One of the top winners of the week so far is VIDT Datalink (VIDT), a crypto we haven’t heard much about lately. This token has actually been bearish since Sunday and today its gains are over 60% from the previous day. It seems that the coin will also continue to rise, which is why investors should pay close attention at this time.
What is VIDT?
You may not be familiar with this particular cryptocurrency token, but it has been around since 2019 and has had some incredible surges this year that have put it on the radars of many investors. The coin is used as the native token for a Web3 platform that creates timestamps and NFTs, just to name a few for its features. The platform works as a verification system for all kinds of digital assets, and large tech companies use its capabilities to validate their own services and products.
The VIDT rate is currently at $0.06742 (VIDT/USD) and rising. Before this current bullish trend started, the coin was sitting at a price of $0.01829. The total gain since then is 268%. We would say this is definitely a coin to keep an eye on right now.
Why is this coin so bearish right now?
When the crypto market crashed earlier this month, VIDT also fell sharply and has yet to fully recover from that drop. However, the current trajectory is promising for new investors.
VIDT Datalink is currently extremely volatile, with the potential to quickly go both ways. As the profile is currently on the rise, with plenty of news stories about the rapid gains, current token holders could sell out at any moment and send the coin plummeting. With a market cap of just $51 million, it wouldn’t take much for the coin to go into a steep plunge.
Today’s trading volume for VIDT is up 159%, with an average 24-hour trading volume of $159 million. The fact that that 24-hour volume has exceeded market cap should give you an indication of how steep this coin’s position is. A massive exit of token holders in an attempt to make a quick profit could spell disaster for this coin. The reason for the bullish run is not clear, but that run could reverse at any time.