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Major cryptocurrencies have kicked off the week on a strong note, with Bitcoin (BTC) surging back to $66,000 following a remarkable 5.5% increase in just 24 hours. However, the most significant crypto gains today are seen within the on-chain decentralized exchange (DEX) markets, which continue to exhibit explosive movements.
Political Climate and Market Sentiment
As pro-crypto U.S. presidential nominee Donald Trump gains a significant lead in the betting odds and polls leading up to the election, the market sentiment is considerably optimistic. Here are some swing state odds:
- Arizona: Trump 68% – 34%
- Georgia: Trump 64% – 36%
- Pennsylvania: Trump 55% – 45%
- Michigan: Trump 51% – 49%
- Nevada: Harris 51% – 49%
- Wisconsin: Harris 51% – 49%
There are only 25 days left until the election, and tweets from platforms like Polymarket are indicative of the heightened interest.
Global Economic Factors Influencing Bitcoin’s Rise
Additional optimism stems from anticipated economic stimulus from China and the ongoing rate-cutting cycle from the Federal Reserve, which are expected to enhance global liquidity conditions and stimulate economic growth. Many in the crypto community are hopeful that “Uptober,” a term denoting the typically bullish October for cryptocurrencies, has finally arrived.
Diving into On-Chain DEX Markets
Crypto traders, especially those known as “degens,” continue to chase quick exponential gains, frequently turning to on-chain DEX markets. New tokens are launched daily, and some can witness gains of 50 times or more within just a few hours. However, these on-chain markets are also fraught with risks, including scams, rug pulls, and pump-and-dump schemes. Tools such as DEXScreener help traders identify trending coins, but caution is paramount.
Top Crypto Gainers Today
Here is a closer look at some of today’s top crypto gainers that traders are keeping an eye on:
Miharu (MIHARU)
Miharu (MIHARU), a new meme coin on the Solana blockchain, has seen an astronomical rise of 570% in the past 24 hours, raising its market cap to approximately $4.8 million. However, this surge is based on only $400,000 in trading volume and a liquidity of just over $200,000, indicating that this price could plummet quickly if selling pressure increases.
DeepBook Token (DEEP)
Another noteworthy mention is DeepBook Token (DEEP), which operates on the Sui liquidity protocol and has shown exceptional performance since its launch. As per DEXScreener, DEEP has skyrocketed 230% in the last 24 hours, achieving a market cap of around $240 million. With a credible following and significant buzz around it, the DEEP token appears to be a promising investment within the growing Sui network.
Klaus (KLAUS)
Lastly, we have Klaus (KLAUS), an Ethereum-based meme coin that has jumped 255% within the last day, now holding a market cap of nearly $20 million and liquidity of about $500,000. Launched just five days ago, KLAUS has maintained solid momentum and is drawing considerable attention on social media. Despite its success, traders are advised to avoid succumbing to FOMO and perform thorough research before making any investment decisions.
Meme Coin Presales: A Cautious Entry Strategy
To mitigate the risks associated with DEX markets, investors looking to enter high-potential meme coins at their earliest stages may consider participating in meme coin presales. Analysts at Cryptonews.com are closely monitoring this niche market and have identified 18 promising new meme coins to watch for this October. Engaging in presales may provide a safer entry point compared to trading on volatile DEX platforms.
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