- Hike in VELO’s price could be linked to greater activity in the Asian market
While XRP’s sentiment fell, VELO spiked to a highly positive reading
As a seasoned crypto investor with a keen eye for market trends and an understanding of the nuances that drive price movements, I’ve been closely monitoring the recent surge in VELO’s price and volume. The hike in VELO’s price could be linked to greater activity in the Asian market, which is reminiscent of XRP‘s past performance on UpBit. This trend, combined with its integration with Solana [SOL] and the Binance Smart Chain, has attracted significant attention and fueled a surge in interest.
As a researcher studying the cryptocurrency market, I’ve been closely monitoring the performance of various tokens. One that has truly captured my attention is VELO, the native token of Velo, a financial protocol built on blockchain technology with a unique emphasis on credit issuance. Over the past 90 days, this token has experienced an astounding price surge of approximately 461%.
This showing gave the token a significant edge over numerous other altcoins in the market charts. Moreover, the buzz surrounding Velo lately has led some industry insiders to label it as the “XRP of Southeast Asia.”
Wait for VELO
AMBCrypto discovered this after checking the social data provided by on-chain analytics tool Santiment. Our findings revealed that VELO’s incredible volume in Asia was the primary reason participants compared it to XRP in the first place. Especially since once upon a time, XRP’s hikes were triggered by volumes on exchanges like UpBit. To this day, XRP remains widely popular in this part of the world.
I noticed that the integration of our project with Solana (SOL) and the Binance Smart Chain significantly contributed to the surge in interest it received.
At the moment of publication, VELO’s trading volume amounted to $95.95 million. This is a significantly large figure for tokens ranking below the top 100, indicating a surge of investor attention towards this cryptocurrency. Consequently, the recent increase in value serves as evidence of growing interest in VELO.
Regarding the price, if the trading volume continues to increase, Velas (VELO) may experience another price surge, potentially reaching $0.030 in the near term.
In recent times, XRP‘s showing has been disappointing. At present, the coin is priced at $0.51, marking a 1.40% decrease in value over the last day. Could VELO potentially take XRP’s role in the Asian market?
A local top is coming
An analysis of the public perception towards XRP and VEO based on on-chain data found significant differences. Specifically, the sentiment score for XRP was negative at -0.119, whereas VEO boasted a positive sentiment of 4.518.
The weighted sentiment reflects the overall market view towards a particular cryptocurrency. Consequently, it can be interpreted that traders exhibited a bullish attitude towards VELO, whereas the sentiments associated with XRP showed a bearish trend.
Additionally, this data has the ability to influence token prices. If VELO’s Weighted Sentiment score increases further, it could fuel even greater demand for the token.
On the other hand, lingering negative sentiment for XRP could push the price below $0.50.
As an analyst, I would caution traders about keeping a close eye on VELO. If the market sentiment towards this token seems excessively optimistic, it could be indicative of a local peak. In such a scenario, holders may choose to sell their positions, leading to a potential price decline for VELO.
Realistic or not, here’s VELO’s market cap in XRP terms
As a market analyst, I’ve observed that regardless of XRP‘s possible downturn, it may struggle to surpass VELO’s accomplishments during this market cycle.
As an analyst, I’ve noticed that VELO’s recent performance has piqued my interest and might do the same for investors in other parts of the world. If this global attention materializes, it could potentially lead to a rise in VELO’s market capitalization.
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2024-05-11 03:03