Crypto Gems: Top Crypto Assets To Watch & Buy in August 2024 (2024)

The crypto market has had a bearish but sensational start to August, with Bitcoin hovering around $57,000 and altcoins experiencing significant declines. The recent market correction, triggered by macroeconomic and inflation-related fears, has presented an opportunity for investors to accumulate promising crypto assets at attractive prices.

If you are impacted, it's best to ride it out – the tides should change in upcoming weeks as a decision on US interest rate cuts eventuates by end of this month. If you have spare cash to deploy, consider cost-averaging your buys into some of the promising assets.

In this article, we will explore some emerging narratives and identify potential crypto gems that could yield good returns in the coming months. Remember, the crypto market is inherently volatile, and it is crucial to conduct your own research and understand the risks associated with each investment.

DeFi projects – BANANA GUN, ONDO (Medium Risk, Considerable Returns)

Decentralized finance (DeFi) platforms are transforming the financial landscape, offering innovative solutions for trading, lending, and more. Banana Gun, a Telegram bot for buying tokens, is a prime example of a DeFi platform with high potential.

Banana Gun (BANANA) allows users to automatically purchase new tokens as soon as they are launched on blockchains such as Ethereum, Solana, and Base. With over 200,000 lifetime users and growing, Banana Gun is generating more than $1 million in weekly fees with volumes exceeding $200 million. Its unique value proposition and strong user base make it a DeFi platform to watch closely. BANANA is a new product and hence can be a high-risk play. With a market cap of $110 million, it can potentially do a 10-15x over 12 months.

Ondo Finance (ONDO) focuses on bringing institutional-grade DeFi products to the market. It offers tokenized funds and other investment solutions, bridging the gap between traditional finance and DeFi. This allows investors to access fractional ownership of traditionally illiquid assets, diversifying their portfolio beyond typical crypto assets. Backed by Pantera Capital and Coinbase, Ondo has an active partnership with Blackrock. With a market cap of $1 billion, ONDO can potentially do a 8-10x over 12 months.

Gaming Tokens - KARRAT, BNX (Medium to High Risk, Good Returns

Blockchain-based gaming has gained significant traction, offering players true ownership of in-game assets and creating new opportunities for monetization. Karrat (KARRAT) and BinaryX (BNX) are two promising gaming tokens to consider.

Karrat (KARRAT) is a decentralized protocol that aims to revolutionize the gaming and AI entertainment industries. It supports gaming, real-time animation for streaming, and innovative AI products, using the KARRAT token to power its ecosystem. With the backing of Coinbase Prime for treasury management and a partnership with the award-winning game My Pet Hooligan, KARRAT has already set a solid foundation for growth. Its market cap is below $50 million at the moment and hence it is a high-risk play. KARRAT has potential to do a 10-12x over next 12 months.

BinaryX (BNX) is a blockchain-based gaming platform built on the BNB Chain. The platform serves as a comprehensive hub for the GameFi industry, allowing developers to create and launch projects with crypto token integrations. BinaryX's notable launch, CyberDragon, has already garnered attention in the gaming community. With a market cap of $450 million currently, BNX has potential to grow 6-8x in 12 months.

Memecoin of the month – MOG (Highest Risk, High Returns)

Mog Coin (MOG) has taken the crypto community by storm, rapidly gaining over 30,000 holders due to its strong social media presence and viral meme campaigns. With a reported 4000% increase in value in a year, MOG has demonstrated significant potential for high returns, albeit with high risk. With a market cap of $465 million currently, MOG can give a 8-10x potential return in 12 months.

The OGs – BTC, ETH and SOL (Lowest Risk, Decent Returns)

It is prudent to pivot a majority of your crypto portfolio to the safest assets – Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). They are proven to enable adoption by new investors in the space (both institutional and retail). Their returns will be less significant (3-6x) but they drive the trend and volume in crypto.

(The author of the article is Vikram Subburaj, CEO, Giottus Crypto Platform)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)