Cryptocurrency Markets in Early Asia Pacific Trade
As the Asia Pacific trading session began on Wednesday, major cryptocurrencies have seemed to take a breather following a bullish start earlier in the week. Risk-tolerant crypto traders are now looking toward the on-chain decentralized exchange (DEX) markets to identify potential top performers among new tokens that could yield substantial returns today.
Potential Gains and Risks in the Crypto Space
There are estimations that Bitcoin (BTC) could see gains of around 60% by the end of the year, while other significant altcoins may even outperform this projection. However, numerous traders are on the lookout for opportunities that promise much larger and quicker gains. This quest leads them to the on-chain DEX markets, where new tokens can experience rapid increases of 20-50x.
It’s important to note that investing in DEX markets carries considerable risks. Many newly launched tokens in these environments are often scams or fall victim to pump-and-dump schemes. Nevertheless, the allure of fast wealth continues to attract traders who frequently utilize tools like DEXScreener to spot trending coins. Below, we dive into some of the top crypto gainers market participants are closely monitoring today.
Top Crypto Gainers Under the Spotlight
Sendr (SENDR)
One of the most notable newcomers is Sendr (SENDR), a smart-payment protocol that has just launched, achieving astonishing gains of over 8,000% within the first 24 hours of trading. According to DEXScreener, the market cap for SENDR remained around $500,000, with locked liquidity close to $100,000. Influential figures in the crypto space have already shown their support for SENDR.
Despite its promising technology and branding, potential investors need to conduct thorough research before diving into this project, as the volatility of DEX markets could lead to significant losses just as easily as it could lead to profits.
IZZY (IZZY)
Another token generating buzz is IZZY, a new meme coin on the Solana blockchain, themed after the beloved dog character created by Matt Furie. IZZY has also skyrocketed by 8,000% in 24 hours, pushing its market cap to approximately $15 million. However, skeptics warn that IZZY could be experiencing a classic pump-and-dump scenario, having previously surged to a market cap of nearly $30 million before plummeting by 90%. The current uptick may simply be a transient bounce from its low.
Megs_io (MEGS)
Lastly, the Solana-based coin megs_io (MEGS) has observed gains close to 300% over a 24-hour period, reaching a market cap of $3.7 million according to DEXScreener. Despite its community-oriented branding, MEGS has not captured much enthusiasm on DEXScreener, garnering over 300 votes marked with red flag emojis. This considerable number of warnings hints at potential concerns about it being a rug pull, underscoring the importance of investor vigilance in this volatile market.
Conclusion
The allure of the DEX markets is undeniable, especially for traders seeking rapid returns. However, the inherent risks associated with investing in new tokens cannot be overstated. Those looking to capitalize on the latest trends should proceed with caution, ensuring they are making informed decisions backed by diligent research.