Exciting Crypto Surges Today on DEXScreener – PEIPEI, MAGAA, eef
Joel Frank
Last updated:
June 5, 2024 00:43 EDT
|
3 min read
A surge in blue-chip cryptos was observed today as the US labor market showed signs of softening, but it was the micro-cap altcoins on decentralized exchanges that stole the spotlight as the top crypto gainers of the day.
Bitcoin (BTC) saw a rise of 2.5% in the past 24 hours, making a push towards $71,000. In the same period,
BNB
went up by 11%,
Solana (SOL)
by 4%, and
Toncoin (TON)
by 13%.
The US JOLTs Job Openings report for April revealed a decrease in job openings from 8.49 million in March to 8.06 million. This was the lowest figure since June 2021, surpassing the predicted drop to 8.35 million. The trend of reduced demand for labor has been ongoing since 2022, with job openings peaking above 11.5 million in May 2022.
This data has increased confidence in the possibility of the Fed reducing interest rates by September. According to
CME’s tool
, the likelihood of at least one rate cut by September is now over 65%, up from under 60% a day ago, under 45% a week ago, and around 33% a month ago. These rate-cut expectations are driving the positive sentiment in the market, reflected in the microcap crypto space.
Traders seeking rapid gains often turn to on-chain markets in search of high-potential meme coins/cryptos that can provide quick exponential returns. However, caution is advised as many newly launched tokens end up being pump-and-dump schemes or scams.
Here are some of the top crypto gainers today on
Ethereum
worth keeping an eye on.
Top Crypto Gainers Today
PeiPei (PEIPEI)
PeiPei (PEIPEI), another spin-off of the Pepe Coin, is experiencing a significant surge on Wednesday, up by 130,000% in 24 hours, making it the hottest coin on
DEXScreener
. With a market cap of $7.6 million and $450,000 in locked liquidity, this token is gaining attention, but its smart contract raises some concerns about being potentially a pump-and-dump scheme.
MAGAA (MAGAA)
MAGAA (MAGAA), a new Donald Trump-themed meme coin, has surged by 27,500% in 24 hours, with a market cap of $14.5 million. Despite impressive trading volumes and locked liquidity, caution is advised as token transfers are pausable, indicating a potential scam.
eef (eef)
eef (eef), a rising “shitcoin,” has jumped by 7,300% since its launch, with a market cap of $2.5 million and $18.2 million in 24-hour trading volumes. While there are no smart contract issues, traders are reminded to conduct thorough research before investing in new coins.
As traders explore crypto alternatives for potential gains, it is essential to consider the risks associated with investing in newer coins. Presale investing can offer significant rewards for risk-tolerant investors looking to add upside exposure to their portfolios. With numerous presales available, it is crucial to conduct due diligence before making investment decisions.
Crypto investing is inherently risky, and caution is advised. This article serves as informational content and does not constitute investment advice. All investments carry the risk of capital loss.