The crypto market’s bullish momentum has slowed down on Friday, as major coins like Bitcoin (BTC) and Ether (ETH) face resistance levels. Despite being up for the week, Bitcoin is currently in the $26,400s and struggling to break above a downtrend from the early August highs. Ether, on the other hand, is hovering around $1,620 after failing to surpass its 21-day moving average.
The US stock market is also facing downside pressure due to strong US economic data, with the Empire State Manufacturing Index and Industrial Production reports exceeding expectations. Furthermore, Thursday’s impressive Retail Sales figures and higher-than-expected inflation numbers have pushed US yields towards multi-decade highs. These factors contribute to traders speculating on longer-term higher interest rates from the US Federal Reserve, which may be impacting sentiment in the crypto market.
Given the challenges faced by major coins, many traders are turning to the shitcoin/meme coin markets for better trading opportunities. Here are some of the best-performing low-cap coins on Friday, according to DEXTools:
1. XDOGE ($XDOGE):
XDOGE, a new Dogecoin copycat, experienced a significant pump on Friday following a strong start on Thursday. As per DEXTools, the shitcoin has surged over 400% in the last 24 hours, making it one of the top performers. With a market cap of just over $300,000, liquidity around $240,000, and impressive 24-hour trading volumes of around $1.7 million, XDOGE has garnered nearly 450 holders. However, DEXTool’s security audit highlights the fact that liquidity remains unlocked, making it potentially vulnerable to a rug pull.
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2. EmotiCoin ($EMOTI):
EmotiCoin, a shitcoin claiming to be the first “elastic supply token” reducing its supply by 20% every 4 hours, continues to see its price rise. The token’s sustained price pumps have attracted numerous investors, resulting in a market cap of around $3.76 million and over 1,700 holders. Additionally, it boasts over $230,000 in locked liquidity with only four alerts in DEXTool’s security audit. These include a 5% buy and sell tax, which will vanish after 14 days, according to EmotiCoin’s website.
3. MoonDAO ($MOONY):
$MOONY, the token of MoonDAO, which aims to decentralize space, experienced a significant pump on Friday. This marks one of its largest one-day moves since its launch in early 2022. With a market cap of around $3.5 million and over $300,000 in liquidity, $MOONY’s latest price spike didn’t coincide with a significant surge in trading volumes, indicating potential lack of real conviction in the recent uptrend.
While these low-cap coins present trading opportunities, it’s essential to acknowledge their inherent risks, as most have no real value proposition. For those seeking higher probabilities of near-term gains, an alternative high-risk-high-reward investment strategy is getting involved in crypto presales. This involves purchasing tokens from up-and-coming crypto projects to support their development. Typically, these tokens are sold at low prices, with numerous presales delivering substantial exponential gains to early investors.
Many of these projects have strong teams and ambitious visions for delivering revolutionary crypto applications/platforms. Identifying such projects can offer attractive risk/reward ratios for presale investments. Cryptonews regularly evaluates presale projects to assist investors in making informed decisions. You can find a list of 15 of Cryptonews’ best crypto presales of 2023 [here](https://cryptonews.com/news/new-cryptocurrency.htm).
It’s crucial to note that crypto is a high-risk asset class, and this article is provided for informational purposes only. It does not constitute investment advice, and there is always the risk of losing all invested capital.
