While the crypto community’s attention has largely been focused on the latest developments in XRP, an unexpected altcoin has made a move. Accordingly, it has quietly taken the lead in terms of growth. There is news from Verasity (VRA), a relatively lesser-known cryptocurrency. Accordingly, it stunned observers by achieving significant week-on-week growth of over 70%.
Rising performance of altcoin VRA
According to data from CoinMarketCap, altcoin VRA is currently trading at a spot price of $0.00657. It has also increased significantly by over 12% in the last 24 hours. The strong growth of the cryptocurrency along with the transaction volume is noteworthy. On the other hand, it shows that there may be more positive momentum for VRA in the near future.
🗣️ Most chats have been circulating around the #SEC's appeal against #Ripple and $XRP being denied. But keep an eye on $RAY's sudden +24% pump in less than 1 hour, $VRA's impressive +71% surge in 1 week, and other #altcoins currently driving markets. https://t.co/i6cAC5dsox pic.twitter.com/tBqWCuzQTB
— Santiment (@santimentfeed) October 4, 2023
The Altcoin Verasity ecosystem is currently experiencing significant transformations. Recently, the project team announced a major milestone. Accordingly, burning 10 billion VRA tokens, which corresponds to more than 50% of the token’s total supply. This important decision came after extensive consultation with the community. It also resulted in a complete overhaul of the tokenomics governing the protocol.
Shiba Inu (SHIB)-like burn position
The community embraced this move for two main reasons. First, they looked at altcoin Verasity’s commitment to being a truly decentralized and community-driven cryptocurrency. Second, they underlined that the protocol has become a self-sustaining and revenue-generating asset. As a result, the need for incentives to encourage the use of their products and services has decreased.
The significant decrease in the circulating supply of Verasity due to incineration is notable. It has led to speculation about the possibility of ongoing token burns similar to the model followed by Shiba Inu. The Verasity team has not publicly confirmed this. On the other hand, they announced plans to burn every three months in the future. These burn events, combined with the coin’s organic accumulation through Verasity’s unique Proof-of-View mechanism and other offerings, are poised to push VRA’s price even higher.
Remarkable growth
Altcoin Verasity’s significant growth and strategic decisions place it at the forefront of the altcoin market. His clear commitment to decentralization is in question. On the other hand, with a well-received burn of a significant portion of its supply, VRA is attracting the attention of crypto enthusiasts. The project continues to evolve and implement its strategic vision. Additionally, as cryptokoin.com, we are closely monitoring the cryptocurrency market for further developments and potential price increases in the coming weeks.
