Bitcoin and major cryptocurrencies have seen a sharp drop in prices recently, due to further selling by major market participants. In particular, the German government's selling of Bitcoin, coupled with the movement of Mt. Gox wallets, has intensified the selling pressure, with Bitcoin prices falling to around $53,000. At the same time, repayments to creditors of the bankrupt exchange are about to begin, and some markets are worried that a large amount of Bitcoin will be sold, further depressing prices.
Struggling Bitcoin miners are also selling assets to adjust to lower rewards after the halving. These factors have led to bearish sentiment in the market.
While upbeat U.S. jobs data solidified expectations for a rate cut from the Federal Reserve later this year, it failed to boost sentiment. Bitcoin last traded around $56,000, down around 3% over the past 24 hours. Most other major altcoins have seen losses between 5-10% over the past 24 hours.
In such bearish market conditions, traders are turning to micro-cap on-chain markets to find the cryptocurrencies with the biggest gains. These markets offer the prospect of rapid exponential growth due to their low liquidity and low market capitalization, but also come with extremely high risks and potential scams. Traders should invest carefully and should not risk more than they can afford.
Here are some of the top gainers on Ethereum today, according to DEX monitoring tool DEXScreener:
1.MOJO: The increase is large, but we need to be wary of its liquidity and market volatility.
A new Matt Furie meme coin, Mojo (MOJO), purportedly based on the cartoonist’s first recorded drawing, has seen its price surge by more than 46,000% in the past 24 hours, according to DEXScreener. The surge has given the meme coin a market cap of $1.6 million and a 24-hour trading volume of $3.4 million. This means it is one of the biggest gainers in crypto today.
However, liquidity for the meme coin remains extremely thin at just around $150,000.
This means that a large sell order could trigger a price crash.
According to the Go+ security audit, MOJO’s smart contracts also have some worrying aspects.
Although MOJO may appear harmless, it is still very likely a scam. Traders must always exercise caution and perform due diligence.
2.ZUES: It also performed strongly. Investors are advised to pay close attention to its market dynamics.
Another meme coin based on Matt Furie’s character, Zues (ZUES), is up 50% in 24 hours. This means it is one of the biggest gainers in crypto today.
That’s according to DEXScreener, which puts its market cap at $1.1 million.
ZUES has been around for a while but is still well below its all-time highs reached in June.
Whether it can recover significantly remains to be seen.
3.TUZKI: Also on the list of gainers, but investors need to pay attention to its market performance and potential risks
Another fairly old currency (by memecoin market standards), TUZKI, began selling like hotcakes on Friday.
It’s up about 35%, with its market cap back at $1.3 million, according to DEXScreener.
But the token is still down more than 90% from its June high.
This may just be a flash in the pan.
