Top Crypto Gainers Today on DEXScreener – ELON, AMERICA, MONKE
On a bearish day in the crypto market that was marred by a weak debut to spot Bitcoin and Ether ETFs in Hong Kong and data that reinforced expectations that the Fed will wait longer before cutting interest rates, traders looking for quick gains are flocking to on-chain shitcoin markets as they hunt for top crypto gainers today.
The new crypto ETF launch in Hong Kong attracted only $11 million in first-day trading volumes. Some had been expecting as much as $300 million in first-day trade.
Hong Kong ETH and Bitcoin ETF launch in 1 picture.
$300 million "anticipated" volume
$11 million actual volume
This has got to be one of the worst predictions of all time. pic.twitter.com/7WfwzSylTE
— WhalePanda (@WhalePanda) April 30, 2024
Meanwhile, data out of the US showed hotter-than-expected wage pressures in Q1, which could complicate the Fed’s inflation fight.
US Employment Cost Index Q1: 1.2% (est 1.0%; prev 0.9%)
— LiveSquawk (@LiveSquawk) April 30, 2024
Bitcoin (BTC) slipped briefly below $60,000 and hit its lowest level since February.
Ether (ETH), meanwhile, was probing sub-$3,000 levels and eyeing a test of earlier monthly lows.
With the rest of the altcoin market a sea of red, traders flocked to the on-chain markets, where newly launched tokens are always pumping.
On-chain markets refer to the market for digital assets that have been issued and trade directly on the blockchain.
For example, the world’s second-largest meme coin Shiba Inu (SHIB) is an ERC-20 token issued directly onto Ethereum.
Shiba Inu can be traded directly on the Ethereum blockchain using decentralized exchanges (DEX) like Uniswap.
Newly launched shitcoins and meme coins can also be traded in the exact same way.
Indeed, new coins are always popping up, and these coins
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