- Recent events around VeChain indicate that the asset is on its way to break the $1 mark for the first time in its history.
- The cryptocurrency reached its all-time high of $0.2782 two weeks ago and currently trades at $0.20.
- This impressive run is a result of the incisive partnerships of the protocol and the successful testing of the VET PoA 2.0 testnet.
- VeChain was designed to revolutionize the supply chain industry through the streamlining of processes in supply chain management and business processes.
VeChain has been around for some time, earning the moniker of being an “OG” in cryptocurrency circles. The reason for the longevity of the cryptocurrency is inherently linked to the features which it offers, the solid team behind the project, strategic partnerships, and the faith of the community around the project.
Launched in 2015, VeChain has set its goal to simplify the myriad processes involved in the supply chain and for the first time in its history, it looks set to break the $1 mark.
Road to $1- The Race
VeChain, the cryptocurrency that provides enterprise-grade functionality to firms in streamlining the logistic process has been on a roll in the last few weeks. It achieved its all-time high of $0.2782 for the first time since its launch, fueling speculation that the asset may well be on its way to break through the $1 glass ceiling.
At the moment, VeChain trades at $0.201 which is a 7.96% increase in the last 24 hours and this is indicative of a bullish run. This impressive price rally has seen the market capitalization of the asset reach $12.8 billion with a fully diluted market cap of $17.3 billion. The rise in values for the asset places it at a respectable 14th place among cryptocurrencies by their market capitalization, above Stellar and below USD Coin.
The reason for VeChain’s price rally is not a secret, and it can be linked to the incredible partnerships the cryptocurrency has signed. Developed and built specifically for enterprises, VeChain has partnered with some important companies. VeChain lists Walmart China, BMW, PwC, and Grant Thornton as customers, with the number of established names continuing to grow.
The technology behind VeChain has also been utilized by DNV, a partner, in the management of the data behind Danish and Norwegian companies ReSea and Hydro, with massive success rates. These deployments of VeChain have generated a positive buzz around it, causing a price spike.
On the Flipside
- VET holders are not flattered by the new highs reached by the token, a report suggests.
- This is a result of the sentiments amongst market participants that the token is severely undervalued.
- This assertion was reached in a poll by Real Vision through their Twitter handle in which VeChain led with 60%
Brief Bio of VeChain
Founded in 2015 by Sunny Lu, VeChain was created to improve upon the already existing processes of supply chain management. It improves upon this through the tracking of supplies and uploading real-time data on the blockchain.
VeChain was initially built on the Ethereum blockchain before making the transition to its own blockchain in 2018, improving the levels of functionality of the asset. At the moment, VeChain utilizes two tokens for the running of the platform which are the VeChain Token (VET) and the VeChainThor Energy (VTHO).