VELO token, recognized as the XRP of Southeast Asia, has now emerged at the forefront of the market narrative, growing by 358% in the past few weeks.
Market intelligence platform Santiment confirmed this development in its latest update about VELO. Santiment emphasized that VELO has been garnering notable attention among crypto traders lately while being likened to the “XRP of Southeast Asia.“
The surge in interest is reflected in the 30% increase in the trading volume for VELO over the past day. Notably, after dipping to a 24-hour low of $0.02458, VELO has witnessed a significant uptick of 16.88%. At the latest check, it has climbed to $0.02873.
XRP of Southeast Asia Records 358% Gains
Zooming out to the seven-day scale, the supposed XRP killer has registered a substantial 57% gain. Furthermore, while VELO bottomed at $0.008826 within the last 30 days, the asset is now up by 225.51% with its market value of $0.02873.
More remarkably, Santiment observed that in the past six weeks, the price of “XRP of Southeast Asia” has increased by 358%.
📈🗣️ $VELO has been gaining a great deal of traction amongst #crypto traders lately, being referred to as the “XRP of South East Asia”. In 6 weeks, its price is +358%. Meanwhile, $UMA has seen a big jump in interest following its +50% gain over the past 36 hours.
See the… pic.twitter.com/RXqzLd4J0m
— Santiment (@santimentfeed) May 10, 2024
Why VELO is on the Rise Amid Dip
This significant positive gain for VELO over the last month contrasts with the current market situation. Specifically, most assets continue to shoulder double percentage losses amid the latest bearish downturn.
The market intelligence platform reported that “VELO” has become a buzzword in the crypto sphere due to conversations around securing VELO tokens in reputable self-custody wallets such as Ledger, Lobstr, and Freighter.
Notably, Velo Labs, the project’s team, is a company based in Southeast Asia. Crypto influencers have promoted VELO as an “XRP killer” or XRP Southeast Asia as the project joins XRP in revolutionizing the international remittance market.
However, a distinguishing feature of the Velo project is its incorporation of smart contracts, an element that the XRP blockchain currently lacks.
Should You Long VELO?
Meanwhile, Santiment pointed out reasons for market participants to be bearish or bullish about the Velo project. It highlighted that the bearish outlook for VELO stems from the market’s speculative state and doubts about its adoption in Asia.
Conversely, the bullish perspective on the Velo project is bolstered by its decentralized financial framework with smart contracts, which promises a peer-to-peer network for more cost-effective and rapid financial transactions.
Alongside VELO, the UMA token has also seen a surge in interest. The analytics platform noted that UMA has experienced a significant increase in attention following its gain of over 50% in the past 36 hours.
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