Supply chain management blockchain VeChain ($VET) blasted up 25% in the last 24 hours and posted over $1.5 billion in trading volume despite a 2.7% overnight fall in crypto’s $3.6 trillion market.
VeChain’s overnight surge capitalizes a month-long winning streak for the cryptocurrency.
At its current price of $0.06242, $VET has grown 58.5% over the last seven days.
Furthermore its gains over the last fortnight mount to 91.4%, while its thirty-day price appreciation has skyrocketed 224.5%.
Clearly, VeChain’s performance is anomalous to the rest of the market.
While the original and biggest cryptocurrency, Bitcoin ($BTC), has also been on a winning streak since the re-election in early November of pro-crypto US President Donald Trump, its gains are slight compared to VeChain.
In the last fortnight, Bitcoin rose 2.9%, while its 30-day advance stands at 39.6%.
With a market cap over $5 billion, VeChain is currently the largest cryptocurrency in the Internet of Things (IoT) sector.
IoT refers to a network of hardware connected via the internet and blockchain technology in order to facilitate a new generation of real-world interconnectivity that could have profound impact on global supply chain management and data collection.
$VET’s price rise comes amidst a major price rally across leading cryptocurrencies related to IoT.
The sector grew a staggering 37% overnight and now posts a collective market cap of $12.2 billion.
Will VeChain’s $VET Continue to Rally?
As a fellow Internet of Things token, VeChain mirrors IOTA Network’s recent performance.
We can see heavy price appreciation from the start of the month, leading to a vertical ascent on the graph as massive buy orders come in. Its current price is the highest the token has traded for since early 2022.
Source: TradingView
This in turn has meant $VET is now frequently in overbought territory, and means there is an imbalance, which indicates a correction is likely inbound.
However, VeChain’s relative strength index stands at 54 and falling. So, right now, the market is pricing it well.
Today, VeChain is 77.5% short of its former all-time high (ATH) of $0.281 (April 19, 2021) but a staggering 3,195% up from its former all-time low (ATL) of $0.001917 set on March 13, 2020.
From IoT to Catslap: It’s AltSeason!
The scorching performances of VeChain’s $VET and IOTA Network’s $IOTA comes amidst renewed interest in altcoins, a term which once referred to anything that isn’t Bitcoin, but nowadays the designation tends to informally exclude Ethereum and even other multi-billion cap coins like Solana and XRP.
For the last week, investors have been snapping up a new viral meme coin that debuted on Uniswap.
Within 24 hours it had blown up over 1,500% as investors bundled in, intrigued by the project’s mini game.
To play, head over to Catslap’s official website and click (or tap) the screen in order to animate a gif of the viral slapping cat.
The leaderboard logs each slap by country and distributes rewards to the nation at the top.
As of last weekend, players can enable a ‘Slap to Earn’ function which will enable players to earn $SLAP rewards for their slaps.
Procure Catslap via Uniswap or directly via the official website, where 1 SLAP is around $0.00662773.
The website urges investors to “buy and stake $SLAP before major announcement!” along with a timer displaying just over five days left.
All this has helped Catslap become one of the nineteen best new meme coins on the market right now.
The post VeChain’s $VET Booms With $1.5 Billion in Volume – Which Crypto Will Be the Next Big Winner? appeared first on Cryptonews.
