Top Crypto Gainers Today on DEXScreener – RWIF, DUMB, GME
Joel Frank
Last updated:
May 14, 2024 21:42 EDT
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3 min read
Roaring Kitty/meme stock-themed meme coins emerged as the top performers in the cryptocurrency market today, as traders shifted their attention to the on-chain meme coin markets in search of potential gains. Both Bitcoin (BTC) and Ether (ETH) experienced a slight decline of around 2% in the past 24 hours, according to CoinMarketCap.
The market’s focus has now turned to the upcoming release of US CPI and Retail Sales data on Wednesday, which could have a significant impact on the market depending on its effect on the likelihood of a Fed rate cut. One of the reasons behind the substantial decline in Bitcoin and Ether, currently priced at $61,500 and $2,880 respectively, from their earlier yearly highs is the unexpectedly strong performance of the US economy this year. Traders are hopeful that there will be signs of a reversal in the recent increase in price pressures, which could provide some relief to the market. However, major cryptocurrencies are mostly trading within narrow ranges and are not expected to experience significant movements in the near future. On the other hand, the highly illiquid on-chain crypto markets have seen a surge in activity, thanks to the sudden return of GameStop icon Roaring Kitty.
In tribute to the 2021 meme stock craze leader, several meme coins have emerged. Here are the top crypto gainers today, as indicated by the Decentralized Exchange (DEX) analytics tool DEXScreener.
Top Crypto Gainers Today:
Roaring Kitty Wif Hat (RWIF)
RWIF, a Solana meme coin that combines the popular meme coin dogwifhat with Roaring Kitty, has experienced a remarkable surge since its launch. According to DEXScreener, it has gained an impressive 95,000% in the past 24 hours and currently has a market cap of $2.7 million. Despite being only 12 hours old, RWIF already has 1,300 holders and over 250 members on Telegram. However, traders should exercise caution, as most newly launched coins are often scams or pump-and-dump schemes and rarely hold any long-term value.
DUMB MONEY (DUMB)
Another newly launched Solana meme coin, DUMB MONEY, has also experienced a significant increase in value. DEXScreener reports a 36,000% gain in the past 24 hours, with a market cap approaching $900,000. The name “DUMB MONEY” plays on the notion that retail investors, who are often associated with the meme stock/meme coin pump, are considered “dumb money” compared to “smart money” hedge funds and institutional investors. The meme stock craze of 2021 is seen as a case where “Dumb Money” emerged victorious. However, traders should be aware that DUMB MONEY could potentially be a pump-and-dump scheme, as it currently has just over $100,000 in locked liquidity.
GameStop (GME)
BNB traders have also joined the action with the launch of a meme coin named GameStop (GME), directly borrowing its name from the legendary meme stock. As per DEXScreener, GME has seen an 8,900% increase in value in the past 24 hours, with a market cap of $4.4 million. The token has nearly $1 million in unlocked liquidity, and over 1,500 unique wallets have traded it. Once again, traders are advised to conduct their own due diligence, as most newly issued tokens are often scams.
A Better Alternative to Consider
Investing in newly launched meme coins comes with significant risks. While some of these coins may experience substantial gains, the majority are likely to underperform, making it difficult for investors to find liquidity when selling. The rapid price movements of these coins often lead to FOMO (fear of missing out) among traders, causing them to neglect proper due diligence. A potentially better alternative is to invest in presales, where traders have more time to research a project and determine its suitability. Identifying projects with potential for significant growth can result in substantial gains. The analysts at Cryptonews closely monitor the presale market and have identified their top presales for 2024.
20 Best Crypto Presales to Invest In Now
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. There is a risk of losing all of your capital.
