Tuesday’s blue-chip crypto markets, comprising Bitcoin (BTC) and Ether (ETH), have seemingly adopted the hue of caution. Despite the strongest US economy pushing yields to multi-decade highs, the cryptocurrencies are grasping to recent ranges gracefully, though their bearings remain below 21-day Moving Averages. These stalwarts seem on the precipice of potential additional losses as the US dollar remains robust and the Federal Reserve considers maintaining towering interest rates. Possible turbulence could arise from Fed Chair Jerome Powell’s speech on Thursday or inflation data.
For those seeking constant movement, the unconventional domain of the so-called ‘shitcoin’ or ‘meme coin’ market may prove enticing. The stocks that captured this momentum lately include previously obscure names like Poleis Finance or the oddly named HarryPotterObamaPacMan8Inu, among others.
Poleis Finance, a key player who embodies a fully-fledged Decentralized Finance ecosystem, enjoys an elevating performance curve. Prices have spiked to just over $0.0126, representing elevations over 300% from earlier lows in the month; yet, to break out from the ceiling set by its all-time high, further tripling is necessary.
Yet, this ride may prove bumpy as the platform imposes 6% taxes on buying and selling, uniquely high amidst its niche. On a consolation note, it integrates an anti-whale mechanism into its contract, aiming to manage uncontrolled price swings attributed to concentrated investing.
On the other corner, stands another unexpected champion in the arena, HarryPotterObamaPacMan8Inu. With a staggering market cap exceeding $18M and a commendable trading volume, the coin holds a profitable tally of investors. Although, potential traders may take note of the 2% buy and sell tax silently factored into their profits.
Simultaneously, walking at an assuring pace is zkSync Labs, trading at an all-time high of close to $0.001 per token. This entity, positioned under the decentralized exchange (DEX) on the zkSync protocol, accrues less than 400 token holders, driven by trading volumes steadily flowing over $70,000 in 24 hours.
When it comes to investing in this high-stakes crypto market, there rarely are guarantees. Shitcoins can be hazardous bets, mainly due to an absence of tangible valued propositions. For investors yearning for high-risk, the substantial reward could be buying tokens early from crypto pre-sale start-ups to finance their growth. History is often kind to these ventures, with presale investments raking in exponential gains, fueled by visionary teams and industry-altering prospects. Yet, it must be recognized that crypto is a volatile and risky asset class. Your capital might be endangered, hence, consider proceeding with informed caution.
Source: Cryptonews
