Blue chip cryptocurrencies like Bitcoin (BTC) and Ether (ETH) are ebbing lower on the first day of August, with both hitting fresh one-and-a-half month lows under $29,000 and in the low $1,800s, respectively.
Market commentators are citing jitters over the hack of one of Decentralized Finance (DeFi)’s oldest and most trusted decentralized exchanges (DEX) Curve Finance over the weekend as weighing on sentiment somewhat, as trust in DeFi as a whole takes a hit.
Others have pointed to a new US Securities and Exchange Commission lawsuits against the founder of Hex, PulseChain and PulseX Richard Heart for issuing unlicensed securities and for misappropriating investor funds.
Both could be having an impact but, in truth, the crypto market has well and truly entered its summer lull, with volumes dampened by a much larger than-usual proportion of market participants away on vacation.
Today’s main US economic data – the JOLTS Jobs Opening report and ISM Manufacturing PMI survey – was broadly as expected.
Existing narratives surrounding the US economy, such as that the labor market remains robust, that deflation continues and that the manufacturing sector remains contractionary (but the broader economy is holding up well), remain unchallenged, thus providing little impulse to crypto markets.
Fresh good news regarding other major crypto market themes, like the status of spot bitcoin ETF applications, and regulations, also remains non-existent, giving the market little reason to move higher.
With price action in blue chip crypto markets subdued, degens unsurprisingly continue to hunt for volatility and the prospect of short-term gains in the meme coin/shitcoin market.
Here are some of the top-gaining Ethereum-based coins of the day, as per DEXTools.
The Rock Token ($ROCK)
A new meme coin themed on popular celebrity and move star Dwayne “The Rock” Johnson has been exploding higher in the past two days.
It recently hit an all-time high price of $0.0000025, sending its market cap past $1 million and has now exceeded 250 holders, as per DEXTools.
That means it has surged a stunning 185x from its DEX launch price of $0.0000000135 last week.
The meme coin has a DEXTscore of 87/99, which isn’t too bad, and the only concerning part of the token contract is that it included a blacklist function, meaning some wallets might not be able to trade normally, but the contract has been renounced now.
DEXTools hasn’t detected a liquidity lock just yet, however, so there is still a risk the token could be an attempted rug pull, as we saw with $BALD on Monday.
Flash 3.0 ($FLASH)
$FLASH, which is the native token of the Flash Transfer platform, which claims to be the world’s first to allow users to buy or sell crypto with/for cash, has surged an impressive 140% on Tuesday.
The token was last trading around $0.032, up an impressive 4x versus its DEX launch price of $0.008 on Monday, as per DEXTools.
$FLASH now has a market cap of more than $3 million and has managed to pull in over 850 holders amid trading volumes in the last 24 hours of over $2.3 million.
It also has a strong DEXTscore of 99/99 and, as per the DEXTools’ GoPlus security check, doesn’t seen to have any concerning aspects to its token contract.
Liquidity is partially locked, which should (somewhat) ease rug pull fears.
Secret Society Token ($SS)
Secret Society Token’s $SS token has been pumping in the past two days, rallying 4x since the start of the week to hit its highest level in three months above $0.03 per token.
Secret Society claims on to be a DEX Aggregator service, as per the project’s website.
Its market cap is still modest at just $300,000, with modest trading volumes of only around $83,000 in the past 24 hours, as per DEXTools.
The token has a DEXTscore of 84/99 and has a few concerning aspects to its token contract, such as modifiable tax, pausable transfers, and the possibility to place limits on transfers.
Better Alternative to a Shitcoin
The volatility of the shitcoin market tends to suck in investors, but most of these coins have no underlying utility or project vision, meaning they almost all eventually end up as worthless coins.
Investors looking for a strong possibility of near-term gains should instead check out promising presale projects, such as some of those scrutinized by Cryptonews.com.
Here is one project that the team is watching closely…
Wall Street Memes (WSM)
Wall Street Memes, one of the internet’s hottest retail investing communities, rose to prominence in the meme stock craze of 2021 and has recently been expanding its relevance in the cryptocurrency space with the presale of its new $WSM token.
The success of the $WSM presale, which has raised more than $19.2 million in just a few months, isn’t surprising given the size of Wall Street Memes’ community.
Not only are there 523k hyper-engaged community members on its wallstbets Instagram account, there are another 214k on Twitter and more than 100k across its two other Instagram channels, wallstgonewild and wallstbullsnft.
All told, Wall Street Memes has a 1 million-strong social community of degens, which analysts think all but guarantees that the $WSM token will be listed on tier 1 crypto exchanges like Binance.
With 30% of the token supply being held back for community rewards, it can reasonably be expected that airdrops to holders will be a big part of the ecosystem.
Indeed, the first $WSM airdrop is open now.
Analysts are already predicting big things for Wall Street Memes when it lists on exchanges and you can be a part of it.
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.
