While major cryptocurrencies like Bitcoin and Ethereum traded sideways on Tuesday following a long weekend in the U.S., some low market cap altcoins are posting monumental gains on the decentralized exchange Uniswap.
These so-called “shitcoins” often see exponential rises thanks to their extremely low liquidity levels, which means even small amounts of buying pressure can send prices vertical. As traders look for opportunities while broader markets find their footing after last week’s “sell-the-fact” response to the SEC’s spot Bitcoin ETF approvals, they’re piling into these high-risk, high reward tokens.
Here are a few of today’s biggest gainers on Uniswap and what to know about them:
Dancing Baby ($BABY) – Up Over 4,400%
Launched in October 2021 but failed to gain much traction until now, this meme coin has exploded by over 4,400% in the last 24 hours according to Uniswap. With a market cap of around $900,000 and $130,000 in locked liquidity, it seems unlikely to be an outright scam but still warrants investor caution.
Monkeys ($MONKEYS) – Up 850%
Yet another animal-themed meme coin, $MONKEYS has pumped by 850% on Tuesday. It boasts a $2.25 million market cap, $275,000 in locked liquidity, and over 3,000 holders – but its smart contract does have some security issues flagged.
Smiley ($SMILEY) – Up 800%
Active since last August, $SMILEY rounds out today’s top gainers with an 800% 24-hour rise. Its $14 million market cap, $2.5 million in partially locked liquidity, approximately 4,500 holders, and clean smart contract audit make it less risky than other similar tokens.
While enticing, these micro-cap cryptos tend to be highly volatile and risky plays. More risk-averse crypto investors may want to consider alternatives like getting in early on crypto presales – purchasing tokens of new projects before they launch to market. Presale coins often see exponential growth as well, and backing credible teams and visions can deliver huge upside at an attractive risk-reward ratio.
