Bitcoin Attempts to Rebound After Strong US Jobs Data
Despite the release of stronger-than-expected US jobs numbers, Bitcoin is making another attempt to rise above the $28,000 level. The cryptocurrency initially fell following the data but has since reversed its losses and is now 3% higher than its session lows in the $27,100s. This rebound suggests that Bitcoin is in a bullish mood and may continue to move higher within the uptrend that has been dominant since mid-September. Breaking above the 200-day moving average and the resistance zone at $28,500 could open the door for a swift move back above $30,000.
The Appeal of Shitcoins
While Bitcoin’s short-term outlook is positive, traders looking for quick profits often turn to the highly illiquid “shitcoin” or meme coin market. These tokens can experience exponential intra-day moves and offer opportunities for significant gains. Here are some of the best-performing low-cap coins according to DEXTools:
Unvest ($UNV)
A token called Unvest ($UNV) has seen a massive 500% increase in value on Friday, with trading volumes exceeding $500,000 in the last 24 hours. Unvest claims to power a multi-chain platform that facilitates secure trading of locked tokens. Despite having no concerning aspects to its token contract, Unvest has a community down rating of 60%, which is cause for concern.
SuperPEPE ($SPEPE)
A Pepe Coin copycat known as SuperPEPE ($SPEPE) has surged over 400% on Friday, with trading volumes surpassing $1.6 million in the past 24 hours. However, its current price of around $0.008 indicates an 80% decline from its session highs, suggesting that the bubble may have already burst.
Hammer Bro ($HAMMER)
A shitcoin called Hammer Bro ($HAMMER) launched on Friday and has already experienced a 350% pump. It currently has a market cap of around $230,000, liquidity of approximately $210,000, and nearly 150 holders. DEXTools’ security audit identified two concerning aspects to the token’s contract, but it has a good community trust rating with 82.4% upvotes.
Crypto Alternatives to Consider
While shitcoins can be risky due to their lack of value proposition, there is an alternative high-risk-high-reward investment strategy: getting involved in crypto presales. This involves buying tokens from up-and-coming crypto projects to support their development. These tokens are often sold at low prices and have a history of delivering exponential gains to early investors. Many of these projects have strong teams and ambitious visions for revolutionary crypto applications/platforms. Identifying such projects can offer a favorable risk/reward ratio for presale investments.
Hot Take: Shitcoins Offer High-Risk Opportunities, but Be Cautious
While shitcoins can provide opportunities for quick profits, they also come with significant risks. Their lack of fundamental value and volatile nature make them highly speculative investments. However, for those willing to take on the risk, shitcoins can offer substantial gains in a short amount of time. It’s important to conduct thorough research and due diligence before investing in any cryptocurrency, especially those with low market caps and limited liquidity. Additionally, consider diversifying your portfolio and allocating only a small portion of your funds to high-risk assets like shitcoins.
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