The market capitalization of altcoins has shown signs of correction in August. TOTAL3 - the market capitalization excluding Bitcoin and ETH dropped from $1.1 trillion to $1 trillion in the third week.
However, some altcoins have their own catalysts that help maintain positive sentiment. Based on sentiment indicators from data platforms, the altcoins below are achieving the strongest bullish sentiment in August.
Aerodrome Finance (AERO)
According to CoinMarketCap, Aerodrome Finance (AERO) currently has a bullish sentiment level of 89%, the highest in the market.
Data from Santiment also shows that social discussion volume about AERO in August reached an all-time high, reflecting growing investor interest in this project.
This positive sentiment is completely in line with AERO's price increase. Since the beginning of August, AERO's price has risen 80%, from $0.72 to $1.32.
Since Coinbase integrated Aerodrome's decentralized exchange (DEX) into its main app, Aerodrome is now handling 48.3% of the DEX trading volume on Base, even surpassing major names like Uniswap and Pancakeswap.
Additionally, Aerodrome reported that DEX trading volume in the past 24 hours reached $1 billion, while total fees collected surpassed $250 million.
These milestones have reinforced investors' confidence. Many expect prices to continue to rise in August. A recent analysis predicts that AERO could reach $1.85 if favorable conditions continue.
Kaspa (KAS)
Data from CoinMarketCap shows that Kaspa (KAS) also recorded a bullish sentiment of 89% in August, although its price performance has not been particularly impressive.
The price of KAS has fluctuated like a rollercoaster: from $0.08 to $0.1, then dropping back to $0.085. However, the community still maintains an optimistic sentiment due to factors that go beyond price volatility.
The main momentum comes from the launch event of Kasplex Layer 2 on August 31. This upgrade will pave the way for smart contract applications, bringing many new utilities to the KAS ecosystem, allowing for the deployment of decentralized applications (dApps) and expanding the network.
On the testnet, data shows a very strong level of interaction with over 270,000 active wallets and 14 million transactions processed.
This growth momentum has attracted more interest from new investors, clearly reflected in the increased search trends for the project on Google.
Contributing to the increased attention, famous investor on X, Sjuul, recently highlighted the community strength of Kaspa:
"Competing with Bitcoin is not easy, but it seems that Kaspa has a very large user community. After gathering data from multiple sources, we find that Kaspa has about 25,000 daily active users, with over 540,000 unique network users! In total, there have been over 197 million transactions, and this number continues to rise. The question is: can Kaspa handle the wave of mainstream adoption?" Sjuul shared.
Sonic (S)
Data from CoinMarketCap shows that the Sonic (S) community is also maintaining an optimistic sentiment, with 83% positive opinions in August.
However, Sonic's total value locked (TVL) has decreased by 60%, from over $1 billion in May to $415 million in August. Nevertheless, investors maintain an optimistic attitude thanks to new advancements. A highlight is the fundraising call from co-founder Andre Cronje for the Flying Tulip DEX project.
Flying Tulip is built entirely on Sonic's Layer 1 blockchain, aiming to provide a fully functional and high-performance decentralized exchange. This is seen as a positive momentum for S, as it expands Sonic's DeFi ecosystem and can attract more professional traders.
In August, Sonic also announced that Testnet 2.1 has integrated Ethereum's Pectra upgrade, including EIPs related to gas optimization and account abstraction. The project also promises to launch the mainnet soon.
These positive updates have boosted optimism towards Sonic, even though its price has only modestly increased by 13% since the beginning of the month.
In summary, the three altcoins above each have their own reasons to maintain bullish sentiment. Sometimes, this optimism does not directly reflect in price increases, but it remains an important factor for investors to consider when rebalancing their portfolios.
