Cryptocurrency markets have been volatile, with major cryptos like Bitcoin and Ethereum struggling despite softer-than-expected US CPI data. As a result, traders are turning to on-chain markets in search of top crypto gainers. These on-chain markets typically feature newly launched tokens on blockchains like Ethereum or Solana, offering high potential gains but also carrying significant risks. Today, some of the top crypto gainers on Ethereum include Elephant Penguin (EPENG), Matt (MATT), and Mini Donald (BARRON), which have seen impressive price increases in the past 24 hours.
Elephant Penguin (EPENG) is a newly launched token that has surged by 24,000% in the past 24 hours, with a market cap of $1.1 million and trading volumes of $1.8 million. However, the token has several concerning aspects in its smart contract, such as modifiable tax, unrenounced ownership, and a hidden owner. Similarly, Matt (MATT) has experienced a 100% increase in price, reaching a market cap of $9.3 million and trading volumes of $1.2 million. While these tokens may present opportunities for significant gains, investors should exercise caution and conduct thorough research before investing.
Another top gainer today is Mini Donald (BARRON), a meme coin themed after Donald Trump’s youngest son. With a market cap of $3.9 million and locked liquidity of $350,000, BARRON has seen $5.9 million in trading volumes in the past 24 hours. While this token appears legitimate, it still carries the risk of being a pump-and-dump scheme, as is common in the on-chain markets. Investors are advised to carefully evaluate such investments and only risk capital they can afford to lose.
In light of the risks associated with micro-cap meme coins, investors may consider alternative strategies such as meme coin presale investing. Analysts at Cryptonews.com monitor the presale market closely and have compiled a list of meme coin presales with high potential. By focusing on presales rather than investing in potentially scammy tokens, investors can mitigate some of the risks associated with on-chain trading. However, it is important to remember that cryptocurrency is a high-risk asset class, and investors should seek professional advice before making any investment decisions.
Despite the challenges facing major cryptocurrencies in the current market, there are opportunities for savvy traders to capitalize on the volatility of on-chain markets. By keeping a close eye on top crypto gainers and conducting thorough research, investors can navigate the risks and potentially achieve significant returns. Ultimately, staying informed and cautious in the volatile world of cryptocurrency trading is key to maximizing gains and minimizing losses in this dynamic market.
