Internet of Things coin VeChain’s listing on the Coinbase exchange has boosted the crypto’s price. The coin, which had been in a slump over the previous two months, gained about 10% in just three days.
The news came shortly after the announcement that it was teaming up with Reflexivity Research to carry out bi-monthly research on “upgrades, developments, and network activity within the vechain ecosystem”.
VeChain did not immediately respond to a request for comment.
But what is VeChain (VET)? How does VeChain work? Let’s see what we can find out, and also take a look at some of the VeChain Price Predictions that were being made as of September 14 2023.
Let’s examine some of the VeChain price predictions being made on September 14 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex had a short-term VeChain price prediction that said the coin would trade at $0.165 by September 18 before climbing to $0.017 by October 13. The site’s technical analysis was bearish, with 19 indicators sending downbeat signals and 13 making bullish ones.
Moving on, DigitalCoinPrice’s VeChain price forecast said the coin would reach $0.0576 in 2025. CaptainAltCoin saw it trading at $0.0384, while PricePrediction.net thought VET would be worth $0.043 in 2025.
Looking at a more long-term VeChain price prediction, PricePrediction.net said the coin would hit $0.30 in 2030. CaptainAltCoin said it would be worth $0.0961. DigitalCoinPrice’s VET price prediction said it would reach $0.17 at the start of the next decade.
Now, let’s examine some of the VeChain price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a VeChain price prediction.
VET first came onto the open market in 2018. It was worth around $0.01, and hovered around this point for a couple of years or so.
Things got better in early 2021, when crypto went through a boom phase and VeChain joined the party. It reached an all-time high of $0.2782 on April 17. There was a downturn after this, with VET falling below $0.10 in the summer. It traded around $0.15 in the autumn before falling to close the year at $0.0828.
2022 was a year that the world of crypto would like to forget.
VET performed reasonably consistently at first, but it fell below $0.03 in May as the aftermath of the Terra (LUNA) blockchain’s collapse shook the market. Any hopes of a recovery were nixed when the FTX (FTT) exchange declared bankruptcy and VeChain closed the year at $0.01578. This meant it fell 80% over the course of 2022.
VET has, in the whole, had a somewhat disappointing 2023 so far. It started well, rallying to above $0.03 in February, but then fell.
On June 16, as the market struggled following the United States Securities and Exchange Commission (SEC) announcing it was suing the Binance and Coinbase exchanges, VET fell to $0.01442. The coin managed to rally, breaking past $0.02 in late June and early July.
August saw another downturn, as Elon Musk’s SpaceX sold millions of dollars worth of Bitcoin (BTC). By September 11, it was worth $0.01467. The Coinbase news helped boost the price, though, and, on September 14 2023, VeChain was worth about $0.1625.
At that time, there were 85.9 billion VET in circulation out of a total supply of 86.7 billion. This gave it a market cap of about $1.18 billion, making it the 37th-largest crypto by that metric.
VET has been on an upturn over the last few days, climbing more than 10% in the space of three days. However, it has fallen by about 20% since early July, and it is worth just 3% more than it was at the start of the year.
It is difficult to tell. VeChain has been on a downturn for about six months, wiping out pretty much all the gains it made at the start of the year. On the other hand, its recent Coinbase listing will have brought it to more people’s attention, even if Coinbase’s legal status might be in jeopardy.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in VET.
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.
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.
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
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.
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
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.
On September 14 2023, there were 85.9 billion VET in circulation out of a total supply of 86.7 billion.
It might do, but not for some time. DigitalCoinPrice and PricePrediction.net say VeChain can get there in 2028, while CaptainAltCoin has it breaking 10 cents by 2040.
Keep in mind that VET has not traded above $0.10 since December 2021.
VET crypto holders can vote on changes to the VeChainThor blockchain. People can also buy, sell, and trade the coin on exchanges.
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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.