Contrary to the rest of the crypto market VeChain (VET) is up 26% today and showing no signs of slowing down, but what's driving the token?
While the rest of the market continues to torment investors, one cryptocurrency is covering some significant ground. VeChain (VET) is up 26% today and showing no signs of slowing down, but what’s driving the token?
Impressively, the token is back to price highs not seen since May this year.
It seems a trifecta of partnerships, progress, and listings still make the biggest difference in this market. There has been no lack of the aforementioned for VeChain of late, citing several bullish coalitions, all of which look to drive the project further.
By far, the biggest propellents thrusting VeChain moonward – is the project’s recent collab with Microsoft on a re-release of the 1980’s gamebook: “The Way of the Tiger.”
Announced on December 1, this rehash of a 1980’s bestseller claims the VeChain Thor blockchain as a host.
Bringing together Microsoft, major game developer, Eidos, gamebook creator, fabled Lands, and, of course, VeChain, The Way of the Tiger, stands as a retro collaboration for the modern age.
The specific use of VeChain Thor enables the ability to create non-fungible tokens (NFT). These NFTs are unique tokens stored and transferred via the blockchain. They are most commonly used as blockchain game items (think CryptoKitties) and – thanks to their inimitability – can end up fetching exorbitant prices.
We were going to relaunch the series into a computer game format but this new technology (blockchain), just made more sense. Imagine playing Magic the Gathering but knowing if you owned a card, it really does belong to you. Or if we say there are only 100 editions of an item or skill, you know there really are only 100 editions.
This wasn’t VeChain’s only cause for celebration recently. Back in November, the blockchain project manged to score a listing on one of the world’s biggest exchanges.
Last month VeChain’s token VET was formally added to Biannce America’s roster.
Proving that listings still have an impact, VeChain noted a 10% rise quickly after the announcement. This impressive growth hasn’t shown much sign of slowing down.
It just goes to show development still makes the greatest difference in this market. Other cryptocurrencies, take note.
Nevertheless, it wasn’t only progress tipping the balance in VeChain’s favor. One major catalyst came from none other than China. Following Chinese premier’s Xi Jinping’s now-infamous speech on blockchain technology, many Chinese-based cryptocurrencies, including VeChain, shot up in value. The anticipation Of China’s newfound embrace of blockchain helped no end in the proliferation of VET, which cited a massive 120% rise in the days following the speech.
This article was edited by Samburaj Das.
Last modified: December 2, 2019 12:57 PM UTC