As Bitcoin (BTC) crosses the $70,000 mark and Ethereum (ETH) hovers in the $3,600 range on Monday, investors are still exploring less mainstream on-chain cryptocurrencies for quicker returns and potential top crypto gainers today.
Bitcoin and Ether have both increased by over 7% in the last 24 hours. While these mainstream cryptocurrencies could yield significant gains, a waiting period is involved. Some traders are more interested in recently launched altcoins that can potentially offer a quicker high return, like doubling their investment within hours or multiplying it tenfold within a day.
Advertisement
On-chain markets deal with digital assets that are created on an existing blockchain. For instance, the Shiba Inu token was made on Ethereum and is known as an ERC-20 token. You can trade these tokens on decentralized exchanges (DEX). If they grow big enough, you might also see them on centralized exchanges.
These markets, commonly known as meme coin or shitcoin markets, often experience issues of scams and pump-and-dump schemes due to their easy-to-issue nature. Despite this, they remain the only markets where tokens can surge by 50-100 times their original value.
Here are some of the leading cryptocurrencies on Ethereum that traders are watching today, according to DEXScreener.
Emerging tokens on the rise
Wrapped Trade AI (wTAI)
An emerging token named Wrapped Trade AI, seemingly capitalizing on the increasing trend of tokenization, has seen significant growth since its launch on Monday. The token’s market cap is currently estimated to be around $7.4 million, with $330,000 in liquidity.
While wTAI doesn’t seem fraudulent, it could be a pump-and-dump scheme designed to extract funds from investors. It is suggested by its 20% purchase and sale taxes. As usual, traders should be careful and carefully examine a project before investing their money.
EPICBOTS ($EPICBOTS)
EPICBOTS, a Telegram bot protocol rumored to use artificial intelligence, is experiencing a significant spike today, making it one of the crypto top gainers. Its value has doubled in the last 24 hours, with a market cap of $3.4 million. The token’s locked liquidity stands at $350,000, lessening the risk of sudden large withdrawals.
However, this doesn’t guarantee that the token isn’t fraudulent. DEXScreener’s smart contract audit points out four worrying features in the token’s contract. They include a changeable tax, a whitelist function, and a 5% buy-and-sell tax.
Ishi ($ISHI)
A Shiba Inu-themed meme coin known as Ishi is bouncing back this Monday. It’s up by 30% in one day, and its market value has returned to roughly $2.1 million.
The token possesses $200,000 in untouchable liquidity, which decreases the chance of a scam known as a “rug pull.” Notwithstanding, the token also has changeable tax settings, a blacklist, and a whitelist, all of which can potentially be used for deceitful purposes. It could transform the token into a risky investment.
Thus, those contemplating investment should only use money they are prepared to lose and ensure they thoroughly research beforehand.
Exploring risk in cryptocurrency investments
Investing in less popular cryptocurrencies carries significant risk. A seemingly promising project could turn out to be a scam, or a couple of large sell orders could drastically drop the price by 80%. In contrast, participating in crypto presales could potentially offer better reward versus risk despite still being risky.
The concept is simple: Investors buy tokens of promising crypto projects at an early and reduced price. These projects then use the raised funds for their development and promotion.
Investing in crypto presales can be risky due to unexpected complications that might hinder the project’s progress. However, knowledgeable presale investors often manage to earn profits ten times their initial investment or even more.
Advertisement
