Best Crypto to Buy Now August 8 - Maker, Solana, THORChain

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Each day we review some picks for the best cryptos to buy now based on the latest market movements, blockchain news, and trending narratives.

Today’s update brings exciting news as crypto market sentiment might improve going forward. Despite the efforts of FUD mongers to weaken the confidence of the public in crypto, the trends are getting better.

A recent one is the news of PayPal’s stablecoin, PYUSD, which was launched yesterday.

Interestingly, the positive effect of the news resonates across the crypto industry, reigniting the belief in the future of cryptocurrency. Following the announcement, the price of Bitcoin saw a boost of over 1.1% today.

Best Crypto to Buy Now

Besides, the news caused many Twitter users to declare their commitment to hodling BTC. They seem more convinced now that the much-anticipated bull run is inevitable due to the influx of cooperate giants into the industry. However, as the market awaits the arrival of the bill run, it might be the best time to take a look at emerging cryptocurrency presale projects such as Chimpanzee. These projects are currently reinventing the approach to conservation. And, in the long run, they might become the next winners in the market. More details are included in the article.

1. Maker (MKR)

Maker is back on the uptrend. Will it be able to reach the peak of the gainers list again? For most of the month, the native token of the MakeDAO, MKR, has been on the rise.

At some point, it showed strong potential to push beyond the $1500 mark. During this time, the asset’s value rose steadily to the $1300 range before reseeding to $1200.

Many have criticized the recent fluctuations in the MKR price. However, the pullback in the price of MKR should have been anticipated. The previous momentum seen on its chart only pushed it far enough to test the $1300 resistance.

Nonetheless, the token is gathering steam to embark on another uptrend that might present a short-term opportunity to take some profits.

Currently, the MKR price is pulling away from the $1200 price with about a 2% increase in price. Its price has reached $1220 in the last 24 hours and might climb even further before the close of the day.

Also, the gains are mostly triggered by the growing activities around its spark protocol. Unfortunately, there is a widely held opinion that MKR is not a viable crypto investment at the moment. However, contrary to widespread belief, the signals from its charts show otherwise.

For example, MKR currently outperforms 77% of the top 100 tokens in the market. Similarly, its current prices are far above their 200-day moving averages.

Spark Protocol’s growth has been outstanding.
In just 24 hours, users borrowed more than 49 million DAI.
This represents a +248% surge in DAI borrowings. pic.twitter.com/AxiO3FVovB
— Maker (@MakerDAO) August 7, 2023

Not only that, the liquidity of the asset is also on the high side, considering that its market cap is high and that 97% of this total supply is already in circulation.

Arguably, MKR is one of the best cryptos to buy now. The only downside, however, is that the token has a high volatility rating, which makes its price action unpredictable for long-term investment.

2. Solana (SOL)

Solana’s price decline may finally have come to an end. The price of the asset slid into a decline towards the middle of July, with the bears having the upper hand ever since. Due to the bearish trend, the token lost over 16% of its value in less than 25 days.

But SOL’s trend switched into an uptrend in the early hours of today. Currently, its intraday price increase is slightly above 2%. Its trading volume also saw a boost of over 30% in the last 24 hours. Again, liquidity remains high as a result of its market cap.

Similarly, SOL’s current price is above its 200-day moving average. Chances are high that the metrics above would present enough grounds to push its current gains even further.

Additional facts that reveal SOL as one of the best cryptos to buy now are the recent inflows it’s receiving. Assets like Bitcoin and Ethereum witnessed outflows to the tune of hundreds of millions in the past week. Conversely, Solana and some altcoins recorded millions of dollars in asset inflows.

The trend accounts for the sudden increase in the asset’s price and its trading volume. Besides, the token has also increased its TVL, which signals progressive improvement. With continued development, there are higher chances that the token will be able to hold its upward trend. However, there are downsides to watch out for. The asset’s social metrics have been declining recently, especially after the SEC classified SOL as a security.

3. THORChain (RUNE)

It’s been a declining year for RUNE holders, as the token has lost over 60% of its value in the last 52 weeks.

THORChain is best known for its decentralized liquidity protocol. While the majority of the assets in the Defi sector are battling to stay afloat, RUNE managed to print over 4% in the last 24 hours.

Not only that, but the token is also recording a pump in its volume. Investors should keep an eye on the performance of RUNE, as it might be one of the best cryptos to buy now.

Lending – shipped.
Maybe perps next?
Why:
– constantly burning $RUNE thru slip fees
– burning the excess collateral above liquidation price
– open Interest is held as $RUNE equity (derived assets)
This will make RUNE deflationary and de-risk lending.
— THORChain (@THORChain) August 8, 2023

Much of its trend is influenced by its implementation of deflationary and burn strategies. In the coming days, the token might witness more booming prices. In the meantime. Keep a close eye on the asset.

4. Bitcoin Cash (BCH)

The boost in the price of BTC also reflects in its forks. However, its trading volume is on the decline. In the last 24 hours, its trading volume climbed above $2.4 billion; however, that’s about 21% below what it recorded the day before.

Despite the declining volume, it is still recording, its chart shows an increase of over 4% in the early hours of the day. The BCH price briefly touched $248 before declining to $238.

As the hopes of the crypto investor community get resorted to cryptocurrency, BCH might be one of the best cryptos to buy now. Primarily, the lesser volatility of BCH makes it more appealing for a long-term strategy. However, it’s best to keep in mind that all crypto assets are volatile, as the market is still in its infancy. However, tokens with a larger market cap and liquidity tend to enjoy less volatility than newer crypto assets.

Other factors that make BCH a token to watch right now are its moving averages. At press time, the 200-day moving average of BCH is very much below its current price. Invariably, investors will be less inclined to sell.

With that, it might be able to hold its gains in the meantime. Also, BCH outperforms 83% of the leading assets in the industry, meaning it is in the top 10 percentile of the cryptocurrency market. Investors should keep an eye on the token as its trend unfolds.

4. Chimpzee (CHMPZ)

Recent trends in investors’ sentiments show that crypto projects that are value-driven are now more preferred than others.

The failure of some past projects caused investors to rethink their preferences.

However, more recent projects like the Chimpzee are taking a different approach. It deploys emerging technologies toward protecting the environment. Its approach is aimed at raising an army that will save the planet.

Only 460,000 $CHMPZ #Tokens Left in the #Airdrop!⚡
Join the #ChimpzeeArmy and grab your share of 10M $CHMPZ tokens, free alongside bonus tokens on purchase!🎁🚀
Get your tokens now for a future full of possibilities🐵💎 https://t.co/Geog3EVuMC#GreenCrypto #EcoCrypto pic.twitter.com/kfcLcrNALW
— Official Chimpzee Project (@RealChimpzee) August 8, 2023

Chimpzee leverages blockchain technology, strong fundamentals, and a well-rounded team in its bid to achieve its goals.

Currently, the project is in its presale phase, with over $1,144,695 raised. The token is now headed for the $1,856,375 milestone and is inviting investors to come on board.

The exciting update is that investors who join now qualify for several benefits. Firstly, they’ll get the CHMPZ token at a discounted rate of $0.00085. In addition, they’ll participate in the CHMPZ airdrop with over 425,000 CHMPZ tokens up for grabs. Finally, they enjoy the 100% early buyer’s bonus as soon as they up on board.