By Brenda Collins
VeChain (VET) has seen a 12% increase in value after Coinbase, one of the leading cryptocurrency exchanges, announced that it would be listing the token on its platform. This announcement has been highly anticipated by VeChain supporters and has led to a surge in trading volume.
While announcing their intentions, Coinbase explained that VeChain is a blockchain platform focusing on supply chain management and operating on a two-token economic model. The VET token is the platform’s utility token, while the VTHO token is used for incentives and ppayments
The company has earlier explained that the platform aims to revolutionize supply chain management by using blockchain technology to make it more transparent and efficient. VeChain’s VET token which is trading at $0.0182 as at press time, had increased by 10% over the previous day. This is a notable 25% rise from the last week.
Since reaching a low of $0.014 on June 16, the token has also been on a winning streak, with six of the last seven days marked in green. Since June 20, VET has enjoyed another four-day winning streak, with its high at the time of this writing being $0.0189. The anticipation surrounding the Coinbase listing, which had a big impact on the market, can be blamed for this spike in value.
The value of VeChain’s VTHO coin has increased by around 13% due to the announcement of its Coinbase listing. A freelance cryptocurrency analyst, Tomiwabold Olajide, while commenting on the trend said that this is a blatant sign of the support VeChain is receiving in the Bitcoin community.
VeChain Future Looks Bright, As It Gains More Acceptance
Due to its solid foundations and cutting-edge supply chain management strategy, VeChain has been gaining favor among investors and traders. The platform’s success has been linked to its partnership with several significant businesses and institutions, such as Walmart China, BMW, and the Chinese government.
Further research on the operations of VeChain shows that it has more than 56 million registered members, and the adaptation by Coinbase will further augment that success. The platform has undergone significant development with its choice to list VeChain, which is anticipated to increase interest in the coin.
It was observed that VeChain’s increase in value is not just due to the announcement of its Coinbase listing, but the platform has been making tremendous strides in its partnerships and development.
Further investigation revealed that VeChain just released a couple of products, including VeChain ToolChain, a blockchain-based tool for small and medium-sized businesses looking to integrate blockchain technology into their operations.
VeChain has also disclosed relationships with several significant businesses, including the world-renowned assurance provider DNV GL and the clothing store H&M. These alliances are anticipated to boost the platform’s exposure and acceptance across various industries.
VeChain Price Analysis After Coinbase Announcement
VeChain trading volume increased to $146.366 million since the announcement, with 72.715 billion units in circulation. The coin’s market capitalization also felt the impact of the increase, rising to $1.419 billion. As of the time of writing, the price of VeChain currently stands at $0.01951334, rising by +0.00243493, at +14.26% in the last 24 hours.
Earlier this month, the coin had a significant loss, recording one of its lowest since this month (so far) at $0.0132 from its initial $0.02012, which it had assumed earlier in the month. The Relative Strength Index (RSI) confirmed its positive price trend as it moved upwards, maintaining its bullish trends.
The team at CoinPedia has predicted that this upward trend might continue, crossing the current $0.01951334 price mark – especially as the hype of the Coinbase announcement continues to thrill the air. Meanwhile, Elena R, a cryptocurrency analyst at CoinPedia, has predicted that the price of VeChain will hit $0.284 in 2030, considering its current market behavior.
CoinPedia has predicted that VeChain will have a glorious end in 2023 should its adaptation by major companies continue. The price of VeChain has also been projected at $0.0417 at maximum while projecting its worst-case scenario at $0.0198, maintaining the buying and selling equilibrium at the $0.0309 price mark.
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