Top Crypto Gainers Today on DEXScreener – KEN, COW, KAI
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
On a subdued day for major cryptos that saw Bitcoin (BTC) move sideways between the $58,000 and $60,000 levels, traders turned to tools like DEXScreener as they hunted for top crypto gainers today.
DEXScreener is a platform that monitors crypto tokens trading on decentralized exchanges like Uniswap or Raydium.
While major altcoins might move a maximum of 20% in one 24-hour period, tokens trading on DEXs frequently post exponential intra-day moves.
Major cryptos are likely to remain subdued ahead of the release of Wednesday’s US CPI report.
"July core CPI data to leave the door wide open to rapid Fed easing" @IanShepherdson https://t.co/2L5LM7xb8A #PantheonMacro pic.twitter.com/NwNOBWNoTl
And, in subdued markets, traders often succumb to the temptation to trade micro-cap cryptos on DEXs.
The allure of a “rags to riches” story – i.e. investing in a token that goes on to 100x – is the main draw.
But trading shitcoins on DEXs doesn’t come without risk.
Indeed, nearly all newly launched tokens are either scams or pump-and-dump schemes.
Almost none of these tokens go on to hold any real long-term value.
Exceedingly thin liquidity also means that relatively small buy and sell orders can trigger huge price swings.
Therefore, traders must be exceedingly careful when engaging with these markets.
They should never risk more than they can afford to lose. As the odds are, they are going to do just that.
Still, that doesn’t mean that more experienced traders should dip their toes in the water.
After all, fortune favors the brave!
Here are some top
Read more on cryptonews.com
