The cryptocurrency market has always been a field full of activity and surprises. The growth potential and price fluctuations of cryptocurrencies have always attracted the attention of investors. Lately, while the spotlight is usually on big names like XRP, Santiment has put the spotlight on a little-known altcoin.
Verasity (VRA) has experienced one of the most remarkable rises in the crypto world, posting weekly growth of over 70%. Verasity consolidated its leading position among crypto assets during this period. Analytics firm Santiment said the following on the subject:
“Most talk revolves around the rejection of the SEC’s objection against Ripple and XRP. But keep an eye on RAY’s sudden 24% rise in less than 1 hour, VRA’s impressive 71% rise in 1 week, and other altcoins currently driving the markets.”
According to CoinMarketCap data, VRA is trading at $0.0066, up more than 15% in the last 24 hours.
There are currently many changes taking place in the Verasity ecosystem. Just this week, the team announced that it had decided to burn as many as 10 billion VRA tokens, accounting for more than 50% of the total token supply. Verasity’s CEO RJ Mark said the following about the burning event:
“The fact that we burned our strategic reserve tokens, which constitute approximately 50% of our maximum supply, based on the decision of our community, proves that we are also listening to our community and improving our crypto ecosystem. “This is part of our growth strategy for 2024, where we expect great demand for our advertising solutions, and we are now laying the foundation for this growth.”
The fact that Verasity will burn a large portion of its circulating supply has fueled speculation that VRA could undergo repeated burning events, just like the Shiba Inu (SHIB). Since the altcoin team has not explicitly stated this, we can expect a quarterly burn event as rumored.
You can follow the current price movement here.