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Cryptocurrency News Articles
VELO Rockets 358% as Market Downturn Unfazed, Poised to Become 'XRP Killer'
May 10, 2024 at 06:02 pm
The VELO token, hailed as the "XRP of Southeast Asia," has surged by 358% in the past six weeks, according to market intelligence platform Santiment. This growth coincides with increased interest in securing VELO tokens in reputable wallets and the project's unique integration of smart contracts, setting it apart from the XRP blockchain. Despite market volatility, VELO's strong performance has garnered attention, leading to comparisons with XRP and speculation about its potential as a disruptor in the international remittance market.
VELO Emerges as a Market Frontrunner, Surging 358% Amidst Market Downturn
In a market characterized by widespread losses, VELO has emerged as a beacon of resilience, gaining an astonishing 358% in the past six weeks. Market intelligence platform Santiment has hailed this surge as a testament to the growing traction of VELO, which has drawn comparisons to the iconic XRP in Southeast Asia.
The remarkable ascent of VELO has been fueled by a 30% surge in trading volume over the past 24 hours. Notably, despite a brief dip to $0.02458, the asset has rebounded strongly, climbing to $0.02873, an increase of 16.88%.
Zooming out to a seven-day perspective, VELO has witnessed an impressive 57% gain. Within the past 30 days, the asset has surged by 225.51% from its recent low of $0.008826.
Santiment has observed a significant increase in chatter surrounding VELO, with many speculating about the possibility of the asset becoming an "XRP killer" in Southeast Asia. This buzz has been further amplified by crypto influencers who have endorsed VELO as a potential game-changer in the international remittance market.
One of the key differentiators of VELO is its incorporation of smart contracts, a feature that is absent in the XRP blockchain. This integration enables VELO to facilitate decentralized financial transactions, offering cost-effective and rapid peer-to-peer transfers.
Despite the overall bearish sentiment in the market, VELO has managed to buck the trend, attracting attention from both short-term traders and long-term investors. Santiment has highlighted that the speculative nature of the market could lead to potential setbacks for VELO, while its adoption in Asia and the strength of its decentralized financial ecosystem remain key factors supporting the asset's bullish outlook.
Another notable asset that has recently gained traction is the UMA token, which has witnessed a significant increase in interest following a surge of over 50% in the past 36 hours. This surge underscores the growing recognition of UMA's potential as a versatile asset for decentralized financial applications.
As the market continues to navigate the current downturn, VELO and UMA stand out as attractive investment opportunities for those seeking high-growth potential. Their strong fundamentals and the growing utility of their underlying technologies position them as promising assets to watch in the evolving cryptocurrency landscape.
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