As crypto markets lurched higher on Monday on optimism that Ethereum ETFs might soon get approval, renewed risk appetite saw traders hunting for top crypto gainers today flock to the on-chain markets.

Ether (ETH) surged a stunning 19% on Monday and was last trading in the $3,600s.

If spot Ethereum ETFs get US approval, that would be a huge stamp of approval from regulators for the asset.

And it would open the door to a flood of institutional investment, as seen after spot Bitcoin ETF approvals.

Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied). See… https://t.co/gcxgYHz3om

— Eric Balchunas (@EricBalchunas) May 20, 2024

Bitcoin (BTC) also vaulted higher, gaining 8% on Monday and last trading around $71,000.

And altcoin markets were a sea of green. The likes of Pepe (PEPE), Arbitrum (ARB), Optimism (OP) and Uniswap (UNI) all gained around 20% alongside ETH.

There is scope for the rally to continue. Macro headwinds have eased this month, with Fed rate cut bets rising following less-hot-than-expected US jobs and CPI inflation data.

And Ethereum ETF optimism could be just the catalyst needed to keep the rally going.

Major cryptos like Bitcoin, Ether and Solana are above key short-term resistance levels and could retest yearly highs.

While the outlook is strong, some crypto traders are looking for higher volatility.

The highly illiquid on-chain markets are the perfect place for these highly risk-tolerant traders.

New shitcoins and meme coins are launched every single day on blockchains like Solana and Ethereum.

Most are scams or pump-and-dumps, and almost none carry long-term value. But in the short term, some do post impressive gains.

Here are some top crypto gainers today in the on-chain markets, as per DEX analytics tool DEXScreener.

Top Crypto Gainers Today

Dogwifmaga (WIFMAGA)

A just-launched MAGA-themed version of dogwifhat, dogwifmaga (WIFMAGA) is pumping hard in early Tuesday trade.

WIFMAGA last had a market cap of $1.7 million, as per DEXScreener, with just over $100,000 in locked liquidity.

https://twitter.com/DogwifmagaCTO/status/1792735559036891324

The Trump-supporting spin on the original dogwifhat meme coin just applied to be listed on CoinMarketCap.

https://twitter.com/DogwifmagaCTO/status/1792732911789048098

The token already has 1,389 followers on X and over 1,000 followers on Telegram.

Signs of early community traction don’t mean the token isn’t highly risky. Remember, nearly every just-launched coin is a pump and dump or scam.

Traders must always do their due diligence.

MEGA (MEGA)

Another Trump-themed coin, this one called MEGA for “Make Ethereum Great Again”, is pumping hard.

https://twitter.com/MegaEthHat/status/1792647354731962562

Since its launch on Monday, its already up 57,000% in 24 hours as per DEXScreener.

The token’s market cap was last $3.7 million, with over $400,000 in partially locked liquidity.

The ERC-20 token has two issues with its smart contract, as per a Go+ Security smart contract audit.

Ape.lol (APE)

Ape.lol (APE), the token of an allegedly soon-to-be-launched token launching platform, is pumping hard on Monday.

The token is up nearly 40,000% since its launch, its market cap last around $2.2 million, according to DEXScreener.

APE also has $135,000 in locked liquidity and has already seen $1.7 million in trading volumes.

While it might look like a legit project, it could easily still be a scam. Traders must always do their own research.

Crypto Alternatives to Consider

Altcoins are a great way to make quick gains in crypto. Most of the above-mentioned coins are already too well-established to provide traders with gains of upwards of 10x, however.

For those bigger gains, traders will need to get in super early on newer coins.

For risk-tolerant investors looking to add upside exposure to their portfolios, presale investing is potentially a good strategy.

Web3 startups often sell their token at an early discount in presales to fund development and build hype.

With so many presales on the market, it can be tough to know where to start. Here are some of Cryptonews’ top picks.

21 Best Crypto Presales to Invest In Now

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