Key Takeaways
1. Treasury Signals Bull Run: Positive regulatory sentiment boosts crypto market outlook.
2. Top Gainers: XLM (+9%), ENA (+12%), INJ (+6%), and MemeCore (+24%) lead the charge.
3. Altcoin Momentum: Technical indicators suggest further upside in select altcoins.
4. Investor Shift: Traders are rotating from Bitcoin to high-potential altcoins.
The global cryptocurrency market has rebounded from its nearly 6% dip from the previous week, rising 1.24% over the last 24 hours. The positive momentum was largely driven by narratives surrounding institutional crypto accumulation through strategic reserves and exchange-traded funds (ETFs).
Japanese investment firm Metaplanet announced the purchase of 555 BTC for approximately $53.7 million, at an average price of $90,431 per coin, increasing its total reserve holdings to 5,555 BTC, valued at $537.2 million.
Meanwhile, Ethereum (ETH), the largest altcoin by market capitalization, rose 2.5% on Sunday as institutions and whales continued to load up the asset. Blockchain analytics firm Arkham Intelligence reported on Sunday that one whale address accumulated $300 million worth of Ether through over-the-counter (OTC) trading at Galaxy Digital.
Wall Street giant BlackRock has also been buying ETH in droves, with its iShares Ethereum Trust ETF (ETHA) recording $1.7 billion in inflows for 10 consecutive trading days. Total on-chain ETH holdings in exchange-traded funds have surged by more than 40% over the past 30 days to 5.66 million ETH, valued at $19.21 billion, according to Dune Analytics. This number represents 4.5% of the cryptocurrency’s circulating supply.
Bitcoin’s market dominance dipped 0.5% in the last 24 hours to 61.18%, while the altcoin index rose by 2.5% to 41%. Although the market is still in Bitcoin Season, signs point to early capital rotation into altcoins, with traders testing higher-risk tokens in key sectors like DeFi, Layer-1, and Binance-led narratives.
Today’s top-performing altcoins are Stellar (XLM), Athena (ENA), Injective (INJ), and MemeCore (M). Their surge aligns with a broader crypto market rebound, bullish technical momentum, key infrastructure developments, and institutional adoption.
Top Altcoins to Buy Today for a Potential Moonshot
TokenPrice (8/4)24h ChangeKey DriversTechnical HighlightsNext Target / ResistanceStellar (XLM)$0.4150+9.38%– Fed rate cut expectations- Protocol 23 upgrade- Visa & PayPal integrations- RWA tokenization– Broke multi-year downtrend- High volume & RSI confirms buyer strength$0.681 to $1.29+Ethena (ENA)$0.6210+12.05%– USDe stablecoin surge to $9.3B- Token unlock volatility- ENA buyback program– Above 200-day EMA- RSI at 61.97 suggests more upside$0.704Injective (INJ)$13.23+6.46%– ETF filing for staked INJ- Institutional adoption of staking- Altcoin season momentum– Double bottom formed- MACD turning bullish- RSI under 50$14.62 → $17.96MemeCore (M)$0.5408+23.68%– MemeX Liquidity Festival ($5.7M in rewards)- BitMart & LBank listings- Retail trading hype– Broke $0.45 resistance- RSI neutral at 63.23- Trading volume dipped 42% (profit-taking risk)$0.70
1. Stellar (xlm)
The price of Stellar’s XLM coin soared 10.16% in the last 24 hours, boosted by a market-wide rebound that saw $858 billion in inflow as the odds of the US Federal Reserve cutting interest rates rose to 89.1%, lifting the prospects of risk assets like cryptocurrencies.
XLM soared by 68% in July, outpacing both Bitcoin and Ethereum. This reflected the ongoing altcoin rotation as the Altcoin Season Index surged 70% in 30 days. The token broke above its $0.41 resistance as its 24-hour trading volume surged to $520 million, validating buyer conviction.
Major supporting factors for the XRP alternative’s explosive growth are the upcoming protocol upgrade, reports of Visa’s stablecoin payment integration, and real-world asset (RWA) tokenization. The Stellar mainnet is set to vote on the Protocol 23 upgrade that will enhance the speed of the network’s Soroban smart contract on August 14. Once approved, it will introduce optimizations to transaction execution and state management, enhancing the blockchain’s overall performance.
Meanwhile, unconfirmed reports suggest that payments giant Visa’s stablecoin settlement platform could support the Stellar network. These developments come amid a broader expansion of the blockchain’s real-world applications. Stellar has quickly grown to become an increasingly popular choice for cross-border transactions, thanks to its low fees, fast settlement times, and programmable asset issuance.
Asset management giant Franklin Templeton has tokenized nearly $450 million worth of US Treasury bonds on the network since July, while PayPal has announced XLM support for its PYUSD stablecoin.
XLM’s price has broken above a multi-year descending trendline that dates back to 2021, triggering what analysts are now calling an impulsive rally. Analyst Javon Marks has identified $0.681 as the next resistance level for the coin, with the potential to extend to $1.29 if the bullish pressure continues. ChartNerdTA predicts XLM could target $1.59 in the coming weeks.
