It has been announced that decentralized finance protocol Venus (XVS) will be among the sponsors of Istanbul Fintech Week. After this important news, the altcoin price took off. However, Venus failed to fully maintain its gains.
The news of Istanbul has blown the altcoin price!
Decentralized finance (DeFi) protocol Venus (XVS) rose a whopping 45% on the day to $7.16, according to data from CoinMarketCap. With this move, the altcoin led the momentum in the crypto market.
Meanwhile, it is worth noting that the cryptocurrency is not a regular player who is often in the spotlight, a scenario that showcases impressive sentiment in its community right now. The XVS then lost its momentum and turned south at the same speed. At press time, the altcoin was trading at $6.47%, down 4.25% on a daily basis. On the other hand, when we consider that the price level of XVS was around $4.8 a week ago, it is seen that it has increased by more than 30%.
As Kriptokoin.com reports, the growth of the altcoin project depends on the announcement that the protocol will be among the sponsors of Istanbul Fintech Week. The event is considered one of the largest Blockchain and finance summits in the country. He is also known for his strong appreciation of cryptocurrencies and their associated innovations.
According to experts, sponsorship for an altcoin not used to being in the spotlight could serve as a payday for some of XVS’ early investors. It’s a concept that many have built to own the token before it can be valued, either possible or potential.
The effect of Venus’ buyback move on the tokenomics
Venus has also been working to improve its protocol and tokenomics over the past few weeks. The protocol recently announced that its latest update includes the buyback of some of the circulating XVS tokens. This new move will increase the value of the Venus token over time and investors are currently pricing this development.
Encompassing DeFi growth, Venus is an algorithmic money market and synthetic stablecoin protocol launched exclusively on BNB Chain (BSC). The protocol leverages positive trends across all aspects of the DeFi world to redraw its own steady uptrend. According to on-chain metrics, Venus recorded more than 4,000% growth in daily volume, showing how the acquisition led to a more streamlined and integrated volume growth. Venus has taken on the positive mood in the DeFi world and the community expects its growth to remain sustainable going forward.
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