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Bitcoin and Ether Rangebound Amid FOMC Meeting
Following a quiet start to the week for Bitcoin (BTC) and Ether (ETH), both of which are rangebound in the $68,000 and $3,500/600 areas amid tentative trade ahead of this week’s FOMC meeting, traders looking to secure quick gains are flocking to the on-chain shitcoin markets to find top crypto gainers today.
Market Expectations and Impact on Cryptos
The Fed is expected to leave interest rates unchanged. Traders will be rhetoric relating to potential rate cuts later this year. Hotter-than-expected inflation and an economy that is also beating expectations has seen markets pull back on rate-cut bets recently. That has come as a minor headwind to major cryptos like Bitcoin. Indeed, macro headwinds may have triggered the profit-taking that has driven the price 7.5% down versus last week’s highs. But macro headwinds are having little impact on the speculation-fuelled shitcoin markets.
Understanding On-Chain Markets
On-chain markets refer to the market for digital assets that have been issued directly on top an existing blockchain. These tokens can then be traded on decentralized exchanges, and also perhaps on centralized exchanges if they get big enough. They are often referred to as shitcoin markets because virtually anyone can issue a token at any time. As a result, these on-chain markets are replete with scams and pump-and-dump schemes. But shitcoin markets are the only place to find tokens that can rally in the 50-100x region.
Top Crypto Gainers Today on Ethereum
- SyntheticAI ($SAI): A shitcoin called SyntheticAI ($SAI) has pumped up 53,000% on Monday, as per DEXScreener.
- VPS ($VPS): A shitcoin called VPS ($VPS) is pumping. It was last up over 12,000% on Thursday, as per DEXScreener.
- Telenode ($TGPU): Another just-launched shitcoin called Telenode ($TGPU) is up close to 9,000% in under 24 hours, as per DEXScreener.
Crypto Alternatives to Consider
Investing in low-cap shitcoins is a very risky strategy. An innocent-looking project could easily turn out to be a scam. A strategy that is still risky, but arguably has a better risk reward is getting involved in crypto presales. While lots can go wrong when investing in crypto presales—unforeseen circumstances can prevent a project from delivering on its vision—savvy presale investors routinely secure gains of 10x or more.
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.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
