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Major blue-chip crypto markets are mixed on Monday, with Bitcoin (BTC) dipping back into the mid-$36,000s and Ether (ETH) mounting a challenge of the $2,100 level once again, while most other major altcoins also pull back ahead of the release of key US inflation and retail sales figures later in the week.
The data will have a bearing on market expectations for how much more, if any more tightening the US Federal Reserve will embark upon in the months ahead.
Traditional markets have been increasingly betting in recent weeks that the Fed’s tightening cycle is over, with US stock and bond prices up significantly in November as a result.
But Fed officials have remained hawkish and keen to remind the market that more hikes remain on the table.
If this week’s US data supports the narrative being pushed by the Fed that risks remain tilted towards higher interest rates, this could send US stocks and bond prices lower, creating macro headwinds for crypto.
But investors are likely to continue to buy the dip, amid still growing optimism for near-term spot Bitcoin and Ethereum ETFs.
This optimism has driven huge institutional inflows into the crypto space over the last three weeks, with regulated crypto investment products attracting around $300 million in capital inflows per week over the past three week, according to the latest report from CoinShares.
The continued narrowing of the Grayscale Bitcoin Trust’s discount to the spot value of its Bitcoin holdings further demonstrates how palpable the optimism is.
As per YCharts, the discount just hit its lowest level in over two years at 10%, suggestive investors continue to bet that Grayscale will get its way and be able to convert its Bitcoin Trust to an ETF in the near future.
With blue-chip crypto markets mixed on Monday, investors looking to turn quick exponential profits will continue to turn to the highly illiquid and volatile shitcoin/meme coin markets.
Here are some of the biggest gainers on Monday, as per Uniswap.
CyberTruck ($TRUCK)
A shitcoin called CyberTruck ($TRUCK) that launched last week has spiked nearly 500% on Monday as per Uniswap, reaching a market cap of close to $5.5 million in the process, as per DEXTools.
According to DEXTools, the token has close to 1,800 holders, $300,000 in liquidity and has seen a huge $8.8 million in 24-hour trading volumes.
The token has four smart contract alerts, as per the DEXTools security audit, so investors should be cautious.
PromptIDE ($PROMPTIDE)
Another shitcoin called PromptIDE ($PROMPTIDE) is up over 500% in the past 24 hours according to Uniswap, with its market cap last around $2.26 million.
As per DEXTools, the token has close to 2000 holders, around $250,000 in liquidity and has seen impressive 24-hour trading volumes of around $4.36 million.
DEXTools security audit revealed five concerning aspects to the token’s smart contract, so investors should do their due diligence.
Grok ($GROK)
An Elon Musk-themed shitcoin called Grok ($GROK) is still up around 20% in the last 24 hours, according to DEXTools, despite the spread of FUD on Twitter that its creator may be a known scam artist.
Not that people in this space will care but @GROKERC20 $GROK was created by a scammer.
Same exact X/Twitter account has been reused for at least one other scam.
X/Twitter ID: 1690060301465714692 pic.twitter.com/iKu7zb6YeS
— ZachXBT (@zachxbt) November 13, 2023
As per DEXTools, the token last had a market cap of around $90 million, though this had reached as high as $160 million earlier in the day prior the FUD.
The token has seen a stunning nearly $65 million in 24 hour trading volumes, has accumulated close to 12,000 holders and has liquidity of around $1.67 million.
The token has only two concerning aspects to its smart-contract, as per the DEXTools security audit.
But in wake of warnings that its creator is a scammer, potential investors should be on guard for a potential rug pull attempt.
Crypto Alternatives to Consider
Shitcoins can offer huge potential returns but also come with a lot of risk.
Those looking for a 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 upstart 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.
The post Biggest Crypto Gainers Today on Uniswap – TRUCK, PROMPTIDE, GROK appeared first on Cryptonews.
