The world of cryptocurrency has held its breath as blue-chip markets remain entrapped within recent ranges, showing merely a marginal negative bias on Thursday. Even data about US inflation, powering the assertion that the Federal Reserve’s cycle of hiking is at an end, could not ruffle the relatively calm crypto waters. The dominant cryptocurrencies like Bitcoin (BTC) and Ether (ETH) kept traders on their toes by maintaining a steady position, trading close to $29,400 and $1,850 respectively.
However, despite the lack of substantial volatility in the major coins, the meme coin market – known for its high volatility, low liquidity, and not designed for weak-hearted traders – witnessed some action. An intriguing instance to consider is that of StrongX (STRONGX), a relatively new entrant, which recorded a staggering 1,200% surge in the last 24 hours, as per DEXTools. Still, traders remain cautious to not get burnt as StrongX could experience a precipitous drop as rapidly as its surge.
On the other hand, Messier 87 (M87), a token of a platform that’s working on a diverse range of DeFi products seems to be making some waves. Though it showed a promising nearly 5 times increase in recent 24 hours, the flags raised by DEXTool’s GoPlus security audit points to the possibility of this coin being a scam, ushering traders to proceed with caution.
Keeping in line with the 2.0 and 3.0 versions of popular meme coins, Half Shiba Inu (SHIB0.5) has also seen a resurgence, gaining around 2,800% since its June lows. However, the crypto market, known for its unpredictability, this coin, like any other could still be a rug pull, rendering the need for due diligence by traders.
Instructions for investors? Despite the dynamism of the above coins in the last 24 hours, they may not hold much value in a matter of days. For those on the lookout for low-cap coins with a better value proposition and long-term outlook, Wall Street Memes (WSM) and XRP20 can be explored. WSM has been gaining significant traction thanks to its following of over a million across multiple social channels, while XRP20, running on the Ethereum blockchain, has been making waves due to its advantageous passive income opportunities for those staking their tokens. Remember, investing in crypto almost always comes with risks.
Source: Cryptonews
