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The global market is experiencing severe turbulence, similar to past crises like the COVID-19 pandemic. This market crash is primarily driven by growing concerns about a potential U.S. recession. These fears have significantly impacted the U.S. banking sector and prompted swift responses from other nations, including South Korea, which has seen its market plunge.
This turmoil resulted in the extreme single-day drop for cryptocurrencies this year. Bitcoin plummeted to $52,300, and Ethereum fell to $2,100, leading to about $370 million in liquidations within one hour. Despite this “Black Monday,” some altcoins are delivering significant returns, standing out as potential tokens amidst the broader market downturn.
Top Cryptocurrencies to Buy Now
Recently, the Helium Foundation announced a significant protocol update. Furthermore, VeChain and Venum Brazil introduced a new line of “phygital” t-shirts that combine physical and digital elements. Meanwhile, recent data indicates a significant increase in the Total Value Locked (TVL) within Mantle Network’s ecosystem, along with a rise in daily transaction volumes.
1. Helium (HNT)
Helium aims to enhance communication for wireless Internet of Things (IoT) devices. It appeals mainly to device owners and those interested in the IoT space. Financial incentives further expand its reach. Helium is recognized as a top decentralized infrastructure (DePIN) project.
Recently, the Helium Foundation announced a significant protocol update. They revised the Leap Day Emissions Schedule Change, adjusting the IOT and MOBILE verifiers to exclude leap year accounting from reward calculations. This update will take effect with the next reward cycle.
The change will have minimal impact on incentives as it adjusts emissions from 366 to 365 days for the next year. These parameters are already part of the on-chain emissions program, so no adjustments were needed for this year’s change. Future configuration modifications will update emission targets for the next year’s halving cycle.
Important Protocol Update on Leap Day Emissions Schedule Change 👇🏼
🔷Leap Day Emissions Schedule Change:
Protocol engineers have updated the IOT and MOBILE verifiers to remove the leap year accounting from the reward calculations. This impact on rewards will take place from the…
— Helium Foundation 🎈 (@HeliumFndn) August 1, 2024
Currently, the HNT token trades at about $5.09, marking a 7.37% increase in the last 24 hours. It trades above the 200-day simple moving average and has seen 17 positive trading days in the last 30 days. The token has high liquidity relative to its market cap.
2. Mantle (MNT)
Mantle Network has gained attention in the blockchain sector for its innovative strategies focused on scalability and decentralization. This network aims to improve the efficiency and speed of transactions, establishing itself as a significant option for cryptocurrency investors.
Recent data indicates a significant increase in the Total Value Locked (TVL) within Mantle Network’s ecosystem, alongside a rise in daily transaction volumes from September 2023 to July 2024. This upward trend suggests growing user adoption and increased transaction activity, pointing to a promising trajectory in decentralized finance (DeFi).
In the last few days, the MNT token associated with Mantle Network has experienced a noticeable rise in value. This increase can be attributed to substantial buying activity from large investors, often referred to as “whales.” The heightened interest from these major investors reflects confidence in the project’s long-term potential.
Moreover, the MNT token demonstrates a strong liquidity position based on its market cap. At press time, the token’s 14-day Relative Strength Index is 63.96. This figure indicates that the cryptocurrency is neutral, suggesting it may experience sideways trading in the near term.
In addition, the recent developments regarding Mantle Network and its MNT token highlight the growing interest among investors and analysts. The increase in transaction volumes and TVL, coupled with significant buying activity, points to the project’s potential in the evolving DeFi landscape.
3. VeChain (VET)
In a recent integration, VeChain and Venum Brazil introduced a new line of “phygital” t-shirts that combine physical and digital elements. These t-shirts incorporate Near Field Communication (NFC) and Non-Fungible Token (NFT) technology, ensuring that each shirt is authenticated and its history is verified on the blockchain.
In addition, VeSwap, a leading Decentralized Exchange (DEX) on the VeChain ecosystem, has partnered with VeStation, a VeChain-based Decentralized Finance (DeFi) platform. The partnership aims to promote sustainability and create a robust environment for users.
In addition, VeSwap will support VeStation’s $ssUSD and VeBetterDAO trading pairs and provide liquidation support for VeStation’s VET collateral during periods of insufficiency. By integrating $ssUSD into VeSwap, the platform will expand its offerings, supporting economically and environmentally sustainable projects.
RWA tokenization is happening on VeChain.
Venum Brazil's phygital t-shirts redefine ownership in the digital age. Powered by VeChain, this is what new-age commerce looks like: immutable proof of authenticity, seamless digital experiences, and a glimpse into the future of retail. pic.twitter.com/6EvhDaKwgU
— VeChain (@vechainofficial) July 31, 2024
This collaboration will enhance relevant trading pairs, unlock liquidation assistance, and nourish the DeFi ecosystem, embracing VeFi Summer with VeBetterDAO. These recent developments coincide with a surge in the trading volume of the VET coin, which has increased by 238.04% to $83 million.
Additionally, despite a downturn in the global market, the token’s price has risen slightly by 0.76%. Furthermore, the 14-day Relative Strength Index (RSI) is at 56.74, indicating that the cryptocurrency is currently neutral and may trade sideways.
4. Base Dawgz (DAWGZ)
Base Dawgz is gaining traction in the crypto market by expanding into community and multi-chain functionality. The project operates primarily on the Base chain but also supports multiple blockchains, including Ethereum (ETH), Solana (SOL), Binance Smart Chain (BSC), and Avalanche (AVAX).
The DAWGZ token, currently priced at $0.007061, has reached a presale milestone of $2.8 million. The token’s price is scheduled to increase in just over three days.
Congrats on passing 2.8 million $DAWGZ 🥳
We’re getting closer. And hopefully we can give you an update next week 🤝 pic.twitter.com/mRvjOMwD6F
— Base Dawgz (@BaseDawgz) August 3, 2024
Base Dawgz features a Share-to-Earn system that rewards meme creators and content contributors with DAWGZ tokens. This approach aims to build an engaged community by incentivizing users to create and share content. The project’s roadmap includes expanding its community and listing on exchanges. Additionally, the project plans further development to keep users interested.
For early investors, Base Dawgz offers substantial returns. The project has allocated 20% of its total token supply for hourly distributions over a year, resulting in an annual percentage yield (APY) of over 962%. This structure is designed to attract and reward initial supporters.
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