Traders are turning to low-cap “shitcoin” and meme coin markets for volatility and potential gains amid subdued conditions in major cryptocurrencies, with new coins like The Bear ($BEAR), Calcium ($CAL), and MANE ($MANE)
- Bitcoin maintains a steady position, consolidating within a $24,750-$28,500 range amidst evolving macroeconomic factors.
- Ether struggles below $1,600, facing downward pressure as it fails to surpass the 21-day moving average, potentially revisiting summer lows.
- Traders are venturing into low-cap coins like $BEAR and $CAL seeking volatility, with both experiencing significant value surges post-launch.
- Although high-risk, crypto presales emerge as potential avenues for substantial gains, warranting meticulous research to assess project viability.
Bitcoin (BTC) is currently consolidating in the $26,600 range as traders reflect on recent macro developments. This comes after an upward push in US yields to new multi-year highs following the Federal Reserve’s hawkish leaning policy announcement.
Throughout the week, the world’s largest cryptocurrency has remained within a $24,750-$28,500 trading range. As the market evaluates the evolving macro backdrop and themes such as institutional adoption and US crypto regulatory policy, Bitcoin continues to stay wedged in the middle.
— Market Decryptor (@DavoodFeizi) September 22, 2023
Ether Struggles as Bears Look for a Retest
Ether (ETH), on the other hand, has not fared as well and is currently trading just under $1,600. This represents a more than 2% decrease for the week, as it failed to break above the 21-day moving average (DMA) which has been acting as strong resistance in recent months. Ether bears are now eyeing a potential retest of summer lows below $1,550.
Traders Turn to Shitcoin and Meme Coin Markets
Due to subdued trading conditions in major blue-chip crypto markets, traders are seeking volatility in the shitcoin and meme coin markets. As a result, several low-cap coins have shown outstanding performance.
The Bear ($BEAR)
A newly launched shitcoin called The Bear ($BEAR) has had an explosive start to its life. Since its DEX launch a few hours ago, $BEAR has surged approximately 300%. It now has a market cap of over $330,000 with significant trading volume totaling $1.6 million. The token has locked liquidity and has passed DEXTools’ security audit, indicating that it is likely not a scam.
Calcium ($CAL), another recently launched shitcoin, experienced a pullback from its highs yesterday. However, the token remains more than 340% higher in the past 24 hours. With over $900,000 market cap and $5.7 million in trading volumes, $CAL is among the best performers. While it shows unlocked liquidity, its contract has no concerning aspects according to DEXTools’ security audit.
$MANE, a shitcoin launched earlier in the day, is retracing from its peak. The token is currently around $0.0047, with trading volumes of $1.9 million so far on the day. Its market cap hovers around $470,000, and it has accumulated over 400 holders. DEXTools’ security audit highlights partially locked liquidity and some contract alerts, such as modifiable transaction tax and pausability of transfers.
Considering Crypto Alternatives
While shitcoins pose high risk due to their lack of value proposition, another alternative high-risk-high-reward investment strategy to consider is participating in crypto presales. These are opportunities to buy tokens of up-start crypto projects to support their development. These tokens are usually sold at low prices and have a track record of delivering exponential gains to early investors. However, it’s crucial to thoroughly research these projects to identify those with great potential.