Bitcoin has retraced to the $94,000 mark, while VERUM and PHALA have revealed double-digit price advances. The global cryptocurrency Amid Market Downturn cap has declined by 2.11 percent over the past day. All of the major cryptocurrencies are exhibiting signs of bearish market circumstances; for example, Bitcoin (BTC), Ethereum (ETH), and Solana (SOL 4.08%) have all experienced price drops in the past day.
Verum Coin (VERUM) Rises 88%
Despite the Amid Market Downturn situation, the value of Verum Coin (VERUM) has increased by more than 88%, rising from $1,120.20, its 24-hour low, to $2,182 as of Saturday’s final check. Verum announced on social media last week that the coin was now available on the Halo Wallet. The project had already verified its availability on the Binance Web3 Wallet before then.
One possible explanation for the coin’s success is the 2024 release of the game Verum Runner. Thanks to cryptocurrency integration, you can earn V Coins in-game and trade them for Verum Coins. Behind Verum Coin is an unnamed development team.
Phala (PHA) Surges 45% After Phala 2.0 Launch
In the past day, the price of Phala (PHA) has increased by 45 percent. The coin’s price skyrocketed between $0.3716 and $0.5893, and it has since recovered to its present level of $0.5406. The PHALA team’s recent introduction of Phala 2.0 may have caused the price rise. Nevertheless, announcing a new partnership between Phala Network and a16z to test out AI could be a major factor in the spike. Third place goes to aXCB by Virtuals, which saw a nearly 50% surge in value from $0.0357 to $0.6697 in the past day.
Using artificial intelligence, a community-driven venture capital platform has amassed over 140,000 members, 23 active grants, and $5 million in incentives. Additionally, the project has achieved $20 million in staking rewards in just two weeks, which could have driven the price.
Final thoughts
Some cryptocurrencies, like Verum Coin (VERUM) and Phala (PHA), have seen substantial price increases despite the overall downturn in the cryptocurrency market. The 88% spike in Verum Coin and the 45% increase in Phala show how targeted advancements and savvy partnerships can take the cryptocurrency field to the next level. The debut of Phala 2.0 and its AI-focused partnership with a16z are likely the driving forces behind Phala’s success. In contrast, Verum’s rise can be explained by its expanding ecosystem, which includes new listings and future game integration. These instances show that collaborations and innovation may cause certain cryptocurrencies’ prices to move significantly, even when the Amid Market Downturn is down.
FAQs
What caused Phala (PHA) to surge by 45%?
Phala's 45% surge was driven by the launch of Phala 2.0 and a strategic partnership with a16z to explore AI applications.
How is Verum Coin related to the game Verum Runner?
Verum Coin's growth is linked to the game Verum Runner, which allows players to earn V Coins in-game, which can be exchanged for Verum Coins, driving demand for the coin.
What is the impact of Phala 2.0 on its price?
Phala 2.0's launch introduced new features and improvements, likely contributing to the coin's price spike.
How does the partnership with a16z affect Phala's growth?
The partnership with a16z allows Phala to test AI applications, adding to the project's credibility and driving investor interest, which may have helped fuel the price increase.
