Potential Big Sales from FTX Dampen Sentiment in Crypto Market
The recent news of potential big sales from bankrupt exchange FTX is causing some concern in the crypto market. The court has given permission for the exchange to sell off its $3.4 billion in digital assets, which includes around 16% of Solana’s outstanding token supply. Despite this, major cryptocurrencies are mostly trading within recent ranges.
Traders are turning to the shitcoin/meme coin markets in search of better prospects for short-term gains. Let’s take a look at some of the best performers in these markets according to DEX Tools.
Ricky Morty Morty ($RICKY)
A new Rick & Morty-themed shitcoin called Ricky Morty Morty ($RICKY) has experienced an explosive start, gaining over 2,000% since its DEX launch earlier today. The cryptocurrency currently has a market cap of around $827,000 with significant liquidity and trading volumes. TokenSniffer and GoPlus security audits have not raised any concerns about the token’s contract.
However, there is still a risk of a rug pull until liquidity is locked.
Dojo Supercomputer ($DOJO)
$DOJO, the token powering the Dojo Supercomputer project, has seen a massive pump of over 350% in the past 24 hours. It now has a market cap of around $660,000 and over 500 holders. While $DOJO has locked liquidity for 7 months, its token contract has seven security alerts, indicating a high risk of being a scam.
Investors should exercise caution when considering this shitcoin.
EmotiCoin ($EMOTI)
EmotiCoin ($EMOTI) claims to be the first “elastic supply token” that reduces its supply by 20% every 4 hours. The token’s price has been rising due to these supply reductions, but its market cap remains below $100,000. It has locked liquidity of nearly $250,000 and only four alerts in its security audit.
While EmotiCoin is unlikely to be a scam, it has struggled to gain traction. Investors should approach this shitcoin with caution.
Crypto Alternatives to Consider
Shitcoins are highly risky investments as they often lack real value propositions. Instead of investing in shitcoins, you may consider participating in crypto presales for a higher probability of short-term gains.
During presales, investors buy tokens of up-and-coming crypto projects to support their development. These tokens are usually sold at low prices and have a history of delivering exponential gains. Many of these projects have strong teams and innovative visions for crypto applications/platforms.
If you can identify promising presale projects, the risk/reward ratio is favorable. Check out this list of 15 top crypto presales for potential investment opportunities.
Hot Take: Be Cautious When Investing in Shitcoins
While shitcoins may seem tempting due to their potential for quick gains, they come with significant risks. Most shitcoins lack substance and can easily turn out to be scams or rug pulls.
If you’re looking for better investment opportunities, consider participating in crypto presales instead. These projects offer higher chances of success and greater potential returns. However, thorough research and due diligence are essential before investing in any cryptocurrency.
Remember to exercise caution and make informed decisions when navigating the volatile world of cryptocurrencies.
Wyatt Newson emerges as a luminary seamlessly interweaving the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the dynamic canvas of digital currencies, Wyatt’s insights resonate like vibrant brushstrokes, capturing the attention of curious minds across diverse landscapes. His ability to untangle intricate threads of crypto intricacies harmonizes effortlessly with his editorial mastery, transmuting complexity into a compelling narrative of comprehension. Guiding both seasoned navigators and curious newcomers, Wyatt’s insights serve as a compass for astute decision-making amidst the ever-shifting currents of cryptocurrencies. With the artistry of a linguistic craftsman, they skillfully craft narratives that enrich the evolving tableau of the crypto landscape.
