Three Cryptocurrencies to Pay Attention to In August

There is no doubting that the asset class is noteworthy, regardless of whether you believe that most cryptocurrencies will eventually collapse to zero or are a bull on the market. There has been a harsh fall for every spectacular, well-reported high, such as Shiba Inu’s astounding 49 million per cent increase in 2021 or Luna’s plunge to $0 from a high of over $100. And while the cryptocurrency market has often always recovered after a significant selloff, the complete damage the industry experienced in 2022 might be beyond repair.

Dogecoin

Dogecoin was always intended to be a joke. Despite the enthusiasm that drove it to quite unbelievable highs, it appears that the coin is now finally living up to its name. Dogecoin shot to an all-time high of $0.74 in 2021 for no apparent reason other than its endearing moniker before plummeting to its current worth of less than $0.07. However, losses might not stop. In addition to serving no special purpose in the blockchain and cryptocurrency industries, Dogecoin’s manufacturing is unrestricted. Given that more than 10,000 Dogecoins are created every second, supply will almost certainly constantly exceed demand.

Bitcoin Cash

Speed and cost were two issues that Bitcoin Cash addressed because they were inherently an issue in its big brother, Bitcoin. Bitcoin’s transaction fees were expensive when it was first launched, and its transaction speed quickly declined compared to its rivals.

But recently, Bitcoin implemented the Lightning Network, eliminating any edge that Bitcoin Cash may have previously had. The cryptocurrency has already taken a beating from investors; it dropped from a sky-high of $4,355.62 to less than $100 before briefly bouncing back. From this point forward, speculation should be the main factor driving trading.

Shiba Inu

With its enormous multi-million % increase in 2021, Shiba Inu made many investors very wealthy. However, 2022 has been a complete failure for those who hung onto their cryptocurrency hoping to make even more money or for those who bought into all the hoopla. The coin has lost nearly 64% of its value this year, but that doesn’t tell the whole tale.

Shiba Inu is down a huge 86.5 per cent from its peak in 2021. Shiba Inu is similarly useless to Dogecoin in the blockchain and cryptocurrency industry. The coin is a monument to how a highly touted, illiquid item may soar in price before dropping as sentiment wanes.