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Velo Price Prediction 2024: Did VELO Peak Too Soon?

Last Updated 41 seconds ago
Giuseppe Ciccomascolo
Last Updated 41 seconds ago

Key Takeaways

  • Velo’s VELO token debuted on the market in 2018.
  • Since then, the price has notably dropped.
  • A recent spike reflects the investor’s attention turning back to VELO.
  • One price prediction expects it to reach $0.076714 in 2025.

Investors are turning their backs to Velo’s VELO, a token that has been around for almost four years now but whose price has dropped notably since its launch.

The coin is far from its all-time high and it looks like there are no bullish signs on the horizon.

It was worth $0.01635 on May 28, 2024.

Velo did not respond to a request for comment.

But what is Velo (VELO)? How does It work? Let’s find out, and we can also look at some of the Velo Price Predictions that were being made as of May 28, 2024.

Velo Coin Price Prediction

Let’s examine some of the Velo  price predictions made on May 28, 2024. It is crucial to remember that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $0.036 $0.0421 $0.12
Prediction #2 $0.028512 $0.076714 $0.071425
Prediction #3 $0.0265 $0.0413 $0.2753

First, CoinCodex  had a short-term Velo  price prediction that saw the coin go to $ 0.021898 by June 2 before jumping to $0.055083 by June 27. The site’s technical analysis was bearish, with 12 indicators sending bullish signals and 16 making a discouraging one.

Velo Price Prediction for 2024

DigitalCoinPrice  said Velo would reach $0.0360 this year, while CoinDataFlow  expects it to be at $0.028512, and PricePrediction.net  said VELO would close the year at $0.0265. 

Velo Price Prediction for 2025

PricePrediction.net said Velo would reach $0.0413 and CoinDataFlow sees it at $0.076714. DigitalCoinPrice said VELO would trade at $0.0421.

Velo Price Prediction for 2030

Moving on to a more long-term Velo price prediction, CoinDataFlow said the coin would be worth $0.071425 in 2030 and PricePrediction.net expects it to be $0.2753. DigitalCoinPrice made a VELO price prediction of $0.12 at the start of the next decade.

Google Gemini AI Price Prediction for Velo (as of May 28)

Google’s Gemini AI platform gave the following price prediction for Velo on May 28. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are not entirely accurate.

Short Term (Next three months)

  • Expected price: $0.0721
  • Factors to Consider:
    • Market Volatility: The cryptocurrency market is known for its volatility. Unexpected events or news can significantly impact prices.
    • Technical Analysis: Studying historical price charts and technical indicators can provide insights into potential price movements.
    • Fundamental Analysis: Evaluating the Velo project’s development, adoption, and overall health can offer a long-term perspective.

Medium Term (Next six months)

  • Expected price: $0.0585
  • Factors to Consider:
    • Overall cryptocurrency market trends: A strong overall market could benefit Velo.
    • Adoption of Velo for cross-border payments: Increased use of Velo for its core function could drive demand for the token.
    • Developments on the Velo platform: New features or partnerships could attract more users and increase demand.
    • Regulations: Regulatory changes could impact the entire cryptocurrency market, including Velo.

Long Term (Next five years)

  • Expected price: $13.5750
  • Factors to Consider:
    • Overall Crypto Market: The general trend of the cryptocurrency market will significantly impact VELO’s price. A bull run could lead to substantial increases, while a bear market could cause price drops.
    • Velo Adoption: Increased use of Velo for cross-border payments, smart contracts, and other functionalities will drive demand for VELO, potentially raising its price.
    • Developments on the Velo Platform: New features and partnerships with established institutions could attract more users and increase VELO’s value.

Velo Price History

Let’s now look at some of the highlights and lowlights of the Velo Gas price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting an Velo price prediction. 

Velo price history
Velo price in 2023 and 2024. | Credit: CoinMarketCap

When Velo first came onto the open market in September 2020, it was worth $0.4436. It then jumped to its all-time high of $1.8041 in November the same year, before decreasing to around $0.50 in January 2021. The token had another jump to $1.7022 in March that year, before starting a negative trend that lasted for the following two years. During that period, VELO traded at a value notably lower than one cent.

Only in April 2024, Velo’s token price increased again, hitting $0.02216 on April 25, 2024. It then decreased in May, reaching $0.01635 on May 28, 2024.

At that time, there were 7.39 billion VELO, out of a total supply of 24 billion. This gave Velo a market cap of about $120.9 million, making it the 423rd largest crypto by that measurement.

Velo Historical Price Data

Period Velo Price
May 28, 2024 $0.01635
May 21, 2024 $0.01971
April 28, 2024 $0.02017
February 28, 2024 $0.005169
May 28, 2023 $0.003918
Launch price (September 23, 2020) $0.4436
All-time high (November 3, 2020) $1.8761
All-time low (February 20, 2023) $0.00224

Velo Price Analysis

Velo Price Analysis
VELO is at a crossroads | Credit: Nikola Lazic/TradingView

The price of VELO reached an all-time high in November 2020. Since then, it has been in a bear cycle. In December 2022, it fell to an all-time low near $0.001. It went on to recover by more than 1,300% to a high of $0.014 at the end of February 2023, making a downturn to its first macro higher low of $0.017 in August. 

