Major Cryptocurrencies Trading with Positive Bias Despite Low Volumes
Despite low trading volumes due to the Thanksgiving holidays, major blue-chip cryptocurrencies are trading with a positive bias. Bitcoin (BTC) briefly reached new highs above $38,000 and is currently trading around $37,800, up 1.6% in the last 24 hours. Ether (ETH) has also recovered above $2,100, up 2.6% in the past 24 hours.
The bullish sentiment could be attributed to Binance’s settlement deal with US authorities, which removes systemic risk from the market. Additionally, optimism remains high for near-term spot Bitcoin ETF approvals and an improving macro backdrop.
Macroeconomic Data to Watch
Next week, macro traders will monitor US Core PCE Price Index Inflation figures, US ISM Manufacturing data, and a speech from Fed Chair Jerome Powell. Recent US data suggests a cooling economy, leading to speculation that the Fed’s rate hiking cycle is over and a cutting cycle is on the horizon.
While cryptocurrency markets may experience significant movements next week, volumes will remain low until US markets fully resume.
Pump in Shitcoins: PEPEDAO ($PEPED)
A newly launched shitcoin called PEPEDAO ($PEPED) has experienced an over 8,000% pump since its launch earlier on Friday. The token attempts to masquerade as representing the decentralized Pepe Coin community. It currently has a market cap of around $700,000 with just over $200,000 in 24-hour trading volumes and close to 300 holders.
However, DEXTools’ smart contract security review highlights one concerning aspect: transfers are potentially pausable.
Pump in Shitcoins: Bonsai3 ($SEED)
Bonsai3 ($SEED), another shitcoin, has been pumping for a third consecutive day, gaining 45% in the past 24 hours. The token currently has a market capitalization of around $3.43 million, with close to $500,000 in locked liquidity and approximately 650 holders.
DEXTools’ security audit reveals a 4% buy and sell tax for the token, along with other concerning aspects in its smart contract. Caution is advised for investors.
Crypto Alternatives to Consider
While shitcoins offer potential high returns, they come with significant risks. An alternative high-risk, high-reward investment strategy to consider is participating in crypto presales. Investors can buy tokens of upstart crypto projects at a lower price to support their development.
Presales have a history of delivering exponential gains to early investors. It’s important to identify projects with strong teams and visions for revolutionary crypto applications/platforms.
Cryptonews provides a list of the best crypto presales of 2023 for investors to explore.
Hot Take: DEXTools Facilitating Shitcoin Pumps
DEXTools plays a significant role in monitoring and reporting on the pumps in shitcoins like PEPEDAO ($PEPED) and Bonsai3 ($SEED). While these tokens may experience massive price increases, caution is needed due to concerning aspects in their smart contracts. Crypto investors should carefully evaluate the risks before diving into these highly volatile markets.
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