In the ever-evolving world of cryptocurrencies, VeChain ($VET) has emerged as a standout performer, showcasing a remarkable surge in trading volume and price. Over the past 24 hours, VeChain’s value skyrocketed by 25%, with a staggering $1.5 billion in trading volume. This significant spike comes amid a month-long winning streak for the cryptocurrency, raising the question: could VeChain be the next big crypto to watch?
As of now, VeChain is trading at $0.06242, reflecting a 58.5% increase over the last seven days. The fortnightly gains stand at an impressive 91.4%, while the cryptocurrency’s 30-day price appreciation has soared by 224.5%. This performance starkly contrasts with the overall crypto market, which saw a 2.7% overnight decline, indicating that VeChain’s rise is a notable anomaly.
VeChain’s recent success is partially attributed to the re-election of pro-crypto US President Donald Trump, which has positively impacted the broader crypto market. However, while Bitcoin ($BTC) has also seen gains, with a 2.9% increase in the last two weeks and a 39.6% rise over the past month, its performance pales in comparison to VeChain’s meteoric rise.
With a market cap exceeding $5 billion, VeChain currently leads the Internet of Things (IoT) sector in the cryptocurrency space. The IoT sector, which involves connecting hardware through the internet and blockchain technology to enhance supply chain management and data collection, experienced a massive 37% growth overnight, now boasting a collective market cap of $12.2 billion.
Despite VeChain’s impressive rally, market analysts caution that the token might be entering overbought territory. However, its relative strength index (RSI) stands at 54 and is falling, suggesting that the market is currently pricing it well. While VeChain is still 77.5% below its all-time high of $0.281 set on April 19, 2021, it has surged an astonishing 3,195% from its all-time low of $0.001917 on March 13, 2020.
The current altseason is not only benefiting VeChain but also driving interest in other altcoins. IOTA Network’s $IOTA has mirrored VeChain’s performance, showcasing significant price appreciation since the beginning of the month. As the altcoin market heats up, new viral meme coins like Catslap ($SLAP) are also capturing investor attention.
Catslap, which debuted on Uniswap, saw its value explode by over 1,500% within 24 hours of launch. The coin’s unique “Slap to Earn” mini-game has fueled its popularity, where players can earn $SLAP rewards by interacting with a viral slapping cat gif. The game’s leaderboard tracks each slap by country, distributing rewards to the top nation. Currently, 1 SLAP is priced at approximately $0.00662773.
With a major announcement on the horizon, as indicated by a countdown timer on the Catslap website, investors are urged to buy and stake $SLAP. This hype has propelled Catslap to become one of the top nineteen new meme coins on the market.
As the altseason continues, VeChain’s phenomenal rise and the buzz around meme coins like Catslap highlight the dynamic nature of the cryptocurrency market. Investors and enthusiasts are keenly watching to see which crypto will be the next to take off, riding the wave of this bullish trend.
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