As major cryptocurrencies are set to end the week with healthy gains on the back of the start of a new rate-cutting cycle by the Federal Reserve, traders looking for today’s biggest winners in the crypto market are focusing on volatile decentralized exchanges (DEXs).
“The Fed cut interest rates by 50 basis points,” said Anthony Pompliano. “If the money printer is turned on, we’re in a bull market.”
Bitcoin $BTC , which is currently trading around $62,500, is set to end the week up 5.7%.
Meanwhile, Ethereum is poised to post weekly gains of nearly 10%.
But these gains pale in comparison to the huge gains seen by many smaller coins on the DEX markets.
In fact, the major cryptocurrencies today or on any given day are almost always on the DEX markets.
This is because low liquidity means that relatively small buying pressure exerts tremendous pressure on prices.
Of course, the opposite is also true – coins on DEX markets can lose their gains just as quickly as they gain them.
These are high-risk markets, especially since most newly launched coins are often either scams or “pump and dump” schemes (raising the price and then selling for a profit).
However, here are some of the top cryptocurrencies today according to DEX Analytics:
Top Winning Cryptocurrencies Today – What Are They?
Lemonrocks (LEMON)
A new AI-powered project called Lemonrocks (LEMON) has seen a massive surge since its launch on Thursday.
According to the data, the coin's market cap was around $16.8 million, and it had over $600,000 in locked liquidity.
The coin has recorded gains of 155,000% in the past 24 hours, making it one of the biggest gainers today.
Although LEMON appears to be a legitimate project, investors should always be cautious.
There are some worrying aspects, including a tax that could be adjusted and an ownership that has not yet been relinquished.
Traders should not risk more than they can afford in the DEX markets.
Misha (MISHA)
Elsewhere, a new Ethereum-based meme coin called Misha (MISHA), apparently based on Vitalik Buterin’s dog, is one of the biggest gainers today.
According to DEXScreener data, the cryptocurrency has surged 7,730% in the past 24 hours and reached a market cap of $5.5 million.
The coin has seen a trading volume of $42 million since its launch late Thursday.
It also raised about $700 million in liquidity.
However, if a whale (large investor) wants to exit, this liquidity may not be enough to prevent a major price collapse.
There is a worrying aspect to the MISHA smart contract – ownership is not relinquished.
Traders should exercise caution when dealing with this currency and ensure that they do the necessary research before making investments.
WAGIE (WAGIE)
The latest name on today’s list of top gainers is a new meme coin built on Solana called “WAGIE.”
According to the data, WAGIE has maintained a 1,870% increase in the past 24 hours, bringing its market cap to $1.1 million.
But the liquidity of this coin is only $100,000, which makes it vulnerable to a major collapse.
WAGIE does not appear to have a strong community, with weekly social media interaction limited.
Better alternatives
Better alternatives might be for cryptocurrency investors to get involved in pre-sales of cryptocurrencies with high potential.
New digital projects often sell their native coins at a discount to early investors.
These pitches typically last for weeks, giving investors enough time to do the necessary research on the project before getting involved.
