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On a negative day in the primary cryptocurrency markets, where Bitcoin (BTC) and Ethereum (ETH) retreated towards recent lows amid persistent worries that the US economy could be heading into recession ahead of the upcoming release of crucial US jobs data for August, traders shifted their focus to on-chain DEX markets in search of leading crypto gainers today that might offer quick returns.
Bitcoin vibe right now.. pic.twitter.com/yiS1QGQJSF
— MMCrypto (@MMCrypto) September 5, 2024
This is because, even during a downturn for the overall crypto market, there are consistently top crypto gainers in the DEX markets achieving significant increases.
The crypto tokens traded on DEXs on blockchains such as Ethereum and Solana are typically very illiquid, unless they have been established for a considerable time and gained substantial recognition (like Shiba Inu).
This implies that a relatively minor amount of buying or selling pressure can lead to considerable price fluctuations.
On-chain DEX markets attract traders due to reports of individuals achieving 100x or more returns and becoming wealthy from modest investments.
However, it is important for readers to keep in mind that such instances are extremely uncommon.
More often, a trader may find themselves on the losing side of significant volatility. Or, even worse, the coin they are trading could turn out to be a scam or part of a pump-and-dump scheme.
With that said, here are some notable crypto gainers today on DEXScreener that traders will be observing.
Top Crypto Gainers Today on DEXScreener
A new Ethereum meme coin named VOTE FOR PEDRO (PEDRO) has surged over 25,000% in 24 hours according to DEXScreener, making it one of the leading crypto gainers today.
This token last recorded a market cap of approximately $1.5 million, with around $160,000 in locked liquidity.
With liquidity being only about 10% of the token’s market cap, a very small sell order could lead to a significant price decline.
Thus, traders should exercise caution with such coins. It is also worth noting.
Another notable crypto gainer today is a new Base meme coin called Vista is Green (VGREEN).
According to DEXScreener, this token has increased by just over 2,000% in the last 24 hours, bringing its market cap to $200,000.
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This indicates there is ample potential for further growth, although price movements suggest that VGREEN may have reached its peak.
Traders should be aware that VGREEN has no alarming issues with its smart contract, according to audits from Go+ Security and Quick Intel.
However, this does not guarantee that the token is free from being a scam, rug-pull, or pump-and-dump token.
Traders must always conduct their own research and never invest more than they can afford to lose in these high-risk DEX markets.
The final entry on the list of top crypto gainers today is a Solana meme coin called CROCO (CROCO).
It was last reported to be up 666% in the past 24 hours, according to DEXScreener. However, it seems to have largely completed a pump-and-dump cycle.
Its market cap was last around $32,000, which is quite small.
Tokens like this rarely recover after experiencing a drop from such highs.
Better Alternative to Consider
Trading newly launched coins on DEX markets, such as the top crypto gainers mentioned today, is a highly speculative endeavor.
As noted, many are scams or pump-and-dump schemes, and very few maintain long-term value.
Additionally, volatility often leads traders to make poor buying or selling choices.
A frequent error traders make is to FOMO in after observing a coin’s rapid ascent, only for the price to subsequently plummet.
A more prudent approach may be to invest in meme coin presales.
Presales typically last for several weeks, providing investors ample time for research and due diligence.
Here are some of the top crypto presales currently available, according to analysts at Cryptonews.com.
19 Best Crypto Presales to Invest In Now
The post Top Crypto Gainers Today on DEXScreener – PEDRO, VGREEN, CROCO appeared first on Cryptonews.
