The trading price of Bitcoin is currently stable at $113,010, and market watchers are waiting for it to surge again to $120,000.
Entering September, ONDO, SUI, and PENGU show strong momentum, while HBAR and SEI continue to face resistance around the $0.35 level.
The cryptocurrency market continues to rise, with the total valuation now up 1.37% to $3.86 trillion, of which Bitcoin (BTC) alone accounts for $2.16 trillion. All eyes are on Federal Reserve Chairman Jerome Powell, who will speak tomorrow at the Jackson Hole annual symposium. His speech could determine the momentum of the stock market's continuous rise since 'Liberation Day.'
Traders seem confident about the Federal Reserve restarting rate cuts next month, but the market enjoys surprises, so some volatility is expected. As August comes to an end, the tokens we are focusing on include HBAR, SUI, SEI, PENGU, and ONDO, all worth watching as market sentiment changes.
Hedera (HBAR)
Hedera has consistently positioned itself as a participant in the realm of Real World Assets (RWA). The recent partnership with Swarm highlights this potential, as it allows the issuance of 1:1 backed and bankruptcy-protected tokenized stocks on the Hedera network. In addition, Hedera has partnered with the UK-based asset management company Aberdeen Group, which manages over £518 billion.
New investment products have also driven this trend: Last week, the HBAR staking ETP was listed on the Swiss Stock Exchange, and the Delaware Registrar added the Grayscale Hedera Trust ETF to its official entity list. On the market side, analysts expect its price to test the $0.30 level again from the current $0.23.
Ondo Finance (ONDO)
Similar to HBAR, Ondo Finance also allows investors direct access to tokenized U.S. Treasury bonds through its flagship products USDY and OUSG, thus opening up a niche market.
Currently, ONDO's price is consolidating, trading at $0.9236, down about 9.7% over the past week. Nevertheless, given its market capitalization of approximately $3 billion, there is still significant room for growth. Of the 10 billion tokens, about 3.15 billion are in circulation.
While most projects frequently unlock tokens, putting selling pressure on the market, Ondo only unlocks once a year, with the next unlock not scheduled until January.
Sui Network (SUI)
According to the latest report from Messari, the average daily trading volume on the Sui platform's DEX last quarter was $367.9 million, a quarter-over-quarter increase of 20.8%. Among them, Cetus (average daily $170.7 million) and Bluefin (average daily $78.5 million) had the highest trading volumes.
In addition, Sui's Total Value Locked (TVL) surged 44.3% to $1.76 billion. In terms of SUI, the TVL grew from $536.6 million to $631.8 million, an increase of 17.7%. Institutional investor interest is also beginning to manifest. Grayscale recently launched DeepBook and Walrus Trusts, allowing investors to directly invest in the core protocol assets of Sui.
Nevertheless, SUI's stock price is still more than 35% lower than its historical high. As of now, its stock price is $3.41, having only dropped 2.1% in the last 24 hours.
Sei Network (SEI)
The activity on Sei Network has shown explosive growth, with the number of active addresses increasing a staggering 7,952% since its launch in 2023. Currently, the monthly active user count is 15 million, while SEI's trading price is $0.2931, down 3.5% in the last 24 hours.
Analysts believe that $0.32 will be the next key resistance level. Despite a recent drop of 22%, the project's current market capitalization still reaches $1.7 billion, with a daily trading volume exceeding $150 million. One of the most important developments is the launch of Monaco, which is the first DeFi protocol directly incubated by Sei Labs and built in the form of a Central Limit Order Book (CLOB).
Pudgy Penguins (PENGU)
Despite a 25.5% drop in the past month, Pudgy Penguins have performed surprisingly well. Currently, the trading price of the token is $0.030. Analysts believe that the resistance level for PENGU may be $0.036, while the support level is around $0.031.
BTCS Inc., listed on Nasdaq, recently purchased three Pudgy Penguins NFT tokens for its fund management, which differs from its usual holdings of Ethereum-centric assets. Analysts believe that if other companies follow suit, NFT tokens like PENGU could gain the same prestige as early Bitcoin and Ethereum did during corporate initial investments.