This was a significant price point because it was the first potential signal of a coming bull phase. VELO started its last uptrend after that and reached a higher high of almost $0.03 on March 10 this year. 

Shortly after, it started going down again and is now around its previous macro high. We’ve seen a rising price formation. However, with one or two interactions on each side, this still needs to be confirmed. 

Considering its shape and the price context, it could be interpreted as part of a larger bull cycle. If this is the case, we’ve seen the completion of wave three of a five-wave movement. 

As the price is experiencing a downturn, another interaction with its ascending support is expected to be around $0.07, a 55% decrease from the current levels. But after that wave five should make a new higher high at the ascending resistance of $0.04. 

Is Velo a Good Investment?

It is hard to say. The coin has been around for about four years now and, despite a rapid growth after its launch, its price has decreased notably since then. The negative trend is still lasting, with no bullish sign on the horizon.

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in Velo.

Will Velo go up or down?

No one can really tell right now. While the Velo crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Velo?

Before you decide whether or not to invest in Velo, you will have to do your own research, not only on VELO, but on other, related, coins and tokens such as Ethereum (ETH) and Solana (SOL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who are the Founders of Velo?

Anderson Felício, Alberto Stein, Bruno Hertwig, and Paulo Cantoli are the founders of Velo.

Who Owns the Most Velo (VELO) Tokens?

On May 28, 2024, one wallet held 34.10% of RON’ supply.

Richest VELO Wallet Addresses

As of May 28, 2024, the five wallets with the most Ronin tokens were

  • 0xeb5c4ecbbe18972a3fdcf3c5c23040b1fac14efd. This wallet held 10,230,005,450 VELO, or 34.10% of the supply.
  • 0x0e109cd6f66708d67635aa819e30129323bc6e6e. This wallet held 9,707,012,501 VELO, or 32.36% of the supply.
  • 0x000000000000000000000000000000000000dead. This wallet held 6,000,001,053 VELO, or 20.00% of the supply.
  • 0x13c5c83cf9b9ac68fa18272b756bce1635196132. This wallet held 1,211,000,000 VELO, or 4.04% of the supply.
  • 0xe99e5d7263df4104b1146f9f954788f176b466d7. This wallet held 539,999,974 VELO, or 1.80% of the supply.

Fact Box

Supply and distribution Figures
Maximum supply 30,000,000,000
Circulating supply (as of May 28, 2024) 7,390,475,595 (24.6% of maximum supply)
Holder distribution Top 10 holders owned 94% of supply, as of May 28, 2024

From the Whitepaper

In its technical documentation, or whitepaper , Velo says it “is building a unique federated credit exchange network. This network is powered by the Velo Protocol, which is a blockchain financial protocol enabling digital credit issuance and borderless asset transfers for businesses using a smart contract system.

“The project’s core mission is to enable partners to safely and securely transfer value between each other in a timely and transparent way. To do this, the Velo Protocol enables its partners to issue digital credits via a smart contract layer, using the Stellar Consensus Protocol to process and settle transactions. Within its ecosystem, the Velo Protocol enables multiple business use cases that are all based on its core function: issuing collateral-backed digital credits, which correspond to any fiat currency that can be used for frictionless value transfer.”

Velo (VELO) Explained

Velo Labs pioneers a federated credit exchange network, propelled by the Velo Protocol. This blockchain financial protocol promises seamless digital credit issuance and cross-border asset transfers for enterprises through an intelligent contract framework. At its heart, the project is dedicated to facilitating partners’ secure and efficient value transfers with transparency as a cornerstone principle.
Using the Stellar Consensus Protocol, the Velo Protocol enables partners to issue digital credits via smart contracts, ensuring swift processing and settlement of transactions. Within its ecosystem, the Velo Protocol unlocks a myriad of business applications centered around its core capability: issuing collateral-backed digital credits representing various fiat currencies, thus facilitating frictionless value exchange.

How Velo Works

VELO tokens are utility tokens designed to transfer value on the Velo network and ensure stable settlement. The VELO token’s utility lies in its double feature as both collateral and as an entrance requirement to the Velo Ecosystem.

Velo Attention Tracker

Velo Google search volume
Velo Google search volume for the last 90 days. | Credit: Google
Here is a chart for Velo’s Google search volume for the past 90 days. This represents how many times the terms “Velo VELO” has been Googled over the previous 90 days.

FAQs

How many Velo are there?

As of May 28, 2024, there were 7.39 billion VELO, out of a total supply of 24 billion.

Will Velo reach $1?

According to the main price predictions, it looks impossible.

What is Velo?

Velo Labs pioneers a federated credit exchange network, propelled by the Velo Protocol. This blockchain lets people issue digital credits via smart contracts.

Disclaimer

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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