Under-the-Radar Altcoin Sees Impressive Surge by 58% This Week on the Back of New Perpetual Contract Listing
The relatively unknown altcoin, WOO Network (WOO), has experienced a remarkable surge of nearly 58% in value this week, thanks to the addition of a new perpetual contract on a major exchange.
WOO Network is a liquidity platform that enables both centralized and decentralized exchanges (DEXs) to operate effectively. Its native token, WOO, has seen a significant uptick, with its price rising from $0.245 to $0.386 in just one week. Currently ranked 93rd by market capitalization, WOO has also enjoyed a 23% increase in value over the past day.
This surge in WOO’s price came after leading crypto exchange BitMEX listed a perpetual contract for WOO, which allows traders to leverage their investments by up to 10x. The contract is denominated in the widely used stablecoin, USDT.
Moreover, WOO Network has recently released its annual report outlining its progress in 2023. The report highlights the project’s commitment to steady growth and development, despite the challenges faced by the cryptocurrency market in late 2022. Jake Tan, co-founder of WOO Network, emphasized the project’s unwavering dedication to its goals, stating, “Our journey has been eventful and varied, with successful projects requiring different levels of resources and engagement. But we have remained focused and dedicated throughout, as demonstrated by our continuous updates on Twitter and our relentless pursuit of building a sustainable ecosystem.”
Looking towards the future, WOO Network anticipates that its decentralized exchange, WOOFI, will achieve an impressive trading volume of over $25 billion in 2024.
As the altcoin market continues to expand and evolve, the unexpected rise of WOO Network demonstrates the potential for lesser-known cryptocurrencies to make significant gains. With innovative projects and strategic partnerships, altcoins like WOO may become the focus of attention for both crypto enthusiasts and investors alike.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice.