Why Quant, VeChain, and OKB Are Soaring Today

What happened

Today’s been a relatively muted day in terms of price action for the cryptocurrency sector. I know, right?

However, specific smaller-cap altcoins are having their day in the sun. As of 10:30 a.m. ET, Quant (CRYPTO: QNT), VeChain (CRYPTO: VET), and OKB (CRYPTO:OKB) have surged 6.5%, 5.7%, and 7.4%, respectively, over the past 24 hours.

These moves come as investors continue to factor in what the ongoing Russia-Ukraine conflict means for this sector. In the case of VeChain, investors seem to like that this project’s founder, Sunny Lu, has reportedly pledged $8 million toward Ukraine’s efforts, pending a VeChain wallet being set up.

Quant’s network providing the first blockchain operating system is one that many investors remain bullish on. Additionally, OKB, the utility token for the OKEx crypto exchange, is another project that has seen volatile spikes, but has remained relatively stable over the past year.

Image source: Getty Images.

So what

We all like a feel-good story, and the extent to which crypto founders are stepping up to support Ukraine is a big deal. Sunny Lu joins Gavin Wood and others in a growing list of crypto talent that have decided that giving back is important. That takes nothing away from VeChain’s intriguing model, which allows for QR codes and the Internet of Things to be integrated with the blockchain. This is a project that I think is notable, for a number of reasons.

Similarly, the utility that QNT and OKB create for users and investors is noteworthy. Right now, investors appear to be gravitating toward projects that they see as creating long-term value for the world.

Now what

There are certainly many cryptocurrencies out there that don’t provide much in the way of a compelling investment thesis. Today, these three tokens are ones that are grabbing investor attention. As it happens, these are also three projects that are high up on my watch list right now.

Overall, the broad price action for the cryptocurrency sector remains bullish. The question is just how long this momentum can be maintained. However, for now, these three crypto projects are ones investors may want to take a look at, for those wanting to ride this wave higher.

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Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool owns and recommends Quant. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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