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Justin Sun, the founder of the Tron blockchain, recently suggested on the X platform that China might soon lift its ban on digital assets. This potential move follows Hong Kong’s footsteps, which has drawn various crypto firms due to its pro-crypto policies. Meanwhile, this news has sparked positive market sentiment, prompting investors to explore top cryptocurrencies to buy now.
Top Cryptocurrencies to Buy Now
Polygon is set to undergo a major update, with plans to rename its MATIC token to POL on September 4. In a related development, MultiversX has also proposed a significant update to its blockchain, known as the Spica network upgrade. Meanwhile, VeChain has introduced a new tool called “Create #VeChain dApp” on NPM, which is designed to simplify the development of decentralized applications (dApps).
1. Polygon (MATIC)
Polygon is undergoing a significant update, aiming to rename its MATIC token to POL in a major development on September 4. This changeover will see POL replace MATIC as the primary token for transaction fees and staking within the Polygon network. This shift is not merely a rebranding but a strategic move aimed at improving the network’s functionality and supporting its growing infrastructure.
The transition process is designed to be straightforward for current MATIC holders. Whether their tokens are on Ethereum, Polygon zkEVM, or centralized exchanges, users must convert their MATIC tokens to POL on a 1:1 basis. This conversion ensures the total token supply remains unchanged and that users can continue participating in staking and transaction activities without disruption.
Furthermore, POL will play a key role in Polygon’s upcoming scaling solution known as AggLayer, which is set to unify the network’s ecosystem. The token will also be integral to the Staking Hub, which is scheduled for launch next year. These developments align with Polygon’s broader strategy to enhance network efficiency and scalability.
420 hours until the MATIC to POL migration on Sep 4
— Polygon | Aggregated (@0xPolygon) August 18, 2024
Meanwhile, MATIC is trading at $0.4202, reflecting a 2.68% increase in intraday trading. The token exhibits positive performance relative to its initial sale price and has high liquidity based on its market capitalization.
The 14-day Relative Strength Index (RSI) stands at 44.45, indicating a balanced market sentiment. According to Coincodex, the price of Polygon is predicted to rise by 13.62% to reach $0.472299 by early September.
2. VeChain (VET)
VeChain focuses on improving supply chain management and business processes. By leveraging blockchain technology, it seeks to enhance efficiency and transparency, making it a valuable tool for enterprises. Recently, the platform introduced a new tool called “Create #VeChain dApp” on NPM, designed to simplify decentralized application (dApp) development.
This tool aims to increase efficiency and foster innovation, allowing developers to build and deploy dApps more easily. Furthermore, VeChain’s popularity stems from its unique application of blockchain technology in the supply chain industry. It has attracted attention from large corporations, solidifying its position as a significant token in the blockchain sector.
At press time, VET ranks 40th by market cap. Since the start of the year, it has seen a 42.98% increase in value. In the last 24 hours, the token’s value rose by 0.47%. Meanwhile, the 14-day RSI for VET is 56.74, indicating a neutral trend that suggests the token may experience an upward trend.
Builders – our mission is making your lives easy.
Are you building for the VeBetterDAO?
Building dApps on VeChain just got easier with the new "Create VeChain dApp" tool on NPM. Choose between a simple React dApp or a full-fledged template for VeBetterDAO.
Check it out:… pic.twitter.com/KPejLPj5ID
— VeChain (@vechainofficial) August 16, 2024
Moreover, further development and improvements on the VeChain platform could enhance VET’s competitiveness and appeal to businesses and investors. As VeChain continues to advance technologically, it has the potential to strengthen its position as a leading blockchain solutions provider, which could be a promising development for the value of the VET token.
3. Crypto All-Stars (STARS)
Crypto All-Stars is a new entrant in the meme coin sector, with a mission to unify various meme coin mascots on a single platform. The project has attracted market participants’ attention, particularly following its presale launch. At the time of writing, the token has raised over $500,000, a strong indicator of early investor interest.
The core feature of Crypto All-Stars is its platform, which is designed for meme coin investors. Here, users can engage with their favorite projects while exploring profit opportunities. The platform’s credibility is further bolstered by audits from SolidProof and Coinsult, two esteemed independent auditing firms. These audits testify to the platform’s reliability and may help instill trust among potential investors.
Furthermore, the platform features a staking protocol called the ‘MemeVault,’ allowing users to earn STARS tokens by staking popular meme coins. This approach presents a new way for users to interact with the crypto market. By staking their meme coins, investors can gain rewards, adding a layer of utility to their holdings.
Also, the project has caught the attention of influencers in the crypto community, including YouTuber Jacob Bury. His endorsement hints at the potential for STARS to rise beyond the typical meme coin status, suggesting significant growth within the sector. This potential for growth could be an attractive proposition for early investors.
Visit Crypto All-Stars Presale
4. MultiversX (EGLD)
MultiversX is a blockchain protocol designed to achieve true horizontal scalability through comprehensive sharding, encompassing network, transaction, and state layers. The project positions itself as a foundational technology for the emerging internet ecosystem, integrating decentralized finance, real-world assets, and the metaverse.
According to its developers, MultiversX’s smart contract platform can handle up to 100,000 transactions per second, with a latency of just 6 seconds and a transaction cost of $0.002. EGLD, the native token of MultiversX, serves several essential functions within the network.
Developers can use EGLD to deploy smart contracts, build decentralized applications (dApps), and create protocols. Additionally, it plays an important role in network operations, enabling participants to perform various actions. Through staking, validation rewards, and transaction fees, EGLD helps maintain the network’s functionality.
Recently, MultiversX proposed a significant update to its blockchain, known as the Spica network upgrade. Currently under governance vote, this upgrade includes the potential integration of passkeys, a password-free authentication method. This method uses local authentication techniques, such as biometric verification, to secure access without relying on traditional passwords or secret phrases.
Transforming smartphones into reliable and flexible Web3 passports with on-chain passkeys.
A novel way of using biometric security to create and manage #MultiversX wallets; included in the Spica protocol upgrade.
Read more about it in our explainer 👇https://t.co/fe05hnG5DG
— MultiversX | Sovereign Chains (@MultiversX) August 15, 2024
Introducing passkeys at the protocol level aims to simplify wallet management and enhance user security on the MultiversX platform. The potential adoption of this upgrade could attract more participants to the MultiversX ecosystem, possibly impacting the value of the EGLD token.
Moreover, EGLD has shown positive performance relative to its token sale price and maintains high liquidity based on its market capitalization. Currently, EGLD is trading at $26.71, experiencing a modest intraday increase of 1.11%.
5. XRP (XRP)
XRP is currently trading at $0.5782, with a market cap of around $32 billion. Over the last 24 hours, the trading volume reached $1 billion, reflecting strong market interest. XRP has seen notable gains, making it one of the top performers at the start of this week, according to CoinMarketCap.
The circulating supply of XRP is 56.1 billion tokens, giving it a solid standing in the cryptocurrency market. On average, investors hold XRP for 84 days, indicating a moderate level of commitment to this digital asset.
Furthermore, XRP plans to introduce secure gold and silver tokens on the XRP Ledger (XRPL). This move represents a step towards integrating physical assets into the cryptocurrency world. The platform aims to expand its blockchain network’s capabilities by enabling quick and efficient digital transactions and tokenizing and trading tangible assets like precious metals.
Adding gold and silver to XRPL could change how these assets are traded. It would allow for nearly instant transactions at lower costs than traditional methods. These digital assets may appeal to a diverse range of investors, from those looking for secure capital investments to those attracted by the speed and flexibility of blockchain technology.
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