Altcoin Rotation Lifts M and H 10%, While Algorand Rises on Payments Use Case

Short-term rotation into meme coins and social-media-driven tokens lifted MemeCore (M), Humanity (H) and PIEVERSE in the altcoin market. Algorand (ALGO) also gained as the rollout of automated payment technology fueled expectations for broader network use and greater participation from financial institutions.

CoinMarketCap data on Aug. 3 showed M and H each rose about 10% over the past 24 hours. PIEVERSE added about 9%, while ALGO advanced between 5% and 7%. The reasons for the gains varied by token, including market flows, technology development and on-chain indicators.

M rose without any clear project-specific announcement, suggesting capital rotated into meme coins instead. CoinMarketCap said the advance was driven more by short-term buying that tracked momentum in the meme-coin market than by new developments tied to the project itself.

ALGO's gains were linked to the launch of an artificial intelligence-related service. GoPlausible, a project in the Algorand ecosystem, recently launched x402 Facilitator, a service that helps AI agents and automated programs send and receive micropayments on Algorand. The service has processed more than 160,000 automated payments so far, boosting expectations for wider network usage.

H, meanwhile, was largely seen as staging a technical rebound after a steep drop following a hacking incident in June.

Bullish positioning also dominated the derivatives market. Among top Binance traders, 58.49% maintained long positions in H, while funding rates in the futures market stayed positive. That indicates more investors are still betting on further price gains.

PIEVERSE, for its part, drew support from rising interest on social media.