Velodrome Finance's token (VELO) has continued its strong rally, fueled by increasing trading volumes on the platform coinciding with the launch of Optimism’s SuperStacks rewards program.
VELO Price Dynamics
On Wednesday, July 16, Velodrome's token price reached $0.01740, marking its highest level since March 3, and is up 105% from its lowest point this year.
Velodrome Platform Volumes
Third-party data shows rising volumes on Velodrome’s decentralized exchange this month, with over $597 million handled in July so far, up from $1.1 billion last month. If the trend continues, July's volume could surpass June's.
Market Overview and VELO Technical Analysis
VELO price also surged following Optimism’s launch of the SuperStacks rewards program, aimed at incentivizing users across its decentralized finance ecosystem. However, VELO faces potential risks, as the share of tokens held by whales has dropped by 65%.
Velodrome Finance's token continues to demonstrate growth amid a broader crypto market rally and the launch of new programs, but risks remain that could impact its value.
