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Joel Frank
Author
Joel Frank
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Why Trust Cryptonews
While major cryptocurrencies are in a buoyant mood on Friday as risk appetite across financial markets improves on the prospect of easier incoming financial conditions, the top crypto gainers today are all to be found in the on-chain DEX markets.
That’s because newly launched crypto tokens start life with tiny market caps and next to no liquidity, so a small amount of buy pressure can send them surging exponentially higher in very short order.
So while Bitcoin (BTC) is up 2% in the past 24 hours, per CoinMarketCap, some new micro-cap coins are up 10-20x over the same time period.
Bitcoin was last trading around $59,500 and eyeing a retest of its 50DMA at $60,000.
Major cryptos have been pushing higher this week in tandem with stocks and gold ahead of widely anticipated rate cut from the Fed next week, which will mark the start of a new liquidity/financial condition easing cycle.
Such an environment is generally very good for speculative risk assets like crypto.
In particular, newly launched on-chain DEX tokens could see increased trading activities as retail participation in crypto rises.
All that being said, here are some top crypto gainers today, per DEXScreener.
Top Crypto Gainers Today – Which Are They?
Department of Government Efficiency (DOGE)
A copycat version of a recently launched meme coin called Department of Government Efficiency (DOGE) is one of the top crypto gainers today on DEXScreener.
The new Ethereum meme coin, inspired by an Elon Musk meme, was last up 370,000% in the past 24 hours.
Its market cap was last at $8.8 million with just over $300,000 in market cap.
Elon Musk has teased the idea of heading up a Department of Government Efficiency under a future Trump administration if he were to win December’s election.
Traders ought to be very careful with copycat coins like DOGE. They normally don’t perform nearly as well as the original token.
There is also a high risk the token is a scam. Go+ Security identifies 2 concerning issues to its smart contract.
The DEXScreener user community has voted on the red flag emoji over 1,300 times versus just over 600 times on the route ship emoji. Trust is very low.
For what it’s worth, the original DOGE meme coin’s market cap was $6 million, per DEXScreener, though it reached around $20 million at one point.
Dark Wolf (DWOLF)
A Solana meme coin called Dark Wolf (DWOLF) is the next name on the list of the top crypto gainers today.
DWOLF has increased over 160,000% since its launch on Thursday, reaching a market cap of $2.3 million per DEXScreener.
The token has already seen an impressive $3.7 million in trading volumes but has just $122,000 in locked liquidity.
If a large holder were to decide to dump their tokens, a rapid, huge price crash could ensue.
Traders must always remember low liquidity risks before entering the DEX markets.
MY DOG IS THE DEV (DEV)
Another Solana meme coin called MY DOG IS THE DEV (DEV) has seen a strong 22,000% rally since its launch, taking its market cap to an impressive $15 million, per DEXScreener.
The fun new meme coin is popular amongst the DEXScreener user community. It has nearly 2,800 rocket emoji upvotes to 125 red flag emoji votes.
Of course, that’s no guarantee of the safety of the token.
Traders must remember that nearly all newly launched DEX tokens are either outright scams or more sophisticated pump-and-dump schemes.
A better alternative might be for crypto investors to consider getting involved in high-potential crypto presales.
Up-and-coming crypto projects often sell their native token at an early bird discount to fund development.
These presales usually last a few weeks, offering investors plenty of time to research and learn about a project before risking their hard-earned cash.
Presales can be a great way to make big returns if they can successfully identify high-potential projects.
Analysts at Cryptonews.com monitor the crypto presale market closely. Here are some of their favorite projects right now.
17 Best Crypto Presales to Invest In Now
Alternatively, check out the video below by Cryptonews.com’s in-house presale analyst Chester, who discusses some of the highest potential presales right now.
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.
