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VeChain Price Prediction 2024: VET Price Analysis

Last Updated Yesterday
Giuseppe Ciccomascolo
Last Updated Yesterday

Key Takeaways

  • VeChain (VET) is the native token of the VeChainThor Internet of Things blockchain.
  • One of its smart contracts recorded two million daily transactions in mid-February. 
  • Can VET continue to recover?
  • One VeChain price prediction says VET can reach $0.0843 by 2025. 

The Internet-of-Things platform and its VET coin have been performing well recently. A smart contract on the network recorded  two million daily transactions on February 13, 2024.

According to an April 12 post  on the VeChain blog, the gloves worn by UFC fighters will soon be tokenized and their identity will be tracked on the VeChainThor network.

On July 15, 2024, VET was worth about $0.03111.

VeChain did not respond to a request for comment.

Let’s take a look at our VeChain price predictions, made on July 15, 2024. We will also examine the VeChain price history and talk a little about what VeChain is and what it does.

VeChain Price Prediction

Let’s examine some of the VeChain price predictions CCN.com made on July 15, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.

Minimum VET Price Prediction Average VET Price Prediction Maximum VET Price Prediction
2024 $0.0279 $0.0628 $0.0679
2025 $0.0668 $0.073 $0.0798
2030 $0.21 $0.22 $0.23

VeChain Price Prediction for 2024

If the positive momentum continues and VET breaks above its moving averages, it could reach targets between $0.0279 and $0.0679 by the end of 2024, with the average price set at $0.0628.

VeChain Price Prediction for 2025

Technical analysis suggests a potential increase for VeChain in 2025. The minimum VET price expected for 2025 is $0.0668 while the maximum one is $0.0798. On the other hand, the average forecast suggests it may reach $0.073.

VeChain Price Prediction for 2030

Based on technical analysis, the VET token may reach a maximum level of $0.23 at the beginning of the next decade, while, in the worst scenario, it may go to $0.21. Meanwhile, the average expected price is $0.22.

VeChain Price Analysis

VeChain technical analysis
VeChain technical analysis. l Source: Giuseppe Fabio Ciccomascolo/InvestTech

VET has surpassed the upper boundary of its medium to long-term downtrend, suggesting a deceleration in its initial rate of decline. In the short term, VeChain has also broken through a resistance level, generating a positive signal for short-term trading activity.

The cryptocurrency is currently testing support around the $0.03 mark. If it holds above this level, a positive reaction is likely; however, a decline below $0.03 would signal a bearish trend.

Historically, trading volume has been high during price peaks and low during troughs, which reinforces the strength of the coin.

Short Term VeChain Price Prediction

VeChain price prediction for the next 24 hours predicts a price dip of 3%, followed by a VET’s decrease of 4.5% for the next month, reaching $0.029872 by August 14, 2024.

Technical indicators show a Neutral sentiment, and the Fear & Greed Index is also at a neutral level of 52. Over the past 30 days, VeChain has experienced 18 out of 30 green days (60%) with a price volatility of 6.15%.

Based on this forecast, it appears to be a good time to buy VeChain.

VeChain Fear & Greed Index

Fear and greed indicator
Fear and greed indicator. l Source: BitDegree

The Fear & Greed Index measures the market sentiment on a scale from 0 (Extreme Fear) to 100 (Extreme Greed). It aggregates factors such as volatility, market momentum/volume, social media activity, dominance, and trends to provide a sentiment overview. Extreme fear can suggest investors are overly worried, potentially presenting a buying opportunity, whereas extreme greed indicates excessive bullishness, often signaling an imminent market correction. On July 12, 2024, the Axelar Fear & Greed Index Measured 52, suggesting a mostly neutral sentiment, while the indicator for the wider crypto world is at 50, reflecting a Neutral view.

VeChain Relative Strength Index (RSI): Is VET Oversold or Undersold?

VeChain RSI
VeChain RSI. l Source: Giuseppe Fabio Ciccomascolo/TradingView
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above and below the 50 line also indicate if the trend is bullish or bearish. On July 15, 2024, the VeChain RSI was at 59.5, indicating a mostly neutral sentiment.

VeChain Price Performance Comparisons

Current Price One Year Ago Price Change
VeChain $0.03111 $0.0194 +55%
Algorand $0.1574 $0.1160 +37%
Chainlink $13.87 $6.6160 +99%
Ripple $0.5302 $0.7470 -26%

How Do We Make a VeChain Price Prediction?

Our price prediction for VeChain combines technical analysis tools and recognizes the logic in price cycles. We usually use the Relative Strength Index, Fibonacci, and other main technical analysis tools. Applied to the VeChain-specific time-frames and its price history, we can come up with the targets, although the further we project, the less accurate they are because they depend on what happens in between.

Best Days and Months to Buy VeChain

We took a look at the VeChain price history and found the times when the price was at its lowest across certain days, months, quarters and even weeks in the year, indicating the best times to buy VET.

Day of the Week Friday
Week 7
Month February
Quarter First

VeChain Price History

Following that, let’s now take a look at some of the key dates in the VeChain price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a VeChain price prediction.

