Following August 17, Stellar (XLM) and Solana (SOL) hope for a quick recovery based on their recent updates and collaborations. In contrast, Cardano (ADA) holders fear that the SEC’s behavior will have a stronger impact in the coming months than its rising network development.
However, all three tokens will have to fight it out with Borroe ($ROE) for a place in the top 5 cryptocurrencies of 2023. $ROE has already surged 25%, so analysts expect a tough battle with its challengers. Let’s see what the market thinks.
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Borroe ($ROE) Shines with a 25% Increase
Borroe ($ROE) is a trustless fundraising platform built on Polygon. It aims to democratize access to easy fundraising for businesses and creators in the Web 3 space. Borroe ($ROE) allows users to leverage the best of invoice financing without the high costs and significant time delays of the traditional financing industry.
With Borroe ($ROE), users enjoy access to on-and-off ramp crypto and fiat payment solutions, which contribute to easier management of business processes. Users can easily take loans against their future revenue. Borroe’s ($ROE) blockchain technology ensures that users enjoy high security, low fees, and wider access to investors who specialize in providing revenue financing opportunities.
Rewards that come with using Borroe ($ROE) include special discounts on fundraising offers, marketplace fees/transaction costs, and special recognition for their marketplace activity. It also allows companies to add extra rewards to their fundraising requests to attract investors. Not to mention the price appreciation opportunity.
Borroe ($ROE) is one of the top DeFi projects of 2023, especially after rising by 25% as it moved to Stage 1 of its presale. It costs $0.0125, but investors are keenly awaiting its rise to $0.040 – a 300% jump from its initial price of $0.010.
August 17 Bear Slump Wipes Out Stellar’s (XLM) Gains
On July 14, 2023, Stellar (XLM) released a preview version of its “Soroban Update,” designed to increase efficiency and service delivery. The Soroban update is still in the preview phase. Still, the number of developers using the “Soroban” testnet increases.
Stellar’s (XLM) increased network activity led to a sharp July rally that took Stellar (XLM) to its highest price point since the start of the year. Stellar (XLM) jumped to $0.15 on July 14 after announcing the release. Stellar (XLM) remained in that range until August 5, when it fell by 13.3% to $0.13.
Unfortunately, the crypto market tanked on August 17, driving Stellar’s (XLM) price by 7.6% to $0.12. Analysts say bullish excitement around its Soroban update can lead its price up by 33.3% to $0.16.
Cardano’s (ADA) Development Activity Rises
Cardano (ADA) recorded over 500 development activities over the past 30 days. Within that same time, Github received more than 500 daily submissions for Cardano’s (ADA) development proposals.
Cardano’s (ADA) rising development comes as regulatory pressures from the SEC are increasing. On August 5, Binance announced that it could delist Cardano (ADA) and 12 other tokens after being labeled “financial securities” by the SEC.
On August 22, 2023, Cardano’s (ADA) founder assured token holders that the SEC was not after ADA despite calling it a security in the lawsuit against Binance.
Interestingly, Cardano’s (ADA) price doesn’t follow its rising network development. It has dropped into the red zone after the market crash of August 17. Cardano (ADA) was trading at $0.29 on August 12. It then fell by 13.7% to $0.25 on August 17.
However, analysts say Cardano (ADA) could fall by another 24% to $0.19 if the SEC mounts further pressure on tokens that it has labeled securities. So, it might not be a good crypto to buy now.
Solana (SOL) Expects Boost as Maple Finance Returns
On August 21, 2023, Maple Finance announced that it would return to Solana’s (SOL) network after pausing development in December 2022. Maple Finance is one of the most active DeFi lending protocols, with over $2 billion worth of corporate loans facilitated since its launch in May 2021.
Maple Finance moved to Solana (SOL) in May 2022, facilitating $125 million in corporate loans on Solana’s (SOL) network before it paused development in December 2022.
Its return to Solana (SOL) indicates rising interest, primarily because of the surge in its network activity. Some analysts expect the return of Maple Finance to inspire a bull run and pull Solana (SOL) out of its bearish slump that peaked after the market crash.
Experts say Solana (SOL) could rise by 19.4% to $24.52 due to excitement around the return of Maple Finance.
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Source: https://www.analyticsinsight.net/the-borroe-roe-boom-outshining-stars-like-stellar-xlm-solana-sol-and-cardano-ada/