As the crypto market continues its upward momentum, various cryptocurrencies are experiencing significant gains, with some lesser-known coins outperforming the more established players. While Bitcoin (BTC) and Ether (ETH) have seen modest increases, other altcoins like XRP and Litecoin are making impressive moves.
XRP has surged by 16% in the last 24 hours, while Litecoin has seen a remarkable 20% increase, according to data from CoinMarketCap. This surge in altcoin prices comes amidst Bitcoin’s push towards $73,000 and Ether’s climb above $4,000.
The market’s bullish trend is being fueled by strong support from spot Bitcoin ETF inflows, with anticipation building ahead of next month’s halving event. Additionally, Ethereum is gearing up for a major upgrade this week, which is expected to provide a significant boost for layer-2 protocols.
While the overall outlook for the market remains positive, traders seeking quick profits are turning their attention to low-cap coins. One of the most volatile yet potentially lucrative markets for such coins is the on-chain shitcoin market.
On-chain markets refer to the trading of assets like NFTs or ERC-20 tokens that are issued on a blockchain. These markets are known for their high-risk nature, as they are filled with a plethora of coins, many of which are either scams or pump-and-dump schemes.
Despite the risks involved, the low liquidity and small market caps of shitcoin markets present an opportunity for investors to see substantial returns in a short period. Here are some of the top crypto gainers in the on-chain shitcoin market that traders are closely monitoring:
OpClouds, a newly launched shitcoin, claims to revolutionize decentralized physical infrastructure with decentralized computing resources as a service. The coin has seen an astonishing 21,500% surge on its first day of trading, propelling its market cap to $1.97 million with liquidity reaching $250,000. While the liquidity is locked to reduce the risk of a rug pull, investors should be cautious of the hefty 20.9% sell tax associated with the coin.
Husky-themed meme coin HuskyInu has skyrocketed by nearly 22,000% since its launch, driving its market cap to $876,000 and liquidity to around $270,000. With close to 300 holders and $150,000 in trading volume, HuskyInu has garnered significant attention. While DEXTools’ security audit shows no red flags in the token’s smart contract, investors are advised to conduct thorough research before diving into such volatile markets.
Another DePIN shitcoin, Tao Ceti, has surged over 4,500% on Monday, reaching a market cap close to $11 million with nearly $2.7 million in liquidity. Despite its impressive performance, traders should exercise caution as the coin’s 5% tax is subject to modification, potentially increasing the risk for investors.
While shitcoins offer high-risk, high-reward opportunities, it’s essential to explore more established meme coins that present a lower risk profile. One such coin is Smog, a dragon-themed token launched on Solana. With a market cap of $270 million and over 60,000 holders, Smog has gained traction in the crypto community. Traders can participate in Solana’s airdrop by holding or staking SMOG tokens, potentially unlocking significant gains in the near future.