Top Crypto Gainers Today on DEXTools – MEMEAI, FR33, GPUBot
As blue-chip cryptocurrencies like Bitcoin (BTC) and Ether (ETH) consolidate close to recent highs as investors digest surging spot Bitcoin ETF demand, highly risk-tolerant traders, often referred to as “degens”, continue to pile into the on-chain shitcoin markets in the hunt for top crypto gainers today.
Trading volumes in BlackRock’s Bitcoin ETF IBIT were above $1 billion for a fourth successive session, TheBlock data shows.
Last week’s daily volume average was under $500 million.
Wednesday, meanwhile, saw net inflows into spot Bitcoin ETFs of more than 11,000 BTC.
That’s more than 10x the increase in BTC supply via token issuance to miners.
Oh my goodness
Two days ago $BTC Bitcoin ETFs were buying 9000 Bitcoin a day
Yesterday they bought 11,000
Miners $CLSK $MARA only produced 900
More than 10x demand vs new supply created
Post halving, the miners will only produce 450 a day pic.twitter.com/lvEerHBE5g
— amit (@amitisinvesting) February 29, 2024
Huge demand for BTC from spot ETF investors comes ahead of the Bitcoin halving in April.
This is when the rate at which BTC is issued to miners will drop in half, reducing long-term sell pressure.
Amid a demand surge and ahead of a supply shock, it’s no wonder that Bitcoin is up around 20% this week.
Monthly gains currently stand at around 44%, the most in three years.
Whilst those gains are certainly impressive for an asset of Bitcoin’s size, that’s nothing compared to the price moves witnessed in shitcoin markets on a daily basis.
Here are three top crypto gainers today in the shitcoin market that degens will be monitoring, as per Decentralized Exchange (DEX) analytics tool DEXTools.
A new shitcoin called MEMEAICoin ($MEMEAI) is up 5,500% after launching today, as per DEXTools.
Its market cap
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