Exciting Crypto Performers Today on DEXScreener – BEER, WTF, GENIE
Joel Frank
Last updated:
June 13, 2024 14:40 EDT
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3 min read
In the midst of a decline in major cryptocurrencies due to the lingering effects of the Federal Reserve’s hawkish interest rate forecasts from Wednesday, with Bitcoin (BTC) dropping below $67,000 and Ethereum (ETH) below $3,500, traders seeking quick gains are exploring the on-chain micro-cap markets in search of top-performing cryptocurrencies today.
Bitcoin is currently aiming for a retest of its 50-day moving average just under $66,000. A breach below this level could lead to a drop back to the low $60,000 range. Similarly, Ethereum is also eyeing a break below its 50-day moving average, which might result in a drop back to its levels just above $3,000 before the approval of the Ethereum ETF by the SEC.
Despite these potential drops, both cryptocurrencies offer promising opportunities for investment, with various positive factors expected to come into play later in the year. The Federal Reserve’s anticipated slower rate cuts, potential political developments, and the long-term benefits of ETF-related inflows are all factors that could positively impact these cryptocurrencies.
For traders looking to make quick profits, turning to the altcoin markets or the on-chain micro-cap markets could be a lucrative option. These micro-cap markets involve cryptocurrencies issued directly on the blockchain, such as SHIB on Ethereum, where new tokens are frequently introduced, often with high volatility and liquidity issues.
Here are some of the top-performing cryptocurrencies today according to DEX analytics tool, DEXScreener.
Beercoin (BEER)
Following a controversial insider selling incident that affected a recent meme coin named BEER, a new imitation coin, Beercoin (BEER), has seen a significant increase of 750,000%, reaching a market cap of nearly $460 million, as reported by DEXScreener. However, suspicions of market manipulation and other red flags have arisen, leading many users to consider this coin a potential scam.
WhatTheFuck (WTF)
A newly launched Solana cryptocurrency called WhatTheFuck (WTF) has surged by almost 1,000,000% on Thursday, resulting in a market cap of around $750 million. With questionable social media links and liquidity concerns, this coin is also raising red flags among investors.
Genie (GENIE)
Inspired by Andrew Tate, the Genie (GENIE) meme coin has experienced a remarkable 9,800% increase since its launch. With a relatively low market cap of $10 million, there is potential for further growth, despite the risks associated with meme coins.
For traders seeking safer investment options, considering crypto presales could be a more strategic approach. By participating in discounted early bird sales of native tokens from Web3 projects, investors have the opportunity to carefully evaluate their investments before entering the market, potentially leading to significant gains if successful.
Investing in cryptocurrency is inherently risky, and it is important to conduct thorough research before making any financial decisions. This article is intended for informational purposes only and does not constitute investment advice. Loss of capital is possible in the volatile crypto market.