Blue chip crypto markets are in consolidation mode on Friday as traders continue to digest this week’s barrage of hot US inflation readings and mixed commentary from the US Federal Reserve.
Bitcoin (BTC) was last trading flat in the $26,700s and Ether (ETH) just under $1,550, down in the region of 2% over the last 24 hours as per CoinGecko.
Ether continues to underperform Bitcoin in wake of damp demand for the recently launched batch of Ether futures ETFs in the US last week, recent ETH token sales by the Ethereum Foundation and concerns about on-chain weakness that has seen the ETH inflation rate turn positive once again.
Most other major altcoins also remain in a downtrend, with the likes of XRP (XRP), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Tron (TRX) and Toncoin (TON) all down between 1-4% over the past 24 hours.
With blue chip crypto markets still trading with a largely negative bias, traders will continue to turn to the highly illiquid shitcoin/meme coin market in the hunt a better chance of making quick gains.
Here are some of the best-performing coins, as per DEXTools.
LYNX ($LYNX)
Whilst it has recently backed sharply off of earlier weekly highs, a shitcoin called LYNX ($LYNX) is still up an impressive 90% in the past 24 hours, as per DEXTools.
The token last had a market cap of just under $2 million, close to 250 holders and around $170,000 in locked liquidity.
The token has a 5% buy and sell tax, as well as five other smart contract alerts, as per DEXTools’ security audit, so potential investors should exercise a significant degree of caution.
BarnBridge ($BOND)
BarnBride ($BOND), the token of BarnBridge’s cross-chain risk tokenization platform, has enjoyed an almighty 60% pump in the past 24 hours on Friday, as per DEXTools.
That has pushed the token back to its highest level since late August and to a market cap of around $24 million, amid 24-hour trading volumes of more than $250,000.
The token has an impressive close to 14,000 holders and around $275,000 in liquidity as well as no concerning aspects to its token contract.
The token almost certainly isn’t a scam, having been around since 2020, which is ancient compared to most meme coins.
Perpbot ($PB)
Perpbot ($PB), which claims to be the token that powers a ground-breaking sniper, options and futures Telegram bot of the same name, is up an impressive 70% in the past 24 hours, as per DEXTools.
The shitcoin last had a market cap of around $200,000, locked liquidity of around $150,000 and close to 500 holders.
It does, however, have a 5% buy tax and a 5.47% sell tax, so any potential investors should make sure they are very confident before getting involved.
Crypto Alternatives to Consider
Shitcoins are very risky, given most have no real value proposition.
For those looking for an even better probability of near-term gains, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
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.
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