Virtuals Protocol (VIRTUAL) Native Cryptocurrency Witnessed a Massive 207% Rally Over the Past Month

Virtuals Protocol (VIRTUAL) cryptocurrency has seen a massive 207% rally over the past month, outperforming the rest of the crypto market. According to Blockchain analytics firm Nanasen, this rally comes from the increased participation of the “smart money” wallets.

The cryptocurrency surged all the way to $1.8 on Monday (July 17), which serves as a strong resistance for the altcoin. On the weekly chart, it is still trading up by 12.86%, with its market cap staying over $1 billion, and daily trading volumes shooting all the way to $350 million.

According to the Nansen report, Virtuals Protocol is the most traded token among “smart money” wallets belonging to institutions, funds, and prominent whales. Over the past 30 days, the token has seen smart money inflows totaling $14.2 million, including $8.56 million in the past week. Other favorites among smart money include (EBTC) , (LINK) and (PEPE).

As per the table below shared by Nansen, the top tokens that smart money wallets traded include buying or selling activity on decentralized exchanges or transfers to and from centralized exchanges. According to Nansen’s data, buying activity is indicated in green, while selling activity is shown in red.

Moreover, the Virtuals (VIRTUAL) open interest has surged past $202 million, according to the CoinGlass data.

Key Development for Virtuals Protocol and VIRTUAL Crypto Asset

The cryptocurrency’s dominance might be driven by the recent launch of the Genesis launchpad. Introduced two weeks ago, this innovative system aims to reward genuine contributors over speculators.

It operates using a “proof of contribution” mechanism, which allows participants to earn Virgen points through activities such as staking or supporting AI projects. Speaking on this matter, Bankless stated:

“Since its debut, most tokens launched through it have 2x’d or more, fueling demand for Virgen Points and showing there’s still room for creativity in token design.”

The new system also features contribution-based allocations, automatic refunds if funding goals are not met, and transparent vesting schedules. “Genesis breathes fresh life into Virtuals while also showcasing a novel mechanism for designing token launches,” Bankless said while acknowledging that the contribution-based model isn’t flawless, the platform noted it “rivals” more primitive systems often susceptible to manipulation.