If you see a token with the protocol having a TVL of $625 million and the market cap is lower than SUSHI, PYR and CAKE, will you buy it? Especially after the charts have bottomed out and is about to break out?
This is the case with $XVS. In the last bull run, $XVS had a TVL of over $7 billion, and the token price rose to $147. I remember buying in the $3 range and selling at $15. Yeah, I sold early at the time, but I was cool with the profits.
The bear market happened, and Venus Protocol suffered an attack, among many other issues. Their stable coin $VAI depegged seriously, and XVS price plummeted to below $3.
Fast forward a year later, and VAI is now back to peg. And even with all the issues Venus Protocol had, it still has more TVL than Solana as a blockchain. Funny, but true. For some reason, Venus remains trusted by some big players.
On October 31, 2023, a proposal to deploy and adopt Venus Protocol on Layer Zero was passed. This caused the price of XVS to jump up to $9 before retracing.
In my opinion, this is just the beginning for XVS. The TVL sits at $625 million, and the token market cap is just $109 million? Show me a better r:r than that.
I think XVS will smash $16 in the coming days, then we look at $20 and $30.
I am bullish on XVS. Are you buying or are you selling?
