The month of July was an interesting one for the crypto market. Some crypto assets saw good days, while some suffered declines. In general though, the market was down most of the time, and is yet to recover even today.
As we enter August however, there are crypto assets that for one reason or the other are showing potential of making impressive gains in the new month. If you’re thinking of which altcoins to buy, here’s a list of the top five you should keep your eyes on in August.
XRP has been through a lot and survived. The U.S. securities and exchange commission called it a security for three years before a judgment recently declared otherwise. Prior to the judgment, several top crypto exchanges delisted the token because of the controversy surrounding it.
After the ruling however, many exchanges have re-listed it, causing the token to move from being the sixth largest cryptocurrency to the fourth. As a result of the ruling also, many potential investors who never knew about XRP have come to hear of it and are now showing interest in the token, hence the upward price movement.
If XRP could survive all these challenges and still beat top crypto despite the bearish crypto market, it definitely has potential to pump higher if the conditions become more favorable for the market.
Binance Coin (BNB)
Binance Coin is the utility token used on BNB Chain, Binance’s smart contract network. Because BNB Chain is becoming increasingly popular among developers, BNB is also likely to see more utilization, increasing its chances of soaring in the month of August.
According to a reports, BNB Chain surpassed Ethereum in the number of verified smart contracts in Q2 2023. This means developers are finding the network better for speed and lower fees for building and deploying smart contracts.
This makes the future of BNB brighter as we enter August, and if there’s any token that is likely to pump, BNB is.
Dogecoin is the top meme coin, but that’s not the reason why it is on this list. Twitter (X) owner Elon Musk has made it clear that he intends to turn the micro blogging platform into an all-in-one commerce platform.
Since Dogecoin is his meme coin of choice, there are speculations that it could become the ecosystem token on the platform to be used for tipping, fees and everything in-between. If this plays out, the “joke” token may be yet to see its best days.
It is therefore worth watching as we enter August since Musk is aggressively pushing developments on the platform.
Shiba Inu is the second largest meme-inspired crypto token. Admittedly, it has been without any real world use cases even though it minted millionaires in the past, but that is about to change. Shiba Inu, built on Ethereum, is expecting a major upgrade with Shibarium.
Shibarium is a layer 2 blockchain network built on Ethereum to improve Shiba Inu. The network when launched will turn Shiba Inu into a complete blockchain ecosystem with gaming, metaverse and everything else.
This will lead to faster transactions and lower fees for Shiba Inu. The project will also use BONE token as its native utility token, which will lead to more burning of SHIB, causing the price to rise. The bridge aspect of Shibarium is already released for public beta testing, so you should watch out for this one.
Solana is a major rival of Ethereum. Supporting all things smart contracts, decentralized applications and NFTs, the network has the advantage of speed and affordability over Ethereum. This makes Solana a promising project in the months to come.
The network recently made updates to its blockchain, including the switch from a UDP-based protocol to Google’s QUIC protocol, the introduction of stake-weighting for transaction prioritization, and the development of fee markets for users to indicate transaction urgency.
These improvements will likely make Solana more attractive to developers, thus increasing the use of SOL and ultimately its price.
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