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Top 5 Trending Cryptos of August - SOL, XED, SLP, BNB, SKILL️🔥💎
CoinGecko just released its list of the top trending cryptocurrencies for August. Although there were a lot of familiar coins like BTC and Dogecoin on the list, there were also quite a few newbies that I wasn't familiar with. In today's post, I will provide a general overview of the top five trending cryptocurrencies for the month of August and explain what they do so that you can stay up to date with the hottest coins in the crypto market.
In first place, we've got Smooth Love Potion. This crypto is used as a replacement of traditional "experience points" in the Axie Infinity blockchain game. Players use SLP tokens to breed their Axies, and the token has a crucial role within the game. Axie is currently one of the leading blockchain based games, so it's not a surprise that this token makes the list.
In second spot, we've got Binance Coin. Binance coin frequently makes it to the top 5 in the CoinGecko lists and for good reason. BNB is the native asset of the world's largest crypto exchange, and offers several discounts on exchange fees. With launch of the Binance Smart Chain, BNB has gained another massive role as the "fuel" of the Binance Smart Chain as users must pay BNB in order to process transactions on the Binance Smart Chain.
The SKILL token from the wildly popular CryptoBlades NFT based, roleplaying blockchain game takes second spot. According to Dapp Radar, CryptoBlades is the second most popular blockchain game with over 670,000 users in a 30 day period, so it's not surprising that the native token of such a popular game would also lead the charts. The SKILL token has tremendous in-game utility as it can not only be used to hire characters and forge weapons but also be staked for additional passive income.
Earlier this week, I did a full featured article describing some of the many advantages that Solana has including incredibly high TPS, blazing fast transaction times, and super low fees. Given all of the awesome features that Solana has, it isn't a surprise that this coin made it to the top five. Not only is the SOL token used for paying fees on the Solana blockchain, but it has added utility in that it can be staked for passive income.
Rounding out the top five cryptos for the month is Exeedme with the XED token. Exceedme is a blockchain based play to earn gaming platform that is designed to make it possible for gamers of all skill levels to earn rewards from their gaming. In contrast to the current system where only the top, elite level gamers are able to be profitable, Exeedme is designed to be attractive to gamers of varying skill levels. Their XED token can be earned from engagement, and it can also be staked to unlock NFT rewards.
What impressed me most this month is that three out of five of the top tokens were related to gaming. I have always thought that blockchain gaming will play a key role in crypto adoption as gamers are used to interacting with virtual economies, so it's nice to see so many gaming tokens in the top ranks. Surprisingly, ETH and BTC weren't even in the top 10 this month. That is surprising considering that one of them is almost always included. At least for this month though, it looks like the gaming tokens topped the charts.
As always, thanks for reading and nothing is financial advice.