The cryptocurrency market has started August on a bearish note, with Bitcoin briefly slipping below key support at $64,000. Altcoins have taken an even harder hit, with most down over 5% in the last week. This recent decline can be attributed to the July 31st Federal Open Market Committee (FOMC) meeting, where Fed Chair Jerome Powell announced that benchmark interest rates would remain unchanged at 525-550 basis points. However, there is a possibility of a rate cut in September if inflation continues to cool down.
Crypto investors are taking advantage of this dip by looking for opportunities to buy strong assets at a discount. Here are the top three tokens to consider adding to your portfolio during this period, according to market experts. These assets are set to see a stronger rebound as the crypto market recovers.
Solana (SOL)
Solana has shown remarkable growth since a sharp drop that saw the asset fall below $10 in November 2022. After trading in a range for much of 2023, SOL broke above $28 in October and soared 673% to a local high of $210 in March 2024.
The asset has demonstrated impressive resilience throughout the year, quickly recovering from dips and achieving 66% year-to-date growth. What’s more, Solana has outperformed 90% of the top 100 cryptocurrencies over the past year, including Ethereum and Bitcoin.
Solana’s success can be attributed to several factors, including the network’s strong meme coin ecosystem and expanding DeFi and NFT sectors. Solana has been the “ultimate casino” of the 2024 bull run, with hundreds of new meme coins launching every week. SOL remains approximately 35% below its all-time high, presenting an opportunity for investors to enter the market before the next major rally.
Shiba Inu (SHIB)
Shiba Inu, often dubbed the “Dogecoin Killer,” continues to attract investor interest despite recent underperformance. Priced at $0.00001596, SHIB has experienced a decline of 2.84% in the last 24 hours and a 4.70% drop over the past week.
However, recent network metrics indicate that a rally may be on the horizon. The network’s token burn rate has skyrocketed by 797.70%, with 13,913,625 SHIB burned in the last 24 hours. The number of daily transactions has also spiked, from 1,870 on July 27 to 8,630 on August 1. These indicators point to increased engagement and a possible resurgence in the token’s value.
What’s more, the project’s large community, ‘the SHIB Army,’ and its growing DeFi ecosystem, including its layer-2 solution, Shibarium, and exchange ShibaSwap, could provide long-term value. The recent dip presents an opportunity to acquire SHIB at a discount before potential future gains, especially as the market rebounds.
MoonTaurus (MNTR)
MoonTaurus is trending among meme coins, with remarkable progress in its recently launched presale. In just a few days, the presale has already amassed over $270,000 and is more than 90% complete in its first phase. The presale features a tiered pricing model, with the token price set to rise through ten phases, culminating in a launch price of $0.07. This structure promises returns of up to 14x for participants.
The impressive start of MoonTaurus can be attributed to its marketing strategy, which has cultivated strong investor interest. The project plans to further expand its reach by partnering with artists and influencers. The goal is to reach a $1 billion market cap, establishing MNTR as a top player in the meme coin sector.
Analysts forecast a strong post-launch rally for MNTR. Conservative estimates predict a 2000% increase, pushing the token above $1 by the end of the year, while more optimistic projections suggest MNTR could achieve gains of up to 10,000% during the 2024-25 bull run.
The August dip may be the final opportunity to buy strong altcoins at a discount before they skyrocket in Q4. Experts recommend Solana (SOL), Shiba Inu (SHIB), and MoonTaurus (MNTR) as top picks, with MNTR expected to return up to 100x gains by the end of the bull market.
Website: https://moontaurus.com/
Linktree: https://linktr.ee/moontaurus
