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Major cryptocurrency markets paused their recent rally, which was driven by optimism surrounding the Fed rate cut, on Wednesday. Traders shifted their focus to the DEX markets in search of today’s leading crypto gainers.
Bitcoin (BTC) retreated towards $63,000 on Wednesday as traders anticipated a speech from Fed Chair Jerome Powell on Thursday, along with significant US inflation data set to be released on Friday.
The largest cryptocurrency was last reported to be down approximately 1.25% over the past 24 hours according to CoinMarketCap.
Most other prominent altcoins experienced similar declines, with the exceptions being Solana (SOL) and Toncoin (TON).
These major cryptocurrencies may see increased volatility in the final quarter of 2024.
October typically proves to be a robust month for major cryptocurrencies, and the initiation of a new Fed rate cutting cycle contributes to potential upside risks in the upcoming month.
THE FED DECISION IS OUT!
Rates have been cut by 50 bps. pic.twitter.com/v49bbg1Mpo— carbonfinance (@carbonfinancex) September 18, 2024
Any rally in October could gain momentum in November as uncertainty surrounding the US elections increases.
Bitcoin may very well surge to new all-time highs, potentially reaching $100,000 before the year concludes.
However, traders seeking quicker profits often gravitate towards the more volatile and riskier on-chain DEX markets.
They frequently utilize tools like DEXScreener to identify today’s top crypto gainers.
Let’s examine some significant movers from Wednesday.
Top Crypto Gainers Today – Which Are They?
ESTEE (ESTEE)
A Shiba Inu-themed Ethereum meme coin known as ESTEE (ESTEE) ranks among today’s top crypto gainers, having surged over 5,000% in the last 24 hours according to DEXScreener.
Its market capitalization was last around $1.2 million, with just over $120,000 in locked liquidity.
This indicates that a relatively minor amount of selling pressure could lead to a rapid decline in ESTEE’s price.
Additionally, ESTEE features a concerning element in its smart contract known as a “trading cooldown,” which allows the issuer to freeze trading at any time.
The token’s X page also appears quite sparse.
This token could potentially be a scam, so traders may want to exercise caution.
Holy Drunk Midget (HDMI)
In another instance, a trending Solana meme coin named Holy Drunk Midget (HDMI) has surged over 3,000% or 30x in the past 24 hours, according to DEXScreener.
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Its market cap was last around $3 million, with more than $200,000 in locked liquidity.
Unlike ESTEE, HDMI seems to have a small but active community.
HDMI has 200 followers on X and is hosting a fun meme competition.
Users on DEXScreener also appear to favor the token.
It has received 489 rocket ship emoji votes on DEXScreener compared to just 27 red flag votes.
However, just because it seems like a benign coin does not guarantee that HDMI is not a scam or a pump-and-dump scheme.
Traders should always remember to never invest more than they can afford to lose in the DEX markets.
Doggo Inu (DOGGO)
The final entry on the list of top crypto gainers today is another Ethereum meme coin called Doggo Inu (DOGGO).
Doggo Inu has risen nearly 1,400% in the past 4 hours, boasting a market cap of $3.4 million and liquidity exceeding $320,000.
Similar to HDMI, DOGGO also promotes itself as a community-oriented meme coin.
It has over 900 followers on X and more than 400 on Telegram.
It is also quite popular among DEXScreener users, receiving 2,714 rocket ship emoji upvotes against just 23 red flag votes.
Furthermore, it has no concerning elements in its smart contract, according to a Go+ Security audit.
Better Alternative to Consider
While still risky, an alternative investment strategy worth exploring is crypto presale investing.
The volatility present in on-chain DEX markets can leave traders vulnerable to FOMO, increasing the likelihood of making poor investment choices.
In contrast, a presale refers to a private sale of a token prior to its market launch.
Presales typically last a few weeks, providing investors with time to research a project before fully committing. The risks associated with FOMO are significantly lower.
Although presales remain risky—since a project may fail to fulfill its promises—they can be an excellent way to enter a high-potential cryptocurrency early and at a discounted price.
Cryptonews.com closely monitors the presale market. Here are some of their top recommendations.
17 Best Crypto Presales to Invest In Now
The post Top Crypto Gainers Today on DEXScreener – ESTEE, HDMI, DOGGO appeared first on Cryptonews.
