Top Cryptocurrency Performers Today on DEXScreener – EGOD, SMERF, HARAMBE

As leading cryptocurrencies remain confined within recent trading ranges while traders analyze Ethereum ETF approvals and unexpectedly strong US economic data released this week, market participants are shifting their focus to on-chain markets in search of today’s top crypto gainers.

Bitcoin (BTC) was last seen trading just under $69,000, reflecting a 4% increase this week.

Ethereum (ETH), on the other hand, is currently trading in the $3,700 range, having risen over 21% this week.

Both cryptocurrencies are presently trading 4-5% below their earlier weekly peaks.

While Ethereum ETF approvals serve as a significant bullish driver, macroeconomic challenges seem to have hindered the market’s upward momentum.

As established cryptocurrencies face difficulties, traders are exploring alternative assets in search of volatility.

The on-chain markets provide an ideal environment for rapid gains or losses.

Below are some of the leading crypto gainers today on Ethereum decentralized exchanges (DEX), according to DEXScreener.

Top Crypto Gainers Today

EGOD (EGOD)

A new meme coin honoring the passing of Kabosu, the Shiba Inu dog that inspired Dogecoin, named EGOD (EGOD) has emerged on Friday and is performing strongly.

The token has reportedly surged 15,900% since its inception, according to DEXScreener.

Its market capitalization was approximately $1.1 million, with $200,000 in liquidity.

Degen Smerf (SMERF)

A new shitcoin called Degen Smerf (SMERF) has increased by 7,800% since its launch, as per DEXScreener.

Degen Smerf $SMERF (ERC-20)

Ca: 0x9caEb3C057b6f75AAc59a80Bf2A0AF290216315b

LP Burnt:https://t.co/7i0BCk3P86

Ownership Renounced:https://t.co/1OEk6V9gOB

Chart: https://t.co/OQHkdjDUaGhttps://t.co/iXXDRqtkqn

Buy $SMERFhttps://t.co/4INhNzQMVD

How to be SMERF’n… pic.twitter.com/gw7OowjJqn

— DegenSmerf (@DegenSmerfCoin) May 24, 2024

Its market cap was last noted at around $300,000, with $70,000 in locked liquidity.

Although the token has one identified issue in its smart contract, according to a Go+ Security audit, this does not imply it is not a scam.

Traders should keep in mind that nearly all newly launched coins are either scams or subject to pump-and-dump schemes. It is essential for traders to conduct thorough research before participating.

Harambe (HARAMBE)

Elon Musk tweeted to honor the passing of Kabosu, stating he is now in heaven with Harambe.

OG Doge has ascended to heaven to be with his friend Harambe

(@Not_the_Bee)

— Elon Musk (@elonmusk) May 24, 2024

This has led to the creation of a new Harambe meme coin, which has reportedly risen 10,400%, according to DEXScreener, with a market cap of $1 million.

The token has $176,000 in locked liquidity and two notable issues with its smart contract.

Better Alternative to Consider

Investing in newly launched meme coins carries significant risks.

While some of these coins may achieve 100x returns, the majority are likely to fail, leaving investors unable to find liquidity to sell.

Their rapid price movements often incite FOMO among traders, who may overlook the necessary due diligence.

A potentially more prudent alternative to investing in newly launched meme coins is to consider presales.

In this scenario, traders have additional time to investigate a project and determine if it aligns with their investment goals.

Indeed, if a trader can consistently identify projects that gain traction, substantial profits can be realized.

Analysts at Cryptonews closely monitor the presale market. Here are some of their top presales for 2024.

22 Best Crypto Presales to Invest In Now

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