Velo crypto Price Prediction | Is Velo crypto a Good Investment?

With Velo’s price fluctuations this year, what does the latest Velo crypto price prediction suggest about its future path?

Velo (VELO), often referred to as the ‘XRP of Southeast Asia,’ has garnered attention for its potential in the blockchain space, particularly in facilitating cross-border payments and financial solutions across the region. 

This year, Velo’s price action has been a roller coaster. At the start of the year, VELO was trading at a mere $0.003. However, by May 10, it had surged to a 52-week high of $0.02882. 

This impressive jump represents an increase of approximately 861%. But since that peak, the price has flattened out, and as of June 21, VELO is trading at $0.01071. This is a decline of roughly 63% from its May high. 

Despite this, it’s important to note that VELO is still trading a staggering 99.5% below its all-time high of $2.07, achieved in March 2021.

It’s easy to confuse Velo with Velodrome Finance, especially given the recent buzz. Velodrome Finance, which also goes by the ticker name VELO, gained traction earlier this week when U.S. Congressman Mike Collins of Georgia disclosed a $15,000 investment in the cryptocurrency. This announcement led to a price surge of 15-20%, sparking widespread curiosity. 

However, despite the similar names, Velo and Velodrome Finance are distinct entities with different objectives and market dynamics.

Let’s now delve into what Velo does and the progress it has made to better understand Velo crypto price prediction.

What is Velo, and what’s happening recently?

Velo (VELO) is a crypto project that aims to make cross-border payments easier, especially in Southeast Asia. It’s often compared to Ripple (XRP) because both focus on improving the way money moves across borders. 

However, there’s a key difference: Velo supports smart contracts, which means it can automate complex financial transactions, while XRP’s ledger system, XRPL, does not.

In April 2024, Velo made a big move by teaming up with the Solana (SOL) Foundation. Solana and Velo signed a Memorandum of Understanding (MOU) to create a clearing house for transactions related to Laos’ Digital Gold. 

Laos’ Digital Gold initiative aims to enhance interoperability across Solana’s blockchain, Nova, and EVM-compatible chains through bridging mechanisms.

Solana will handle the blockchain part, and Velo will ensure all transactions are validated and secure. The aim of this partnership is to make it easier for different blockchain networks to work together and improve how assets are managed on the Solana blockchain.

Velo Labs is also focusing on web3 financial solutions, providing a network for secure value transfers and backed by big names like Stellar Network and CP Group. They work worldwide to connect traditional banking with the new world of Web3. Their product range includes Orbit, which focuses on global financial connectivity.

In February 2024, Velo Labs announced a partnership between its Orbit crypto merchant network and point-of-sale (POS) systems, allowing people to use cryptocurrencies to pay in stores by scanning QR codes, similar to how you would use a Visa or Mastercard.

Moreover, in January 2023, Velo Labs collaborated with TrueUSD (TUSD), a stablecoin provider. This partnership aims to make Velo’s own stablecoin, USDV, more stable by using TUSD as collateral.