Top Crypto Gainers Today on DEXScreener – SAI, VPS, TGPU
Following a quiet start to the week for Bitcoin (BTC) and Ether (ETH), both of which are rangebound in the $68,000 and $3,500/600 areas amid tentative trade ahead of this week’s FOMC meeting, traders looking to secure quick gains are flocking to the on-chain shitcoin markets to find top crypto gainers today.
The Fed is expected to leave interest rates unchanged. Traders will be rhetoric relating to potential rate cuts later this year.
Hotter-than-expected inflation and an economy that is also beating expectations has seen markets pull back on rate-cut bets recently.
That has come as a minor headwind to major cryptos like Bitcoin. Indeed, macro headwinds may have triggered the profit-taking that has driven the price 7.5% down versus last week’s highs.
But macro headwinds are having little impact on the speculation-fuelled shitcoin markets.
On-chain markets refer to the market for digital assets that have been issued directly on top an existing blockchain.
For example, the Shiba Inu (SHIB) token is issued on Ethereum as an ERC-20 token.
These tokens can then be traded on decentralized exchanges, and also perhaps on centralized exchanges if they get big enough.
They are often referred to as shitcoin markets because virtually anyone can issue a token at any time.
As a result, these on-chain markets are replete with scams and pump-and-dump schemes.
But shitcoin markets are the only place to find tokens that can rally in the 50-100x region.
Here are a few of the top crypto gainers today on Ethereum that traders will be monitoring.
A shitcoin called SyntheticAI ($SAI) has pumped up 53,000% on Monday, as per DEXScreener.
Its market cap was last around $4.2 million, with close to $390,000 in liquidity and already 400 holders.
That’s not bad
Read more on cryptonews.com
