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.
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.
Check Out Catslap Here
The post VeChain’s $VET Booms With $1.5 Billion in Volume – Which Crypto Will Be the Next Big Winner? appeared first on Cryptonews.