With bullish momentum returning to the cryptocurrency market on Monday and Bitcoin (BTC) looking to retest all-time highs, traders looking to make a quick profit are flocking to on-chain penny stock markets as they search for today's top cryptocurrency gainers.
Blue-chip cryptocurrency markets are booming on Monday, with Bitcoin rising more than 2% and trading above $71,500. The value of Ethereum (ETH) has risen nearly 8% in 24 hours, according to CoinMarketCap, to the mid-$3,600s.
An increase in the prices of major cryptocurrencies could lead to a slight increase in risk-taking activity on on-chain penny stocks.
This is because cryptocurrency investors who own blue-chip cryptocurrencies suddenly have more capital to play with. They may expect that outperformance in blue-chip markets translates into market upside across the chain.
For reference, on-chain markets refer to the market for digital assets that are issued directly on top of an existing blockchain.
For example, the Shiba Inu Token (SHIB) is issued on Ethereum as an ERC-20 token.
These tokens can then be traded on decentralized exchanges (DEX) and possibly centralized exchanges if they become large enough.
Often referred to as meme (or Shitcoin) markets, almost anyone can issue a token at any time.
As a result, these on-chain markets are rife with scams and pump-and-dump schemes.
But Shitcoin markets are the only place to find tokens that can rise in the 50-100x region.
Here are a few of today's top winning cryptocurrencies on Ethereum that traders will be watching, according to DEXScreener.
Top Cryptocurrency Gainers Today
TNSR
A newly launched chitcoin called TNSR (TNSR) is pumping hard on Monday.
It has risen over 1,000,000% since its launch, according to DEXScreener. It also has $1.2 million in locked liquidity, although its market cap is still small at $117,000.
Traders should not be fooled by these impressive numbers, as the token may be a scam.
Go+ Security's smart contract audit reveals that the token is mineable and the issuer can change balances. This suggests that the rug could be pulled out at any moment.
Traders should always do their due diligence before entering high-risk on-chain markets.
Notice of Artificial Intelligence (NOAI)
Decentralized communications protocol Notifi AI (AI) has just launched, and has pumped 656% since its launch on Monday.
That's according to DEXScreener, which puts the token's market cap at $290,000.
The token also has $201,000 in unlocked liquidity, so it could end up being a rug draw.
Go+ Security did not find any aspects related to the token contract. But this does not mean that investing in it is safe.
Clover (alfalfa)
The just-launched decentralized trading token Cloverswap (CLOVER) has surged 400% since its launch on Monday.
According to DEXScreener, it has a market cap of $376,000 and liquidity of $325,000.
Go+ Security found no issues with its smart contract. While this can be a low-cap gem, there are no risk-free investments in on-chain markets.
Encryption alternatives to consider
Investing in low value Shitcoins is a very risky strategy.
A seemingly innocent project could easily be a scam, and a few large sell orders can easily send the price down by 80%.
A strategy that is still risky, but arguably has a better risk reward, is to engage in pre-selling cryptocurrencies.
The idea is for investors to secure tokens for emerging and high-potential crypto projects/protocols at a discounted early price.
These projects then put these funds to work, paying for the development and commercialization of the protocol.
While a lot of things can go wrong when investing in a cryptocurrency presale — unforeseen circumstances can prevent a project from realizing its vision — savvy presale investors routinely receive gains of 10x or more.
With hundreds of pre-sale projects competing for investors' money, analysts at Cryptonews combed the market.
Here are 14 pre-roll projects with the highest potential.
See 14 cryptocurrencies
Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.
