The altcoin market capitalization showed signs of correction in August. TOTAL3, the market cap excluding BTC and ETH, dropped from $1.1 trillion to $1 trillion in the third week.
However, several altcoins have unique catalysts that help them 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 has an 89% bullish sentiment, the highest in the market, according to CoinMarketCap.
Santiment data also reveals that AERO’s social discussion volume in August reached an all-time high, reflecting growing investor interest in the project.
The positive sentiment aligns with AERO’s price rally. Since the beginning of August, its price has jumped 80%, climbing from $0.72 to $1.32.
Since Coinbase integrated Aerodrome’s decentralized exchange (DEX) into its main app, Aerodrome now handles 48.3% of DEX volume on Base. It has even surpassed big names like Uniswap and Pancakeswap.
In addition, Aerodrome announced that its 24-hour DEX trading volume reached $1 billion, while total fees surged past $250 million.
These milestones strengthened investor confidence. Many expect prices to keep rising in August. A recent analysis from BeInCrypto suggested AERO could climb to $1.85 if favorable conditions continue.
2. Kaspa (KAS)
CoinMarketCap data shows that Kaspa (KAS) also had a bullish sentiment of 89% in August despite its unimpressive price performance.
KAS has been on a rollercoaster. Its price went from $0.08 to $0.10, then fell back to $0.085. However, the community remains bullish for reasons beyond price action.
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 utilities to the KAS ecosystem, enabling decentralized apps and scaling the network.
The testnet already shows strong engagement, with over 270,000 active wallet addresses and 14 million transactions processed.
This momentum has attracted fresh investor interest, as reflected by the spike in Google search trends for the project.
Adding to the hype, a well-known investor on X, Sjuul, recently highlighted Kaspa’s strong community support.
“Competing with Bitcoin is tough, but there seems to be a huge community of $KAS users. After scavenging multiple sources, we found that Kaspa achieves an estimated 25k daily users, with over 540,000 unique network users! In total, over 197M transactions and climbing, the Kaspa network seems to be picking up traction. But the question is, can it handle mass adoption?” Sjuul said.
3. Sonic (S)
CoinMarketCap data shows the Sonic (S) community is also bullish, with 83% positive sentiment in August.
At the same time, Sonic’s total value locked (TVL) has dropped 60%, from over $1 billion in May to $415 million in August. Still, investors remain optimistic thanks to new developments. One highlight was co-founder Andre Cronje’s fundraising call for the Flying Tulip DEX.
Flying Tulip is built entirely on Sonic’s Layer 1 blockchain. It aims to deliver a full-featured, high-performance decentralized exchange. This development is bullish for S because it expands Sonic’s DeFi toolkit and could attract advanced traders.
In August, Sonic also announced that its Testnet 2.1 integrated Ethereum’s Pectra upgrade, which includes EIPs for gas optimization and account abstraction. The project promises to launch its mainnet soon.
These positive updates boosted sentiment toward Sonic, even though its price only gained a modest 13% since the start of the month.
These three altcoins each have unique reasons behind the bullish sentiment. Sometimes, this optimism does not directly translate into price rallies. Still, it remains an important factor for investors to consider when rebalancing portfolios.
The post 3 Altcoins Leading August With the Strongest Bullish Sentiment appeared first on BeInCrypto.