Velo Token Price Skyrockets After Binance Listing

The price of Velodrome Finance’s native token, VELO, surged to a year-to-date high following its listing on the Binance cryptocurrency exchange. As one of the largest players in the Optimism ecosystem, Velodrome Finance’s token jumped to a high of $0.0335, marking a 810% increase from its lowest level this year.

Listing on Binance Boosts Market Cap

The listing on Binance, the largest crypto exchange in the industry, has given VELO exposure to millions of customers. As a result, the total market cap of Velodrome Finance has exceeded $282 million.

According to data from CoinGecko, most VELO tokens are traded on exchanges such as MEXC, OKX, Gate, and XT. Given Binance’s scale, it is likely that the trading volume of VELO will rise in the coming days.

Historical Patterns in Crypto Listings

Historically, cryptocurrencies tend to rally when listed on major exchanges. However, these gains are often short-lived as the hype surrounding the listing subsides.

Velo’s Growing Presence in DeFi

Velo has become a top player in the decentralized finance (DeFi) industry. Its total value locked has surpassed $100 million, while the DEX volume over the last seven days stood at over $700 million. This makes it larger than other popular Optimism DEX networks, including Uniswap, WOOFI, Beethoven, and Curve Finance.

Key statistics about Velodrome Finance include:

  • Total value locked: over $100 million
  • DEX volume in the last seven days: over $700 million
  • Cumulative assets handled: over $20 billion

Technical Analysis and Future Prospects

According to the daily chart, the VELO price has been in a strong uptrend over the past few months. It has retested the important resistance level at $0.030, its highest point on May 10, and completed the handle section of the cup and handle pattern, a popular bullish continuation sign.

The VELO price has also moved above the 50-day and 100-day moving averages, indicating a likelihood of continued growth in the longer term. By measuring the depth of the cup, it is estimated that the VELO price will eventually jump to $0.054, representing a 109% increase from the current level.

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