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Crypto markets are experiencing a notable recovery following Monday’s significant decline, which some referred to as “crypto black Monday.” However, certain traders are shifting their attention to micro-cap on-chain markets in search of leading crypto gainers today.
Bitcoin (BTC) has regained the $56,000 mark in recent transactions, after briefly falling below $50,000 on Monday.
The cryptocurrency sell-off coincided with a downturn in global stock markets.
Approximately $3 trillion has been erased from the US stock market amid rising concerns of a global recession.
Today marks the worst day for stocks since March 2020, when the world was locked down due to a fictitious virus. pic.twitter.com/913CQAAToD
— Layah Heilpern (@LayahHeilpern) August 2, 2024
Nonetheless, there are still downside risks. The Federal Reserve has yet to take action to alleviate investor concerns regarding the potential impact of their high interest rate policy on the US economy, which may be heading toward recession.
Geopolitical tensions remain high as Iran prepares to launch an attack on Israel.
Additionally, the ongoing unwinding of the overly saturated pro-risk yen carry trade could accelerate further.
It may not be long before major cryptocurrencies like Bitcoin fall back to new lows.
Given the bearish market conditions, it is not surprising that traders are seeking alternatives for quick profits.
Traders frequently utilize tools such as DEXScreener to identify leading crypto gainers today.
DEXScreener serves as a platform to track the trading of crypto tokens on blockchain-based decentralized exchanges like Raydium on Solana.
Here are some of the top crypto gainers today on the Solana blockchain that traders will be monitoring.
Here Are The Top Crypto Gainers Today
Wrapped Dog (wDOG)
A new meme coin on Solana, wrapped Dog (wDOG), has surged by 5,000% in the last 24 hours according to DEXScreener.
This substantial increase has resulted in a market cap of $2.6 million and liquidity of nearly $200,000.
The token seems to have a solid reputation within the trading community.
It has received 413 rocket emoji votes compared to just 27 red flag emoji votes.
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However, this does not guarantee it is not a scam. Traders should keep in mind that nearly all newly launched crypto tokens are either scams or some form of pump-and-dump schemes.
With liquidity below 10% of its market cap, the potential for a rapid downturn is evident.
Only a few significant sellers could drive the token’s value significantly lower. wDOG could swiftly transition from being one of the top crypto gainers today to one of the largest losers.
Smart Meme (SMART)
A Solana token known as Smart Meme (SMART) is also performing well, having increased over 2,000% in 24 hours.
This has brought its market cap to approximately $1.4 million and its locked liquidity to around $100,000.
$SMART
#3 On SOL Trending
DexT (https://t.co/4ppopY0850) |
Screener (https://t.co/NiJs2LlOCR) |
Buy (https://t.co/O7zRwaXTM8) pic.twitter.com/BOjQfkdpk1— Smart Meme (@smart_meme_Sol) August 5, 2024
The meme coin has passed a DEXScreener smart contract audit without any issues.
However, just because a token is among the top crypto gainers today does not imply that it is without risk.
Traders should always conduct their own research and never invest more than they can afford to lose.
Kamala Devi Harris (KDH)
A new token named Kamala Devi Harris (KDH), inspired by US VP and 2024 Presidential candidate Kamala Harris, has also shown strong performance, rising 1,500% in the past 24 hours according to DEXScreener.
This positions it as one of the top crypto gainers today. Traders still have the opportunity to invest in this token before it reaches a $1 million market cap, with its liquidity last reported around $100,000.
Crypto Alternatives to Consider
Instead of investing in high-risk micro-cap meme coins, investors may want to consider meme coin presales.
Analysts at Cryptonews.com are closely monitoring the presale market and have compiled a list of their preferred meme coin presales worth exploring.
14 Best Meme Coins to Buy in August 2024
The post Top Crypto Gainers Today on DEXScreener – wDOG, SMART, KDH appeared first on Cryptonews.