At the time of writing, Stellar (XLM) is trading at $0.4150, up 9.38% in the last 24 hours.
2. Ethena (ENA)
Ethena’s (ENA) price rose 13.54% in the last 24 hours due to a host of factors, including the USDe stablecoin’s market cap hitting $9.3 billion, a 101 million ENA token unlock triggering volatility and speculative positioning, and bullish technical momentum.
The primary catalyst behind the surge is Ethena’s synthetic dollar-pegged stablecoin, USDe, seeing its supply surge 75% month-over-month (MoM) to an all-time high of $9.3 billion, surpassing FDUSD to become the third-largest stablecoin. This explosive growth coincided with stablecoin treasury company StablecoinX implementing a multiple-year ENA buyback program that will remove 8% of the token’s circulating supply.
Ethena founder Guy Young shared in an X post that USDe inflows over the past 20 days have surpassed all spot Bitcoin ETFs combined and BlackRock’s ETHA. Cumulative inflows into spot Ether ETFs slightly outpaced USDe supply during that time, $3.26 billion to $3.14 billion.
However, today’s 101.87 million ENA unlock has created both bullish and bearish volatility, with some traders front-running potential buy-side liquidity from unlock recipients, while 250 million ENA was moved to exchanges over the previous two weeks, signalling profit-taking risks. This unlock is 2.5x larger than the next six unlocks combined.
ENA price has broken above its 200-day EMA at $0.41 and the Fibonacci retracement at $0.593. Its 21-day RSI at 61.97 indicates that there is room for further upside before overbought conditions set in. The next resistance level for the coin is at $0.704, its July high, and the support level sits at $0.5276.
At the time of writing, Ethena (ENA) is trading at $0.6210, up 12.05% in the last 24 hours.
3. Injective (INJ)
The price of INJ gained 7.8% in 24 hours on the back of potential ETF approvals, bullish technical momentum, and altcoin rotation. On July 31, the Cboe BZX exchange filed with the Securities and Exchange Commission (SEC) for the Canary Staked INJ ETF, which if approved, will become the first ETF tied to staked INJ in the US.
The application aligns with the SEC’s updated crypto guidance from May, which clarified the non-security status of staking tokens, thereby reducing the risk for institutional adoption of proof-of-stake (PoS) cryptocurrencies.
The Altcoin Season Index’s 5.13% weekly jump to 41/100 also played a part in INJ’s surge. This reflected capital shifts from legacy coins like BTC and ETH to altcoins, with $860 billion in derivatives volumes moving into other cryptocurrencies. INJ’s 83% whale concentration amplifies volatility during such significant market rotations.
INJ has reclaimed its $13.28 Fibonacci level, forming a double bottom pattern on the daily price chart at $13.14, which is a classic trend reversal signal. Its 14-day RSI at 47.98 hints at further upside before overbought conditions, while the MACD histogram suggests that bearish momentum is fading. A close above $14.62 could validate a move towards the Fibonacci extension target near $17.96.
At the time of writing, Injective (INJ) is trading at $13.23, up 6.46% in the last 24 hours.
4. MemeCore (M)
M, the native token of the layer-1 memecoin-specific blockchain MemeCore, has seen its price surge over 20% in the last 24 hours. Its rally was driven by retail momentum surrounding the MemeX Liquidity Festival and exchange-driven speculation for the asset.
The primary catalyst for the surge is the MemeX Liquidity Festival, which is offering $5.7 million in rewards for trading and liquidity provision on MemeCore’s native exchange on August 4. This coincided with the 55% weekly gain in M’s price and follows a roughly 600% rally last month, suggesting that traders are front-running this event. The festival is focused on retail users, aligning with MemeCore’s 85% retail-dominated volume.
Another positive development was crypto exchanges BitMart and LBank listing M token pairs this week, expanding access to its market for speculative traders. This was preceded by the ongoing buzz surrounding the token, with mentions of “MemeX” trending on X since July 24.
M broke past its $0.45 resistance level on August 2, but faces increased sell pressure near $0.70. Its 7-day RSI at 63.23 suggests a neutral zone, avoiding any overbought signals. However, the 42% dip in its 24-hour trading volume, which currently stands at $27.8 million, suggests profit-taking risk following today’s MemeX Liquidity Festival.
At the time of writing, MemeCore (M) is trading at $0.5408, up 23.68% in the last 24 hours.
Final Thoughts
We evaluate our picks for the day’s best-performing crypto assets based on various factors, such as technical indicators, institutional adoption, core infrastructure developments, and bullish narratives.
Today’s tokens – Stellar (XLM), Ethena (ENA), Injective (INJ), and MemeCore (M) – have been projecting tremendous growth over the past month, driven by key market factors, which we have detailed in this article. However, readers should note that cryptocurrencies are highly volatile assets, and carefully consider the risks involved before investing. It is crucial to learn the core functionalities of the native blockchains and the utility they provide in the world of decentralized and digital finance.
The contents of this article are only for informational purposes and should not be construed as investment advice. It is recommended that readers seek expert advice before making any investment decision.
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