Binance’s Nod Sent This Altcoin Soaring 30%: Here’s What Happened

TL;DR

• Virtuals Protocol (VIRTUAL) surged by double digits after Binance US embraced the asset.
• Analysts now predict further upside, with price targets between $2 and $5.

Outperforming the Elite

Over the past 24 hours, many major cryptocurrencies have consolidated near their April 28 price levels or posted minor losses. One low-cap altcoin that stood out with a significant surge is Virtuals Protocol (VIRTUAL).

Several hours ago, its valuation briefly climbed above $1.50, the highest level in more than two months. It later slightly retraced to the current $1.45 (representing a 15% rise on a daily scale). VIRTUAL’s market capitalization neared the $1 billion mark, thus positioning it as the 94th-largest cryptocurrency.

Perhaps the most evident factor igniting the asset’s rally is the support from Binance.US. The American subsidiary of the world’s biggest crypto exchange allowed deposits for VIRTUAL and introduced the VIRTUAL/USDT trading pair.

Listing on major platforms typically leads to increased accessibility, boosted credibility, and higher liquidity for the involved cryptocurrencies, hence the price uptrend. Those curious to see how Deep Book (DEEP) reacted after the recent support from Binance can take a look at our article here.

Earlier this month, Virtuals Protocol initiated the Genesis Launch – a token distribution mechanism for AI agents within its ecosystem. Shortly after, though, a project named PlayGameAI allegedly exploited the system by taking advantage of loopholes, deceiving users, and undermining trust. 

On April 28, Virtuals Protocol promised a compensation plan for affected participants. In a subsequent post on X, the entity revealed that all users who engaged with the project have been fully refunded. The only exception is three wallets that “did not bid for points but transferred VIRTUAL directly to PlayGameAI.” 

Virtuals Protocol is a decentralized platform that allows people to create, monetize, and co-own tokenized AI agents. The ecosystem is powered by VIRTUAL, which serves numerous functions. For instance, it is employed for transactions and governance decisions. 

The token saw the light of day at the end of 2023. It reached an all-time high of over $4.50 at the beginning of this year when its market capitalization exploded beyond $4.5 billion. 

Price Forecasts

VIRTUAL’s latest rally caught the eye of many analysts who think there’s more room for growth. The X user 0xCB set $1.50 as a “breakout confirmation” and $3 as the “last barrier before $5 ATH retest.” 

“If BTC stays above $100K, new ATH is incoming unless force majeure hits (e.g., wars),” the analyst added.

It is important to note that the largest cryptocurrency currently trades at around $95K and the last time it crossed  $100,000 was in February this year. 

Degen Ape Trader also chipped in. The X user foresees “much higher” levels in the long term, predicting a rise to $2 after the breakout of $1.30.