Trying to buy into any recently launched Decentralized Perpetual Exchange right now is like catching a big wave in space... Maybe the ride of your life or a big wipeout!
(Updated: Feb 21, 2023)
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The $VELA token has been in price discovery since its launch in January. It has yet to retrace significantly and is basically making all-time highs every 24 to 48 hours.
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The $VELA token does have a small number of holders who got in on it when it was $DXP (currently swapping 1:1), and those hodlers are up over 20x, but most people who got in during the new launch in January are only up 2x to 6x.
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They launched on Arbitrum and are on fire! It is already ranked #44 by market cap and #45 by volume in the Arbitrum ecosystem and moving fast!
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The market cap has shot up to $52M in less than 30 days!
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Total value locked has gone from zero to almost $25M in under 30 days!
I think Vela is a great low-cap š as it has 6% of the market cap and 11% of the trading volume of GMX, and if it hits the current market cap of GMX (based on today's prices), you could see a solid 12x.
My bet is on continued growth, and based on the tokenomics and staking options, I think you will see more hodlers than sellers. There are already over 14K hodlers, which has grown 47% in the last 7 days.
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