Crypto and Bitcoin prices might be firm but stuck in a boring consolidation, looking at recent trends.
While BTC is stuck below $60,000, another altcoin, VLMR, exceeds expectations, exploding hours after launching.
VLMR Surges 800% In Less Than 36 Hours
The token, deploying on the BNB Chain, is up an impressive 800% at spot rates, trading at over $0.13, according to data from Gecko Terminal.
Considering the current state of affairs and the general apprehensiveness among traders, the explosive growth of VLMR explains why the token is at hogging all attention at press time on September 3.
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Barely 36 hours after listing, VLMR is listed on nearly all DEXes on the BNB Chain.
To illustrate, market data shows that traders can freely swap on PancakeSwap, which is by far the largest DEX on the BNB Chain.
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At the same time, it is available on Anyswap, Bakeryswap, and multiple other sites.
Given the fast-rising liquidity, over $260,000 of VLMR has been traded in the last 24 hours alone.
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What’s more? By the time the press went to press, the fast-expanding prices meant that VLMR now had a market cap of over $26 million.
With the token commanding market attention and prices rapidly rising, it is only a matter of time before VLMR finds support from top exchanges, including Binance.
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What Is The VLMR Crypto?
But what’s exactly driving demand? And why is VLMR suddenly defying gravity in a largely suppressed market?
Public data about the project remain scant so far.
However, from what’s available, VLMR is a payment network tapping on the decentralization, low-fee, and scalable environment offered by the BNB Chain.
The goal is to revolutionize the traditional payment infrastructure by using stablecoins. They will use a basket of fiat-backed stablecoins like USDC and USDT to do this.
The platform’s native token, VLMR, will be used as a stabilizer, allowing effective on-chain and trustless payment.
The Start Of An Altcoin Season?
Whether the DeFi project will build on this momentum and extend gains remains to be seen for now.
Evidently, there is investor interest. Should it take off, those who capitalize on the momentum stand to reap maximum benefits.
After all, valuable lessons can be learned from Pepe and other meme coins that took off on launch and further skyrocketed after CEX listing.
As it is, there is no discounting the possibility of VLMR sparking an altcoin season.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
