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Bitcoin (BTC) is consolidating above $35,000 at the start of the week as traders take stock of recent dovish US macro developments (last week’s weak US jobs and manufacturing PMI data, plus Fed Chair Jerome Powell’s unconvincing attempt trying to convince the market that more rate hikes may lay ahead), which some think could power the next leg higher in the BTC price.
Indeed, US equity and bond prices saw a strong pump last week, while the US dollar weakened, macro trends which tend to strongly support the BTC price.
While profit-taking in wake of Bitcoin (BTC)’s massive October pump seems to be capping the upside for now, various major altcoins are performing well, suggestive that sentiment in the broader crypto market remains bullish.
XRP (XRP) is up around 16% in two days and back above $0.70, its highest level since late July and eyeing a test of annual highs in the $0.90s in wake of another legal loss for the SEC in its case versus XRP issuer Ripple Labs last week.
As per Ripple Labs Chief Legal Officer Stuart Alderoty, a 2d Circuit in SEC v Govil held that the SEC can’t ask for a crippling disgorgement award without first proving that “investors” suffered actual financial harm.
Another loss this week for the SEC – the streak continues. The 2d Circuit in SEC v Govil held that the SEC can’t ask for a crippling disgorgement award w/o first proving that “investors” suffered actual financial harm. In other words, no harm, no foul.
— Stuart Alderoty (@s_alderoty) November 3, 2023
While sentiment in the blue-chip crypto markets remains strong at the start of the week, traders looking for quick exponential gains continue to hunt for opportunities in the highly illiquid shitcoin/meme coin market.
Here are some of the best-performing low-cap shitcoins on the Ethereum blockchain, as per DEXTools.
A shitcoin that was launched on Sunday called IO ($IO) has pumped up a stunning 750% in the past 24 hours amid stunning 24-hour trading volumes of $11.5 million, as per DEXTools.
The shitcoin’s market cap was last around $1.8 million, with the token having accumulated nearly 1,300 holders and over $440,000 in locked liquidity.
Aside from undefined “other risks”, the token’s smart contract doesn’t appear to have any concerning aspects to its token contract, which combined with its locked liquidity, suggests it is unlikely to be a scam or a rug pull.
Still, investors should always be cautious when investing in high-risk low-cap shitcoins.
Crypto gaming token MetaBlox (MBX) has pumped in the last few days and was last up around 150% in the last 24 hours amid more than $500,000 in 24-hour trading volumes, according to DEXTools.
The token’s market cap was last around $1.07 million, with locked liquidity of around $120,000 and close to 600 holders.
The shitcoin has a substantial 5.5% buy and sell tax, so traders should bear that in mind when thinking about investing, and should bear in mind that, as per the DEXTools’ security audit, this tax is modifiable.
Investors should thus be aware that if they invest in this token, they could lose everything if the issuer was to raise the sell tax to 100%.
Telegram sports betting token BoxBet (BXBT) just pumped to fresh all-time highs, rising 240% in the past 24-hours as per DEXTools amid $317,000 in trading volumes over the past 24 hours.
BXBT’s market cap was last around $1.2 million, with close to 500 holders and over $200,000 in locked liquidity.
It’s worth noting the token has a hefty 5% buy and sell tax, as well as a few concerning aspects to its token contract, as per DEXTools’ security audit, including a modifiable tax, pausable transfers, wallet blacklisting and more.
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.
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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