Altcoins
Analysis of crypto VELO, BABY BONK and other trending altcoins
In this article, we explore two cryptocurrencies from the BSC ecosystem that have been making headlines in recent days: the altcoins Velo Protocol (VELO) and Baby Bonk (BABYBONK).
Let’s see what other hot topics could provide speculative opportunities in the market.
Meanwhile, Bitcoin Dominance is showing signs of weakness, anticipating the long-awaited “alt season” that could arrive in the coming months.
Let’s see all the details below.
Altcoin: Prices and latest crypto news VELO and BABY BONK
Among the cryptos that have attracted the attention of investors within the B.S.C. ecosystem, we find the two projects Bike Protocol (BICYCLE) and Baby Bonk (BABYBONK).
In order, we can see how Velo, which represents a financial platform for issuing crypto credits anchored in fiat currencies and covered by collateral in VELO tokens, recently joined forces with the on-chain data indexing project . The graphic.
This will enable much more efficient data accessibility for the protocol and simplified access for external dapps.
Introducing a revolutionary collaboration in the world of blockchain and Web3!
Velo and The Graph come together to power data-driven innovation 🤝🏻🚀
Velo is revolutionizing digital finance with secure and transparent blockchain transactions, while The Graph transforms the way… pic.twitter.com/nifUgJQJu6
– Velo official (@veloprotocol) May 9, 2024
Regardless, the VELO altcoin is the real protagonist of this project: Since March, when the entire market was bearish, with Bitcoin losing the $70,000 threshold, this coin has shown its full bullish potential.
Over the past week, it has been so targeted for trading that it was voted the best crypto of the week on the market. Kucoin exchange.
Looking at the VELO-USDT chart, we can immediately see how much the bulls are in control of the situation, with prices breaking away from the 50 EMA daily since mid-April, accelerating the current upward trajectory.
Over the past week, VELO has increased by approximately 40%, flying above 0.028.
From March 1 to today, this altcoin has seen a parabolic 450% price increase. THE historical maximum is unfortunately still far away, fixed at around 2.36 dollars.
Will pass Baby Bonk, a memecoin in the BSC landscape which is inspired by the famous token BONK originating from the Solana blockchain.
The news that is certainly causing a sensation for this project is the planned listing on a CEX on May 13. BABY BONK had reached a trading volume of $15 million in the previous days and is now ready to be welcomed among another exchange’s exchanges.
At the moment, this altcoin is only tradable on Gate.io, MEXC, Bitget and PancakeSwap.
Also worth noting is the strength of this memecoin’s community and the team’s willingness to invest in marketing to make their token known to the world.
Recently a A partnership has been concluded with one of the most well-known crypto influencers onSibel“, who, in the past, has helped advance many projects Solana.
Graphically, BABY BONK does not seem to match the strength of VELO, but still presents an upward outlook, with a price development that in recent months has gone against the trend of the rest of the market.
In particular, from the end of February to March 11, this crypto recorded a price growth of 1075% only to lose 80% the following month.
Starting May 1, it once again recorded unusual increases with a 200% performance in just one week, attracting much more attention than the rest of the altcoin landscape.
We will now see if BABY BONK will start attacking new highs again or return to the pre-pump price zone, thus ending its hype moment.
Other trending altcoins
Other trending altcoins that have seen their prices increase over the past month, outperforming Bitcoin, include mainly cryptocurrencies from AI sector and some memecoins.
We particularly highlight the achievements of NEAR, AR, AIOZ, AKT, RNDR, PEPE and BONK.
Good figures also for the Hedera Hashgraph network (HBAR) and for the “real world assets” project Ondo Finance (ONDO) that show double-digit percentage increases in 30 trading days.
The surge in AI altcoins is mainly linked to the positive numbers reported by the microchip giant. Nvidiawhich, along with quarterly data, boosted the growth of speculative stock and crypto markets.
On the memecoin front, it is worth noting the launch of the DOG meme within the Runes ecosystem immediately after the halving, which could have brought more attention to this market niche.
During the same period analyzed, BTC lost around 9%, while ETH went even further, marking a 14% decline.
Looking at the Bitcoin dominance chart, we can identify an area that has been marked as a local top, namely the 57% hit by a peak in mid-April.
From there, a slight decline in this metric began, paving the way for the positive performance of several altcoins.
Now, Bitcoin’s index of dominance over the rest of the market is poised to test the 50-period exponential moving average support on the daily time frame.
If it falls below this threshold, it could drop to around 53%, allowing for even greater bullish movement in altcoins.
Before officially entering the other season, however, it will still be necessary to go below 48%. Be careful not to take for granted that this phase will come immediately because another BTC rally could occur in the meantime, involving all the capital surrounding it.
