The market capitalization of altcoins showed signs of correction in August. The total market cap excluding Bitcoin and Ethereum fell from $1.1 trillion to $1 trillion in the third week.
However, many altcoins have unique catalysts that help maintain a positive sentiment. Based on sentiment indicators from data platforms, the following altcoins have the strongest bullish sentiment in August.
1. Aerodrome Finance (AERO)
Aerodrome Finance (AERO) currently enjoys a bullish sentiment of 89%, the highest in the market, according to CoinMarketCap.
Santiment data also reveals that the volume of social discussion around AERO in August reached an all-time high, reflecting growing investor interest in the project.
The positive sentiment aligns with the rise in AERO's price. Since the beginning of August, its price has jumped by 80%, rising from $0.72 to $1.32.
Since Coinbase integrated the Aerodrome decentralized exchange (DEX) into its main app, Aerodrome is now handling 48.3% of DEX volume on Base. It has even surpassed big names like Uniswap and Pancakeswap.
Additionally, Aerodrome announced that its decentralized exchange trading volume over 24 hours reached $1 billion, while total fees exceeded $250 million.
These achievements have bolstered investor confidence. Many expect prices to continue rising in August. A recent analysis from BeInCrypto suggested that AERO could rise to $1.85 if favorable conditions persist.
2. Kaspa (KAS)
CoinMarketCap data shows that Kaspa (KAS) had a bullish sentiment of 89% in August despite its lackluster price performance.
KAS has been volatile. Its price rose from $0.08 to $0.10, then fell back to $0.085. However, the community remains optimistic for reasons beyond price movement.
The main driver is the anticipated launch of Kasplex Layer 2 on August 31. This upgrade will pave the way for smart contract applications. Layer 2 will bring new benefits to the KAS ecosystem, enabling decentralized applications and expanding the network.
The test has indeed shown strong interaction, with over 270,000 active wallet addresses and 14 million transactions processed.
This momentum has attracted new investor interest, as reflected in the increase in Google search trends for the project.
Adding to the buzz, a well-known investor on X, Sjuul, recently highlighted the strong support for the Kaspa community.
Sjuul said, "The competition with Bitcoin is tough, but there seems to be a large community of $KAS users. After researching multiple sources, we found that Kaspa achieves around 25,000 daily users, with over 540,000 unique users on the network! In total, over 197 million transactions and still increasing, it seems that the Kaspa network is gaining momentum. But the question is, can it handle mass adoption?"
3. Sonic (S)
CoinMarketCap data shows that the Sonic (S) community is also optimistic, with 83% positive sentiment in August.
At the same time, the total value locked in Sonic decreased by 60%, from over $1 billion in May to $415 million in August. However, investors remain optimistic due to new developments. The highlight was co-founder Andre Cronje's call to fundraise for Flying Tulip DEX.
Flying Tulip is fully built on the first-layer blockchain of Sonic. It aims to provide a high-performance decentralized exchange with integrated features. This development is optimistic for S as it expands Sonic's DeFi tools and could attract advanced traders.
In August, Sonic announced that Testnet 2.1 integrated the Pectra upgrade for Ethereum, which includes EIPs for gas optimization and account abstraction. The project promises to launch its mainnet soon.
These positive updates have boosted sentiment towards Sonic, even though its price has only risen by a modest 13% since the beginning of the month.
These three cryptocurrencies have unique reasons behind the optimistic sentiment. Sometimes, this optimism does not directly translate to price increases. However, it remains an important factor for investors to consider when rebalancing portfolios.
