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Key Notes
- VIRTUAL leads as the most-traded token among institutions, funds, and prominent whales, outpacing other popular tokens like EBTC, LINK, and PEPE.
- Enthusiasm for the recently launched Genesis launchpad has contributed to VIRTUAL's momentum.
- The system employs a "proof of contribution" mechanism, rewarding genuine contributors through activities like staking and supporting AI projects.
Virtuals Protocol native cryptocurrency VIRTUAL $1.66 24h volatility: 19.8% Market cap: $1.08 B Vol. 24h: $689.78 M has witnessed a massive 207% rally over the past month, while outperforming the rest of the crypto market. Blockchain analytics firm Nanasen reported that this rally comes from the increased participation of the “smart money” wallets.
The VIRTUAL cryptocurrency surged all the way to $1.8 on Monday, which serves as a strong resistance for the altcoin as of now. On the weekly chart, it is still trading up by 12.86%, with its market cap staying over $1 billion, and daily trading volumes shooting all the way to $350 million.
As per the Nansen report, VIRTUAL ranks as the top-traded token among “smart money” wallets belonging to institutions, funds, and prominent whales. Over the past 30 days, the token has seen smart money inflows totaling $14.2 million, including $8.56 million in the past week. Other favorites among smart money include EBTC, LINK LINK $14.90 24h volatility: 3.8% Market cap: $9.80 B Vol. 24h: $371.64 M , and PEPE PEPE $0.000009 24h volatility: 1.5% Market cap: $3.71 B Vol. 24h: $591.98 M .
As per the table below shared by Nansen, VIRTUAL ranks the top tokens traded by smart money wallets, encompassing buying or selling activity on decentralized exchanges or transfers to and from centralized exchanges. According to Nansen’s data, buying activity is indicated in green, while selling activity is shown in red. Furthermore, the VIRTUAL open interest has surged past $202 million, according to the CoinGlass data.
Key Development for Virtuals Protocol and VIRTUAL Crypto Asset
The dominance of VIRTUAL cryptocurrency recently is likely driven by enthusiasm surrounding the recent launch of the Genesis launchpad. Introduced two weeks ago, this innovative system aims to reward genuine contributors over speculators.
It operates using a “proof of contribution” mechanism, which allows participants to earn Virgen points through activities such as staking or supporting AI projects. Speaking on this matter, Bankless stated:
“Since its debut, most tokens launched through it have 2x’d or more, fueling demand for Virgen Points and showing there’s still room for creativity in token design.”
The new system also features contribution-based allocations, automatic refunds if funding goals are not met, and transparent vesting schedules. “Genesis breathes fresh life into Virtuals while also showcasing a novel mechanism for designing token launches,” Bankless said while acknowledging that the contribution-based model isn’t flawless, the platform noted it “rivals” more primitive systems often susceptible to manipulation.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
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