Best Cryptocurrencies to Invest in Right Now August 17th – Arbitrum, Arweave, BNB

The market outlook remains bearish after Bitcoin fell below $60,000. Despite this downward trend in BTC price and its impact on cryptocurrencies like Ethereum (ETH), some altcoins have decoupled from Bitcoin’s influence.

As BTC price dropped to as low as $58,752.78 in the past 24 hours, several altcoins, such as Arbitrum, Arweave, and BNB, have shown resilience, posting gains and upward momentum. As a result, investors are now turning to the altcoin market, looking for potential investment opportunities in promising cryptocurrencies.

The Best Cryptocurrencies to Invest in Right Now

Recently, Arweave launched a new protocol called ArFleet, which focuses on temporary data storage. Meanwhile, PlayDoge has garnered considerable attention within the crypto community, raising over $6 million as its presale nears its end. Additionally, TON’s blockchain team launched a new initiative called TON Nest, which aims to support early-stage projects within its ecosystem.

1. Ar Weaving (AR)

Arweave is a decentralized storage network designed to provide an indefinite data storage platform. One of its key features is the “permaweb,” which hosts a variety of community applications and platforms. Recently, Arweave introduced a new protocol called ArFleet, which focuses on temporary data storage.

This is a significant departure from Arweave’s traditional approach, which focused on permanent storage. ArFleet is scheduled to launch on Thursday, August 29. The event will feature a live demo by its lead developer, AO/ACC, followed by a Q&A and community discussion in Arweave’s hub city.

Additionally, the introduction of ArFleet allows Arweave to address a different market segment. It contrasts with Arweave’s core offering, persistent storage, highlighting the platform’s flexibility and potential for various applications. This strengthens the appeal of augmented reality and broadens its overall usage.

Introducing ArFleet: Temporary data storage on Arweave.

Arweave is renowned for its data permanence. It now also offers time-limited storage, opening up new markets and opportunities for $AR and the permaweb.

Launch: 8/29 at 11:00 AM EST

Limited access to the test network. Reserve your spot 👇 pic.twitter.com/6D7TBTwJMF

— ao (@aoTheComputer) August 16, 2024

The market has reacted positively to these developments. AR has seen a 1.51% increase in value over the past 24 hours, now trading at $21.20, bringing its market cap to $1.3 billion. This performance has placed AR among the biggest gainers of the day, indicating growing investor confidence in Arweave’s future.

Several technical indicators suggest further growth potential, making it a The Best Cryptocurrencies to Invest in Right NowThe AR token is trading above the 200-day simple moving average, indicating positive momentum. Additionally, the token has shown strong liquidity relative to its market capitalization, another indicator of its potential for continued performance.

2. BNB (BNB)

BNB recently announced that Lido has integrated staked ETH to the BNB chain. This integration allows the transfer of wstETH between Ethereum and the BNB chain using the Native Token Transfer (NTT) framework. Transferring wstETH to the BNB chain improves liquidity across different blockchain networks.

Additionally, this means that users can more easily move their staked ETH between Ethereum and BNB Chain, opening up new opportunities for liquidity and DeFi applications across multiple ecosystems. At the same time, this development has led to increased interest in BNB.

According to the latest data, the token is trading at $530.80, which reflects an intraday increase of 2.70%. It is trading 2.78% above its 200-day simple moving average (SMA) of $516.85. The 14-day relative strength index (RSI) for BNB is at 49.98, which indicates that the token is neutral and may experience sideways trading.

3. PlayDoge (PLAY)

PlayDoge has garnered considerable attention in the crypto community, raising over $6 million as its presale nears its end. The team decided to close the fundraise on August 26, ahead of schedule, citing rapid progress in the development of its play-to-earn (P2E) mobile game. This accelerated timeline paved the way for an early launch of the game.

The excitement surrounding this token comes from its unique approach to integrating digital assets into a Tamagotchi-style game. Unlike traditional P2E games, PLAY focuses on providing meaningful utility for its PLAY tokens within the gaming environment.

Additionally, players earn PLAY by caring for their virtual pets, providing an engaging experience and financial incentive. The platform’s design encourages continued engagement by allowing players to spend their PLAY tokens on a variety of in-game items. This wide range of uses is intended to keep players invested in the game rather than solely focused on cashing out their winnings.

🚨 Important announcement 🚨

The highly anticipated PlayDoge #Presale ends Monday, August 26th at 10am UTC! ⏳

Buy $PLAY in the final phase now! 💰
👉 pic.twitter.com/aWQCHxox0H

— PlayDoge (@PlayDogeGame) August 16, 2024

As the presale draws to a close, anticipation within the PlayDoge community is growing regarding the token claim date, which will likely be announced once the presale ends. With nine days left until the presale, the current price of PLAY tokens may present an opportunity for investors before the token becomes publicly tradable.

Visit the PlayDoge Presale

4. Toncoin (TON)

The TON blockchain team has launched a new initiative called TON Nest to support early-stage projects within its ecosystem. This program is part of the TON Society, a community of blockchain enthusiasts focused on expanding the TON network, particularly within the Telegram platform.

Announced on August 16, the TON Society explained how TON Nest will provide developers with opportunities to showcase their projects, participate in workshops, and compete for awards. The program will also create a developer-only community, giving participants access to private, community-exclusive workshops. This initiative is designed to give early-stage developers the resources and mentorship they need to successfully deploy their projects on the TON network.

In addition to TON Nest, TON Ventures was launched, backed by a $40 million investment from Telegram for its cryptocurrency projects. This new fund, created by senior developers of the network, aims to foster the growth of on-chain applications within the TON ecosystem.

Additionally, the fund focuses on smaller projects and plans to support larger strategic initiatives that require guidance on their integration into the TON and Telegram blockchain. This represents a promising opportunity for growth within the ecosystem.

Introducing TON Nest, a new program @ton_society for young builders seeking mentoring and support.

To join us, you must apply and present your project live during our events or online sessions. Access workshops and participate in a leaderboard to win rewards.

Apply here⬇️ pic.twitter.com/is6VZOXOFX

— TON 💎 (@ton_blockchain) August 16, 2024

These efforts aim to increase the appeal of Telegram apps to the general public, aligning with the significant growth in the number of users of the messaging app. Telegram recently reached more than 950 million monthly users, which underlines its growing influence.

From a market perspective, the TON asset has seen a slight increase of 0.53% over the past day, trading near the $7 mark, according to CoinMarketCap.

5. Arbitration (ARB)

The Arbitrum DAO recently voted to implement a staking mechanism for the ARB token, with a notable approval rate of 91.5%. This move aims to strengthen the governance and security of the Arbitrum protocol.

The proposal, presented by Tally’s head of marketing, Frisson, revealed that only about 10% of ARB’s circulating supply is currently committed to governance, and voter participation has been declining since the launch of the Arbitrum DAO.

The new staking mechanism is expected to encourage greater participation by allowing ARB holders to delegate their tokens to active governance participants. This will allow them to potentially capture value from their contributions.

Additionally, a liquid version of the ARB token, known as stARB, will be introduced. This staked token will facilitate the automatic capitalization of future rewards and ensure compatibility with decentralized finance (DeFi) applications.

Following the announcement of the staking initiative, ARB saw a modest price increase of 2.04%, bringing its trading value to $0.5373. The token’s liquidity remains high, with a volume-to-market capitalization ratio of 0.1243.

Learn more

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