At the crack of dawn, cryptocurrencies are enjoying a mildly bullish market, with preeminent names like Bitcoin (BTC) fidgeting close to a 1% growth in the last 24 hours. Ethereum too, colored the market green, but both are caught in recent trading ranges, tentatively awaiting more lucidity on themes, like stringent US regulations and the anticipated spot Bitcoin ETF approvals.
What’s intriguing, however, is the calm macroeconomic landscape, hardly providing substantial catalysts this week. Forecasts hint that upcoming US retail sales data and minute’s releases from FOMC, possibly won’t deviate the stable narrative of a robust US economy. Moreover, the Fed’s aggressive tightening cycle, reportedly on the decline, might introduce a few rate cuts next year.
Contrast to this broader tranquility, the meme coin sector sees its usual volatility, attracting attention and investments. For instance, a new entrant in the market, spurdo (SPURDO), launched on Sunday, has kept the momentum strong till Monday, registering a jaw-dropping 2000x hike from its launch price point. Yet DEXTool’s security audits signal two potential alerts, thereby echoing caution in the wind.
Similarly, FOOM, another participant in the meme coin marketplace, saw a dramatic 300% upsurge on Monday, bouncing back by 600% from its previous monthly lows. Here too, DEXTool’s GoPlus security audits could flag one potentially concerning aspect, outlining potential associated risks.
One should also keep an eye at Farmer Friends (FRENS), which has been notably pumping in the recent hours with signs of approaching previous record highs. Despite its attractive performance, GoPlus has identified multiple worrying aspects in FRENS’s contract, making investor caution essential.
An alternate route attracting high risk-high reward investors is crypto presales – an investment avenue wherein tokens of budding crypto projects are sold, typically at lower prices, to fund their development. Monetary backing for such projects often gives early investors substantial returns considering their impeccable visions powered by teams possessing impressive backgrounds. Yet, as these tokens are usually low-priced, the losses, if any, can be catastrophic.
This dynamic crypto space indeed features opportunities laden with risks, a pattern as fluctuating as the value of the tokens themselves. Remember, it’s critical to employ a cautious approach and understand that cryptos are a high-risk asset class that might test the strength of your investment.
Source: Cryptonews
