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Highlights
- The Vectorspace AI is a blockchain platform that aims to explore new-age technologies. such as artificial intelligence and machine learning.
- The 531-ranked token was seeing a healthy rally past seven days but on 21 June it was witnessing a decline by 1.36%, according to CoinMarketCap.
- The VXV crypto was trading at US$0.587210 with a 24-hour trading volume of US$1,62,068, as per CoinMarketCap.
Over the past week, the Vectorspace AI (VXV) crypto has seen a good rally amid the bearish crypto environment and adverse market sentiments. The VXV crypto had registered gains of 26.2% over the past seven days, according to CoinGecko. Market participants were hoping that the token would continue its upswing, but on 21 June, it suffered a jolt and slipped by 1.36%.
Not only that, the 531-ranked token’s volume went down by 77.61% at 10:40 am (GMT +1), according to CoinMarketCap.
The Vectorspace AI is a blockchain platform that aims to explore new-age technologies, such as artificial intelligence and machine learning. As a data-centric crypto startup, it utilises Natural Language Processing and Understanding for its day-to-day operations.
Related read: What is making Synthetix crypto (SNX) crypto rally?
The rise and fall
Though the exact reason for the VXV’s slump today is difficult to establish, as per experts, the token seems to be suffering from vanishing volumes. The volumes have dipped strongly for the VXV crypto with the Volume Oscillator indicating a -9.63 dip during the intraday session.
Image credit: Trading View
The recent sell-off in the market could be one of the biggest reasons for VXV's depreciating volumes.
Even the Price Oscillator, though starting to rear up, is still showing that the token is undervalued and is at -16.43 during the intraday session. The VXV crypto has now lost over 97% of its value since it attained its all-time high in September 2021.
Related read: Experts predict Bitcoin’s healthy rally. What’s in store?
According to VXV’s website, the transactions are hashed on the blockchain with its Data Provenance Pipeline providing high levels of transparency and data integrity. However, the holders are yet to get the benefits from staking or holding the crypto. The project is in the process to develop a feature that would offer to lease the tokens.
How is VXV crypto faring?
According to CoinMarketCap, the VXV crypto was trading at US$0.587210 with a 24-hour trading volume of US$1,62,068. The token had a live market cap of US$2,33,71,290 with 3,99,76,565 VXV coins in circulation.
The VXV crypto’s rally may very well be dependent on the rise of volume and its investors would hope that it can hit both the button (price and volume) in one go. The rally, which lasted for a week or so, did give them hope, but this may be disheartening for them to see.
Having said that, investors need to do their research before making investment calls amid the volatility in the market.
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