The name of the project’s blockchain is the VeChainThor blockchain. It is also known as VET and is listed for trading on several exchanges, usually as a pairing of VET against a host of cryptos, stable coins and the US Dollar.
What is VeChain and What Does it Try to Solve?
What is VeChain? VeChain is an L1 smart contract platform that connects blockchain technology with the real-world economy to make business processes viable and improve their supply chain management. VeChain boasts of a robust governance structure and has a highly scalable Proof-of-Authority (POA) consensus mechanism.
VeChain is essentially a blockchain for the supply chain. It has been able to rake in strategic partnerships. Clients cut across companies such as Walmart China, BMW, BYD Auto, Haier, H&M, LVMH, and the US government.
The VeChain Foundation currently manages VeChain. The token was initially known as the VEN token. VEN was the token that was offered for sale to the public during the initial coin offering (ICO). A rebranding saw the token renamed to VET, and all holders of VEN had to swap their old tokens for the new VET using the VeChainThor Wallet at a ratio of 1 VEN for 100 VET tokens.
VeChain was created by a former Chief Information Officer (CIO) of the Chinese arm of Louis Vuitton, Sunny Lu. Lu runs the organization as CEO and co-founder from the company headquarters in Shanghai, China. VeChain also has a physical presence in Paris and Hong Kong.
Lu had heard about Bitcoin in its early days, but he realized that the technology behind Bitcoin held more promise than the ups and downs of BTC price itself. Honed by his experience as LVMH Group China’s CIO, he moved away from the conventional practice of forking BTC at the time and developed VeChain as a smart contract on Ethereum. Lu later led a team that built VeChain’s native blockchain, designed explicitly for enterprise-level adoption. VeChainThor.
Project Road Map
VeChain team shared their 2023-2024 roadmap in January 2023. The roadmap shows that the project has a lot in store for its long-term holders. The project aims to fuel the mas adoption for web2 companies that want to upgrade themselves in the realm of web3.
VET crypto lies at the center of this roadmap as the native asset of the VeChain ecosystem. The roadmap includes a wallet and n NFT marketplace for the whole community. In the later half of 2023, team will also be developing product NFT for the metaverse and tokenization for sustainability. IT also discussed a plan to build an algorithmic stablecoin on the blockchain by Q1 2024.
How is VeChain adoption progressing?
The mantra driving the Foundation’s efforts at achieving increased adoption of VeChain is its “Everything is Connected” campaign. A popular strategy to increase VeChain adoption has been collaborating with big players in relevant industries. For instance, clients from the luxury fashion industry were the company’s initial clients.
Another strategy has been to tap into the NFT craze by moving into the NFT marketplace arena. To this end, a zero-fee NFT platform that focuses more on Art building within the blockchain can be done. World of V is the response.
Presently, the Grayscale hedge fund says it is considering a list of tokens it will add to its largely successful crypto portfolio. VeChain is one of those on this list. These are all pointers that VeChain adoption is on the rise, and implementing the roadmap is bound to aid its utility and adoption worldwide.
The Foundation also plans to launch a stablecoin known as VeUSD. This stablecoin is expected to be VeChain’s weapon that will help the foundation dive into the DeFi ecosystem. This move is expected to drive further adoption.
VeChain Price Prediction 2023
On a daily timeframe, it can be seen that VeChain price has been trading inside a range since May 2022. The price even dipped to $0.0154 in December 2022, breaking below the range lows. However, the price appears to have clawed back inside the range once again sn retesting the mid of range around $0.027.
If the bullish trend in Bitcoin continues then I expect VeChain price prediction of $0.034 becoming a reality soon. This will be a 35% increase from the current level. However, a break below 200-day moving average currently lies at $0.0225 could be very bearish. In such a scenario I expect a sweep of range lows at $0.02.
VeChain Price Prediction for 2025
One of the premises of technical analysis is that history tends to repeat itself. If you see a pattern on the charts happening once, twice or even three times before, then it is likely that you will see the same historical outcomes whenever the same pattern is seen on the charts again.
Against this backdrop, the VET/ETH chart typifies the possible price picture for the future, which may serve as the template for any bullish VeChain price prediction 2025 outlook.
This is not a regular analysis. The chart also shows the ranking of VeChain in the Coinmarketcap list of most capitalized cryptocurrencies. The dip of September 2019 saw VeChain ranked number 37. At the peak of the bounce in December 2019, it was ranked as the 27th most capitalized cryptocurrency.
VeChain Price Prediction 2030
It is difficult to make an accurate VeChain price prediction 2030. Whether VeChain will experience a price surge that will be sustained at that time or not depends on the Foundation’s ability to stay ahead of the game. Competition from new projects with better PoA mechanisms or even better product offerings may slow down price growth. But what is clear is that with the steps the company has made to address enterprise-level issues such as carbon emissions, bullish VeChain price prediction 2030 targets may not be out of place.
Bullish VeChain price predictions will be seen when there is sufficient utility and adoption to drive demand. However, the unlimited supply of VeChain may pose a challenge to attempts at securing corresponding price increases. Perhaps, if the VeChain Foundation is able to work out a solution that restricts supply, then there may be a reason to believe that a substantial price increase over time will work.
VET price has surged by 60% since the start of 2023 and the price is targeting the range high around $0.034. This makes minor corrections a good opportunity to add to your VeChain holdings. However, there is no guarantee that VeChain will surge immediately and start ticking upwards. It may take some time for prices to pick up. We may also see prices trading in a sideways range. The best approach is to trade what you see on the charts and let your investment goals guide you.
VET/BTC: Weekly Chart
VeChain Price Weekly Chart
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