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VELO Token Skyrockets 358%, Dubbed ‘XRP of Southeast Asia’

2 mins
Updated by Bary Rahma
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In Brief

  • VELO, dubbed "XRP of Southeast Asia," surged 358% in six weeks.
  • It rebounded from $0.008826 to $0.02873, despite market downturns.
  • VELO enhances cross-border payments with smart contracts.
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VELO has emerged as the latest sensation in the crypto market, earning the moniker “the XRP of Southeast Asia.”

Over the past six weeks, this crypto has experienced a staggering 358% surge in value, capturing the attention of traders worldwide.

VELO Surged 358% in 6 Weeks

Velo Labs developed VELO, designed to enable digital credit issuance and borderless asset transfers for businesses. The protocol uses smart contracts to facilitate transactions. It provides a secure and transparent way to transfer value across borders.

Much like XRP, which aims to improve the efficiency of cross-border payments, it focuses on enhancing financial infrastructures and enabling seamless remittances. However, what sets VELO apart is its incorporation of smart contracts, a feature that the XRP blockchain currently lacks.

These set of features have allowed VELO to reach a market bottom of $0.0088 within the last 30 days. The token is now up by a remarkable 225.51%. This significant positive gain over the last month contrasts with the current market situation. Indeed, most cryptos continue to shoulder double-digit percentage losses amid the latest bearish downturn.

According to market intelligence platform Santiment, VELO’s trading volume has increased 30% over the past day, climbing to $0.029. Such price performance reflects the growing interest among investors.

“Genuinely, I see only one direction this will go in over the next couple weeks. As a worst case scenario, $0.015 level would need to hold if we get a huge retracement. But for now, VELO showing strength,” a crypto community memeber said.

Read more: Which Are the Best Altcoins To Invest in May 2024?

Top Trending Tokens in Crypto
Top Trending Tokens in Crypto. Source: Santiment

Several factors have contributed to VELO’s popularity surge. The project has built its ecosystem and formed strategic partnerships. Notable partners include iRemit, Visa, and Lightnet. These collaborations have expanded VELO’s regional reach and demonstrated its potential to enhance cross-border payments and digital finance solutions.

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Shota Oba
After interning at a domestic blockchain media company while enrolled at a university in international relations, he worked as an intern trainee at two foreign crypto asset exchanges. Currently, as a journalist, he focuses on the Japanese crypto asset market, both technical and fundamental analysis. He has been trading crypto assets since 2021 and is interested in economic and social affairs.