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On Friday, while leading cryptocurrencies are experiencing a positive trend as risk appetite in financial markets improves due to the expectation of more favorable financial conditions, the primary crypto gainers today are predominantly found within the on-chain DEX markets.
This is attributed to the fact that newly introduced crypto tokens typically begin with minimal market capitalizations and limited liquidity, meaning that even a slight increase in buying pressure can lead to significant price surges in a very brief period.
As Bitcoin (BTC) has risen by 2% over the last 24 hours, according to CoinMarketCap, several new micro-cap coins have surged by 10-20 times during the same timeframe.
Bitcoin was recently trading at approximately $59,500 and is aiming to retest its 50-day moving average at $60,000.
This week, major cryptocurrencies have been rising alongside stocks and gold in anticipation of a widely expected interest rate cut from the Fed next week, which will initiate a new cycle of easing liquidity and financial conditions.
Current Market expectations for Fed Rate Cuts…
-Sep 18, 2024: 25 bps cut to 5.00-5.25%
-Nov 7, 2024: 50 bps cut to 4.50-4.75%
-Dec 18, 2024: 25 bps cut to 4.25-4.50%
-Jan 25, 2025: 50 bps cut to 3.75-4.00%
-Mar 19, 2025: 25 bps cut to 3.50-3.75%
https://t.co/l5IYmkf6Ih pic.twitter.com/Y2wZRHE4r5— Charlie Bilello (@charliebilello) September 12, 2024
This type of environment is typically very favorable for speculative risk assets such as cryptocurrencies.
Specifically, newly launched on-chain DEX tokens may experience heightened trading activity as retail engagement in crypto increases.
With that in mind, here are some of the leading crypto gainers today, according to DEXScreener.
Top Crypto Gainers Today – Which Are They?
Department of Government Efficiency (DOGE)
A replica of a recently introduced meme coin known as Department of Government Efficiency (DOGE) is among the top crypto gainers today on DEXScreener.
This new Ethereum meme coin, inspired by an Elon Musk meme, has surged by 370,000% in the last 24 hours.
Its market capitalization was last reported at $8.8 million, with just over $300,000 in trading volume.
Elon Musk has hinted at the possibility of leading a Department of Government Efficiency under a future Trump administration if he were to win the upcoming election in December.
Traders should exercise caution with copycat coins like DOGE, as they often do not perform nearly as well as the original token.
There is also a significant risk that the token could be a scam. Go+ Security has identified two concerning issues related to its smart contract.
The DEXScreener user community has cast over 1,300 votes for the red flag emoji compared to just over 600 votes for the rocket ship emoji, indicating low trust.
For reference, the original DOGE meme coin had a market cap of $6 million, according to DEXScreener, although it reached approximately $20 million at one point.
Dark Wolf (DWOLF)
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A Solana meme coin named Dark Wolf (DWOLF) is the next entry on the list of top crypto gainers today.
DWOLF has surged over 160,000% since its launch on Thursday, achieving a market cap of $2.3 million per DEXScreener.
The token has already recorded an impressive $3.7 million in trading volume but has only $122,000 in locked liquidity.
If a major holder were to sell their tokens, a rapid and significant price decline could occur.
Traders should always be aware of low liquidity risks before entering the DEX markets.
MY DOG IS THE DEV (DEV)
Another Solana meme coin, MY DOG IS THE DEV (DEV), has experienced a remarkable 22,000% increase since its launch, bringing its market cap to an impressive $15 million, according to DEXScreener.
This entertaining new meme coin has gained popularity among the DEXScreener user community, receiving nearly 2,800 rocket emoji upvotes compared to 125 red flag emoji votes.
pic.twitter.com/3vUNL9sSy9
— DEV (@MyDogIsTheDev) September 13, 2024
pic.twitter.com/3vUNL9sSy9However, this does not guarantee the token’s safety.
Traders should keep in mind that nearly all newly launched DEX tokens are either outright scams or more sophisticated pump-and-dump schemes.
A more prudent option for crypto investors might be to consider participating in high-potential crypto presales.
Emerging crypto projects often offer their native tokens at an early bird discount to support development.
These presales typically last a few weeks, providing investors ample time to research and understand a project before committing their funds.
Presales can be an excellent opportunity for substantial returns if investors can successfully identify promising projects.
Analysts at Cryptonews.com closely monitor the crypto presale market. Here are some of their top picks at the moment.
17 Best Crypto Presales to Invest In Now
Alternatively, view the video below by Cryptonews.com’s in-house presale analyst Chester, who discusses some of the most promising presales currently available.
The post Top Crypto Gainers Today on DEXScreener – DOGE, DWOLF, DEV appeared first on Cryptonews.
