Article Rewrite:
Top Crypto Movers Today on DEXScreener – PE, PEPE, BENCH
By Joel Frank
Updated: June 3, 2024, 18:51 EDT | 3 min read
Top Crypto Movers Today on DEXScreener – PE, PEPE, BENCH / Source: Cryptonews
In a day of mixed activity in the crypto markets, where Bitcoin (BTC) performed well despite softer-than-expected US economic data, traders seeking the top crypto movers turned to tools like DEXScreener to identify significant movements in on-chain markets.
The US ISM Manufacturing PMI fell short of expectations, leading to speculation that the Fed will begin cutting rates in September.
This development briefly propelled Bitcoin above $70,000, although it is currently trading near $69,000.
Meanwhile, Ethereum (ETH) remained stable in the $3,700 range, while other altcoins like SOL, BNB, DOGE, and ADA saw gains of 2-4%.
During periods of subdued activity in major cryptocurrency markets, traders often turn to the illiquid and volatile on-chain markets.
On-chain markets refer to the market for crypto tokens that are issued and traded directly on blockchains like Ethereum.
There are almost no barriers to issuing new tokens, resulting in new tokens appearing almost daily, most of which are either scams or pump and dump schemes.
In the end, very few newly launched crypto tokens hold any long-term value.
Considering this, here are some of today’s top crypto movers that are attracting significant attention.
Top Crypto Movers Today:
Pe Coin (PE)
A newly launched meme coin called Pe Coin (PE), featuring a one-eyed version of Pepe, is experiencing a significant surge.
According to DEXScreener, this Ethereum meme coin has increased by over 21,500% since its launch.
As a result, its market cap has reached $1.6 million, and the token has approximately $200,000 in locked liquidity.
It is worth noting that the token’s smart contract has one concerning aspect, as indicated by Go+ Security. However, this does not negate the possibility of it being a scam, rug-pull, or pump-and-dump scheme.
Traders must conduct thorough research before participating in on-chain markets and should be prepared to potentially lose everything.
Pepe (PEPE)
A copycat version of the renowned Pepe meme coin, also named Pepe (PEPE), is gaining traction on Monday.
This new token, which seems to present itself as a second chance for meme coin investors to enter the Pepe market early, currently has a market cap of around $2.2 million, with approximately $230,000 in locked liquidity.
According to DEXScreener, three aspects of its smart contract raise concerns.
Benchmark of Memecoins (BENCH)
Benchmark of Memecoins (BENCH), a new token, has experienced a significant surge on Monday, with a 24-hour gain of 8,500%.
According to DEXScreener, its market cap stands at $34.3 million.
The token claims to have introduced a new token standard on Ethereum called ERC-7660, which serves as a next-generation benchmark for meme coins.
However, traders should exercise caution when dealing with this token, as it is mintable and its ownership has not been renounced.
Better Crypto Alternatives to Consider
Trading newly launched meme coins carries significant risks. While some of these coins may experience gains of 100x or more, it is highly unlikely that traders will enter at the bottom.
The majority of these coins will likely fail, and investors may struggle to find liquidity to sell.
Furthermore, the fast-paced nature of the meme coin market often triggers FOMO (fear of missing out) in traders, causing them to neglect proper due diligence.
A potentially better alternative to investing in newly launched meme coins is to consider presales.
In presales, traders have more time to research a project and determine if it aligns with their investment goals.
Significant gains can be made if investors can identify projects that consistently gain traction.
Given the numerous presales vying for investment funds, it can be challenging to know where to start.
That’s why the analysts at Cryptonews closely monitor the presale market. Here are some of their top presales for 2024.
15 Best Crypto Presales to Invest In Now
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