Biggest Crypto Gainers Today on DEXTools – Emoti, JINBE, MONKEY
Blue chip cryptocurrency markets rose on Thursday, with Bitcoin moving back above $26,500 for the first time this month and threatening a break above a downtrend that had been in play since early August.
Ether (ETH), XRP (XRP) and Cardano (ADA) were all last up around 1-2% in the last 24 hours.
No specific news or fundamental catalyst has been attributed to the rise in blue chip prices.
Strong US Retail Sales data is the latest sign the US economy remains far from recession, which is a positive on the one hand, but also strengthens the case for “higher for longer” interest rates in the US, as the Fed will likely see it.
Net net, US economic data appears to have had no impact on crypto prices on Thursday, while traders might also have continued unwinding pessimism that was priced in earlier in the week amid concerns about major asset sales from failed crypto exchange FTX.
Whilst the market was up on Thursday, major cryptos are still locked within recent multi-month ranges and the prospect of big near-term gains remains slim.
Traders thus continue to turn to highly volatile and illiquid shitcoin/meme coin markets for a better chance of quick exponential gains.
Here are some of the best-performing low market cap coins on Thursday, as per DEXTools.
A shitcoin called EmotiCoin ($EMOTI), which claims to be the first “elastic supply token” that reduces its supply by 20% every 4 hours, continues to rise in price.
Continued price pumps have been able to attract lots of investors, with the token’s market cap having now been pushed higher to around $3.6 million, with 1,600 holders.
The token has over $225,000 in locked liquidity and only four alerts as per DEXTool’s security audit.
These include a 5% buy and sell tax, which will disappear
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