Wednesday gave cryptocurrency market one of its usual mid-week jolts, with Bitcoin (BTC) fluctuating around the $26,300 mark, and Ether (ETH) tipping slightly over the $1,600 hilt. However, even in the backdrop of a material disinflationary trend reflected in the latest US inflation numbers, concerns about potential hefty sales from the declared insolvent exchange, FTX, have depleted the crypto sentiment a tad.
This stems from a recent court ruling that permitted the struggling exchange to commence offloading its $3.4 billion digital asset holdings. Being a considerable holder of around 16% of Solana’s outstanding supply, this has sparked anxieties in a sector already prone to volatility.
Whilst largely stuck in recent trading ranges, some renegade ‘crypto-gonists’ have shifted their gaze from the major cryptocurrencies, eyeing the meme coin markets for better chances at quick returns.
One such hyperbolic performer is a new Rick & Morty-inspired token, Ricky Morty Morty ($RICKY). This digital coin broad-jumped over 2,000% versus its DEX launch price within the span of a day. While its contract didn’t illuminate any concern-laced aspects from DEXTools’ TokenSniffer and GoPlus security audits, it should be noted that until its liquidity is locked, jogging suspicions of $RICKY being a possible rug pull might pop up now and then.
Embarking upon similar growth trajectory, $DOJO, the token that enables Dojo Supercomputer project, surged over 350% within a 24-hour frame. However, its seven potential security flags as per DEXTools’ audit scan could possibly indicate it being a part of a scam, urging significant caution for prospective investors.
Further east in the meme coin coliseum, resides EmotiCoin ($EMOTI), boasting of being the pioneering ‘elastic supply token’ that trims its supply by 20% every four hours. Despite its upwards ticking price, the token’s market cap remains ensnared below the $100,000 mark.
While this highlights the high-risk tennis match that is shitcoin investing, it also beckons towards crypto presales, an alternative strategy for those unflinching in the face of high risk if it brings high rewards for near-term gains. This investment strategy involves purchasing tokens from nascent crypto projects for funding their developmental milestones while hoping for exponential gains in the long run.
However, the crypto world is a precarious one. As enticing as exponential gains may sound, the stakes are just as high and the potential for losses just as profound.
Source: Cryptonews
