In a recent turn of events, the cryptocurrency market has witnessed a substantial downturn, marked by a surge in investors liquidating their long positions. This phenomenon has propelled the total market capitalization below the $1.1 trillion threshold, a level unseen in the past two months.
As the market grapples with diminishing valuations, Finbold has undertaken a comprehensive assessment on August 25. Notably, we identified five cryptocurrencies trading under $0.1 that may exhibit significant undervaluation potential, and that could possibly attract optimistic sentiment in anticipation of the forthcoming bull cycle.
VeChain (VET)
Despite failing to display a significant price rebound in the recent period, VeChain (VET) continues to be seen as one of the most promising blockchain projects.
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In the latest developments, VeChain teamed up with AI firm SingularityNET, making it the latest blockchain developer to adopt the nascent technology. In particular, the two companies formed a strategic partnership to fight climate change through the use of advanced AI algorithms and VeChain’s enterprise data.
At the time of writing, the VET token was trading at $0.02, down 1.4% on the day. The cryptocurrency fell by a similar margin on a weekly basis and over 14% over the past month.
SNM (SONM)
SNM is the native cryptocurrency developed by the decentralized fog computing power marketplace SONM. Although the token has been affected by Binance’s recent delistings triggered by low market activity and bearishness, SONM is still seen as one of the most undervalued tokens on CoinCodex, according to the Relative Strength Index (RSI) indicator.
At the time of publication, SONM was changing hands at $0.02, up 2.7% on the day. On the weekly and monthly basis, the token plunged more than 67% and 95%, respectively.
MVL (MVL)
MVL (MVL) is a relatively young incentive-based blockchain mobility ecosystem, developed to keep tabs on critical data such as transactions, movements, accidents, and maintenance of people and vehicles across various fields.
Not long ago, MVL was selected as one of the top 5 companies for blockchain solutions in South Korea by global business publication APAC CIO Outlook.
At the time of writing MVL token was standing at $0.002, up 2.8% on the day. The crypto asset fell 0.2% over the past 7 days and more than 15% on the month.
Dogecoin (DOGE)
Meanwhile, Dogecoin (DOGE), the largest meme cryptocurrency by market cap, has also been heavily affected by the latest market downturn, losing over $2.2 billion in market valuation over the past month.
But, according to artificial intelligence (AI) chatbot Google Bard, the meme coin could witness a significant rally in the next bull market up to $0.2. However, the AI bot emphasized that prospects of such a surge heavily depend on whether more businesses start accepting DOGE as payment.
DOGE fell 1.6% to $0.06 over the past 24 hours, 0.17% on the week, and around 21% on a monthly basis.
Hedera (HBAR)
Finally, Hedera (HBAR) has been making the headlines in August 2023. Namely, the blockchain project announced milestone partnerships with automotive giants Hyundai and Kia to develop a carbon dioxide emissions monitoring system.
The upcoming solution aims to record emissions in both car companies and their business partners. If successful, the partnership could result in an increasing adoption of the Hedera blockchain, and its native token HBAR.
The cryptocurrency was down over 3.3% at $0.06 at press time. Over the past week, the token rose by more than 3.7% and 14% on the aforementioned positive developments.
Conclusion
While the cryptocurrencies highlighted may have faced recent challenges, the dynamic nature of the digital asset realm leaves room for unexpected twists. It wouldn’t be out of the ordinary for one of these assets to unveil a surprising turnaround, considering the rapidly evolving landscape.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
