VeChain’s $VET Surges with $1.5 Billion in Trading Volume – Which Cryptocurrency Will Follow Suit?

Supply chain management blockchain VeChain ($VET) surged by 25% in the past 24 hours, achieving over $1.5 billion in trading volume, despite a 2.7% decline in the overall crypto market, which is valued at $3.6 trillion.

VeChain’s overnight increase marks the culmination of a month-long upward trend for the cryptocurrency.

Currently priced at $0.06242, $VET has experienced a 58.5% increase over the last week.

Additionally, its gains over the past two weeks amount to 91.4%, while its price has soared by 224.5% over the last thirty days.

Clearly, VeChain’s performance stands out in contrast to the broader market.

While Bitcoin ($BTC), the original and largest cryptocurrency, has also been on a winning streak since the early November re-election of pro-crypto US President Donald Trump, its gains are modest compared to those of VeChain.

In the last two weeks, Bitcoin has risen by 2.9%, with a 30-day increase of 39.6%.

With a market capitalization exceeding $5 billion, VeChain is currently the leading cryptocurrency in the Internet of Things (IoT) sector.

IoT refers to a network of devices connected through the internet and blockchain technology, facilitating a new era of real-world interconnectivity that could significantly impact global supply chain management and data collection.

The price increase of $VET coincides with a substantial price rally among leading IoT-related cryptocurrencies.

The sector experienced an impressive 37% growth overnight, now boasting a collective market cap of $12.2 billion.

Will VeChain’s $VET Continue to Rally?

As another token in the Internet of Things space, VeChain reflects the recent performance of IOTA Network.

There has been significant price appreciation since the beginning of the month, resulting in a steep upward trajectory on the chart as large buy orders have been placed. Its current price is the highest the token has reached since early 2022.

Source: TradingView

This has led to $VET frequently entering overbought territory, indicating an imbalance that suggests a correction may be forthcoming.

However, VeChain’s relative strength index is currently at 54 and declining, indicating that the market is currently valuing it appropriately.

As of today, VeChain is 77.5% below its previous all-time high (ATH) of $0.281 (April 19, 2021) but has increased by an impressive 3,195% from its previous all-time low (ATL) of $0.001917 set on March 13, 2020.

From IoT to Catslap: It’s AltSeason!

The remarkable performances of VeChain’s $VET and IOTA Network’s $IOTA occur amid a resurgence of interest in altcoins, a term that traditionally referred to any cryptocurrency other than Bitcoin, but now often informally excludes Ethereum and other multi-billion dollar market cap coins like Solana and XRP.

Over the past week, investors have been eagerly acquiring a new viral meme coin that launched on Uniswap.

Within 24 hours, it skyrocketed over 1,500% as investors were drawn in by the project’s mini game.

To participate, visit Catslap’s official website and click (or tap) the screen to animate a gif of the viral slapping cat.

The leaderboard tracks each slap by country and rewards the top nation.

As of last weekend, players can activate a ‘Slap to Earn’ feature, allowing them to earn $SLAP rewards for their slaps.

Acquire Catslap via Uniswap or directly through the official website, where 1 SLAP is approximately $0.00662773.

The website encourages investors to “buy and stake $SLAP before major announcement!” along with a countdown timer indicating just over five days remaining.

All of this has contributed to Catslap becoming one of the nineteen top new meme coins currently available.

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.