit from the risk/reward balance of presale investments.
For those interested in exploring crypto presales, Cryptonews has compiled a list of 15 of the best crypto presales for 2023. However, it’s crucial to note that crypto investments are highly risky, and this article serves as informational content rather than investment advice. Investors should be aware that they could potentially lose all of their capital invested in cryptocurrencies.
