Biggest Crypto Gainers Today on DEXTools – BABYSHIB, TOAD, SHARES
Blue chip cryptocurrencies have mostly erased the gains they made on Wednesday, with Bitcoin (BTC) back trading near $26,000 and Ether (ETH) back close to $1,650.
Blowout earnings numbers and guidance from US chipmaker Nvidia, which has been a key beneficiary of the artificial intelligence (AI)-fuelled run-up in big tech stocks this year, failed to lift sentiment in the US stock market, which has come back under pressure once again on Thursday, weighing on crypto market optimism slightly as well.
Caution in the crypto market is unsurprising ahead of remarks from Fed Chairman Jerome Powell at the annual Jackson Hole conference of central bankers on Friday.
Powell is expected to leave open the door to further interest rate hikes from the Fed this year, as well as push back against the idea of premature rate cuts given the inflation battle has not yet been won, and given the ongoing strength of the US economy.
This net-hawkish message could weigh on the crypto market, which tends to perform better in an environment of easing financial conditions and falling US bond yields.
While blue-chip cryptos remain locked within recent ranges, volatility in the highly illiquid shitcoin/meme coin market remains high.
Here are some of the biggest gainers, as per DEXTools.
A fun new meme coin called Baby Shiba Inu ($BABYSHIB) has been pumping since its launch just over a week ago.
$BABYSHIB’s market cap was last around $9.6 million, an all-time high and up around 250% in the last 24 hours as per DEXTools.
The coin has nearly $500,000 in unlocked liquidity, 24-hour trading volumes of around $3.2 million and has been able to accumulate more than 2,000 holders since its debut.
It has a 1% buy and sell tax, as per DEXTools’ GoPlus security audit, while
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