In the cryptocurrency space, a sense of optimism seems to permeate the atmosphere. Bitcoin has recently exceeded a week-long high of $29,500, witnessing an almost 3% uptrend within 24 hours. Ethereum (ETH) isn’t far behind, on its voyage to retest the $1,850 mark, displaying a similar upward trend of around 2% in the past day’s timeframe. The swelling faith in crypto can be somewhat linked to the news of PayPal‘s endeavor to launch its own stablecoin, a venture that could serve as a catalyst for greater crypto adoption. Adding to this sanguine sentiment was a statement by Galaxy CEO Mike Novogratz, who asserted that it’s a matter of “when, not if” BlackRock, Invesco and other secure spot bitcoin ETF approval from the SEC in a four to six months’ timeframe.
Yet, despite these auspicious projections, one finds a flip side where the big coins seem to be beached within their several months-old ranges. Meanwhile, venturous traders have pivoted towards the roller coaster ride of shitcoin/meme coin markets. For instance, a cat-themed meme coin called Toshi or TOSHI, despite being in its nascent day post-launch, has spearheaded an impressive surge of about 200%. Although Toshi presents no alarming attributes as per its token contract, its unlocked liquidity retains the odds of a potential rug pull.
Adding to the list of attractive yet precarious options is Bullet, the token empowering a blockchain-aided Telegram Russian roulette game. Bullet has been monopolizing the limelight with a massive upswing of around 5500% from its DEX launch price. However, a 5% buy and sell tax incorporated into the token’s contract forms the sole area of concern.
Nevertheless, the enthusiasm for these smaller-cap coins must not supersede due diligence, especially given the emergence of deceptive coins such as XBTC, the current best performer on DEXTools. It has mounted an alarming 16,000% surge within 24 hours and nearing a $1 million market cap. However, the coin is flagrantly designed to swindle investors, exercising a 100% sell tax, effectively imprisoning buyers, or potentially leaving them destitute.
In this unstable environment marked by dramatic highs and lows, traders looking for robust value propositions and a promising long-term outlook might want to consider projects like Wall Street Memes (WSM), XRP20 and BTC20. WSM, a meme coin run by an influential retail stock investing community, has reportedly raised around $22 million. The ERC20 tokens XRP20 and BTC20, offering the benefits of operating on the Ethereum blockchain, exhibit equally promising prospects. XRP20 has already raised an impressive $1.3 million, while BTC20 sold a whopping $6.05 million presale within less than two weeks.
In a volatile market teeming with risks and rewards, it becomes imperative to exercise caution, through thorough due diligence before making any investment decision.
Source: Cryptonews