VeChain price history
VeChain price in 2023 and 2024. | Credit: CoinMarketCap

 

Time period VeChain price
Last week (July 10, 2024) $0.02433
Last month (June 15, 2024) $0.02893
Three months ago (April 15, 2024) $0.04297
One year ago (July 15, 2024) $0.0194
Launch price (August 4, 2018) $0.01522
All-time high (April 17, 2021) $0.2351
All-time low (March 19, 2020) $0.002462

VeChain Market Cap

VeChain market cap history
VeChain market cap in 2023 and 2024. | Credit: CoinMarketCap

The market capitalization, or market cap, is the sum of the total number of VET in circulation multiplied by its price. On July 15, 2024, VeChain’s market cap was $2.52 billion, making it the 35th-largest crypto by that metric.

Who Owns the Most VeChain (VET)?

On July 15, 2024, one wallet held 9.20% of the VeChain supply.

Richest VET Wallet Addresses

As of July 15, 2024, the five wallets with the most VeChain  were:

  • 0xd0d9cd5aa98efcaeee2e065ddb8538fa977bc8eb. This wallet held 7,977,822,090 VET, or 9.20% of the supply.
  • 0x1263c741069eda8056534661256079d485e111eb. This wallet held 7,621,750,871 VET, or 8.79% of the supply.
  • 0x832fbebb667acc410b434ecfebcbb841cb7c864c. This wallet held 5,437,060,982 VET, or 6.27% of the supply.
  • 0x9f0a53db6dc336f0b50ac35254433869a16d15a0. This wallet held 4,447,692,491 VET, or 5.13% of the supply.
  • 0x34ea4138580435b5a521e460035edb19df1938c1. This wallet held 3,001,215,118 VET, or 3.46% of the supply.

VeChain Supply and Distribution

Supply and distribution Figures
Maximum supply 86,712,634,466
Circulating supply (as of July 15, 2024) 80,985,041,177 (93.4% of maximum supply)
Holder distribution Top 10 holders owned 41.43% of supply on July 15, 2024

From the VeChain Whitepaper

In its technical documentation, or whitepaper, VeChain  says it aims to make the blockchain more sustainable. It says: “Anyone who wants to change the world for the better knows humanity’s greatest challenges will only be overcome by a collective global movement.

“We all must work together in ways previously unimagined to successfully combat climate change, address threats to the environment, bring equity to our societies and ensure companies act in the best interests of all stakeholders.

“Taking on our world’s greatest sustainability challenges requires collaborative action. And so, our aspiration is clear: We seek to multiply individual impact to unleash our collective potential for sustainability.”

VeChain (VET) Explained

The VeChainThor  blockchain is designed to allow people and companies to use decentralized applications (DApps) to deliver better services and gain an understanding of their own products.

It aims to speed up data transfers across the blockchain, thus helping DApps operate better. 

Former Louis Vuitton CIO Sunny Liu and accountant Jay Zhang set up VeChainThor in 2016.

VeChain has a number of notable corporate clients. These include

  • BMW, who use a Dapp to deal with odometer fraud.
  • WalMart, who use a Dapp to find out where their food comes from. 
  • LVMH, who use a Dapp to track their leather goods. 

VeChainThor links with the Internet of Things (IoT). This means it works with things that are connected to the internet but are not computers. 

The VeChain (VET) crypto coin helps power the VeChainThor network.

Let’s take a look at our Axelar price predictions, made on July 12, 2024. We will also examine the Axelar price history and talk a little about what Axelar is and what it does.

How VeChain Works

VeChainThor uses a type of consensus mechanism called Proof-of-Authority (PoA) to verify transactions and add blocks to the blockchain. PoA needs three things

  • Formal identification of on-chain users.
  • Eligibility based on certain criteria, such as a good reputation or being linked to a particular organization. 
  • Total conformity to the procedures and rules of the blockchain

The VET coin itself stores and transfers value in terms of smart contracts – computer programs which automatically execute once certain conditions are met.

Holders can vote on proposed changes to the network. People can also buy, sell, and trade VET on crypto exchanges. 

VeChainThor also has another token, VeChainThor Energy (VTHO), which pays for transactions on the network. 

Is VeChain a Good Investment?

It is difficult to tell. VeChain has been performing relatively well recently, but we don’t know what will happen next. 

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in VET.

Will VeChain go up or down?

No one can really tell right now. While the VeChain crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in VeChain?

Before you decide whether or not to invest in VeChain, you will have to do your own research, not only on VET, but on other, similar, coins and tokens such as IOTA (MIOTA) and MXC. Either way, you will also need to make sure that you never invest more money than you can afford to lose.

FAQs 

How many VeChain are there?

On July 15, 2024, there were 81.0 billion VET in circulation, out of a total supply of 86.7 billion.

Will VeChain reach $0.10?

According to price predictions based on technical analysis, it may reach that level in 2029.

Keep in mind that VET has not traded above $0.10 since December 2021.

What is VeChain used for?

VET crypto holders can vote on changes to the VeChainThor blockchain. People can also buy, sell, and trade the coin on exchanges. 

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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