Bitcoin (BTC) has dipped back below $27,000, but is still trading in the green for the month and to the north of its 50-Day Moving Average (DMA).
September is usually one of the worst months of the year for Bitcoin, so this is a strong sign heading into October, a month that is typically much friendlier to the BTC price.
Whether Bitcoin can break back into the $28,000s and beyond its 200 and 100DMAs maybe be a key question for October.
Whilst technicals and seasonality may be on BTC’s side, macro remains a headwind with yields in major developed economies still close to multi-decade highs.
For now, blue chip crypto markets remain locked within recent ranges, so traders looking for a better prospect of near-term gains are likely to continue to turn to the highly illiquid shitcoin and meme coin markets for volatility.
Here are some of the best-performing low-cap coins, as per DEXTools.
A shitcoin called DumbMoney ($GME) has pumped nearly 8,000 in the last 24 hours, making it the top-performing shitcoin as per DEXTools.
The shitcoin appears to be a mikey take of GameStop, whose NYSE ticker is $GME, and a means of calling GameStop “dumb money”.
Its market cap was last around $2.4 million, with around $140,000 in liquidity and trading volumes of over $2.4 million in the past 24 hours.
According to DEXTools’ security audit, the token’s contract only has two alerts, but its unlocked liquidity means it could still be a rug pull.
Taizo Hori ($TAIZO)
A newly launched shitcoin called Taizo Hori ($TAIZO) is already up 550 since its launch earlier in the day, and has already been able to achieve a market cap of $250,000, with liquidity of $190,000.
The token has already seen volumes of $380,000 since its launch, and has accumulated close to 100 holders, as per DEXTools.
$TAIZO’s token doesn’t appear to have any concerning aspects to it, but investors should exercise caution and do their own due diligence, as always.
DERP Coin ($DERP)
An AI-coin called DERP Coin ($DERP) that was first created back in early May saw a massive 170 pump on Friday, making it a top performer as per DEXTools.
The token’s market cap was last around $440,000, with locked liquidity of more than $110,000 and over 800 holders.
Bulls should remain cautious though, as the latest price pump comes after only $46,000 in 24 hour trading volumes, which isn’t very much, suggesting a lack of conviction behind the move, and that a few big sell orders could see the entire move reverse.
As per DEXTools’ security audit, DERP Coin doesn’t have any concerning aspects to its token contract, but it does have a poor community trust score of only around 50.
Crypto Alternatives to Consider
Shitcoins are very risky, given most have no real value proposition.
For those looking for an even better probability of near-term gains, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.