Not a week goes by without a new crypto popping up in front of the stage! Bitcoin and Ethereum, of course, dominate the cryptocurrency news. But recently we have heard a lot about Cardano, Dogecoin or Uniswap. It must be said that with more than 5,000 cryptos and a market on fire, it is not surprising to see “small” cryptos grow large! However, a crypto has currently passed under the radar, while its performance is simply outstanding … In addition, its technology brings real added value in B2B and B2C.
VeChain price performance
VeChain has been listed since August 2018. It has long stayed at very low levels, around one hundredth or even one thousandth of a euro. But since December 2020, the price of VeChain has been in a frenzy. It thus went from € 0.02 at the end of December 2020 to more than € 0.2 in April 2021, ie. more than 1000% increase in 4 months ! Three times over the past four weeks, VeChain has occupied the weekly podium of cryptocurrencies that have risen the most. Over the past 30 days, the price of VeChain has risen by around 220%.
With such performance is VeChain entered the top 20 global cryptocurrencies in terms of capitalization. With more than € 10.6 billion at the time of writing this guide, VeChain ranks 13th.
If there was any doubt a few months ago, the price of VeChain seems start a long bull run episode. The advantage of this crypto over many others is that its price explosion is still at a very early stage. Its course is still very underrated and should continue to increase in the future. Some specialists give a VeChain price target of around € 0.5 in 2021. The most optimistic even set VeChain at € 3 this year.
So now is the perfect time to take a closer look at this crypto!
What is VeChain?
VeChain is one global protocol more than just a peer-to-peer payment method. The project was born in 2017 from Sunny Lu’s hand. Before joining VeChain, Sunny Lu led the Chinese division of the Louis Vuitton Group. It is therefore not surprising to know that VeChain offers a blockchain solution for product data management, collection and sharing. The information is recorded and administered on the blockchain and is mainly contained in the form of electronic chips. VeChain applications are intended for small as well as large businesses. Specifically, VeChain intends fight counterfeiting by giving the customer access to the products’ complete traceability (storage conditions, transport, etc.).
From a technical point of view, VeChain has started on the Ethereum blockchain. The project then migrated to its own blockchain. Its operation can in any case be assimilated with Ethereum’s operation. The VeChain project involves two different tokens, VET and VTHO. VET is used for classic peer-to-peer transactions. VTHO on the other hand plays a similar role as GAS on the Ethereum blockchain. The VeChain project has put the maximum number of vocational educations in circulation at DKK 86.7 billion. At the time of writing, 74% of tokens are already in circulation.
Why is VeChain a popular crypto?
Sometimes it is difficult to explain the success of a crypto. In fact, the dynamics of the price of a crypto do not always correspond to a physical reality. With VeChain, things are much clearer. First of all, as explained above, the project has one practical application in the field of B2B. In addition, it responds to a real consumer need for more product transparency.
It is also not surprising to see that the adoption of VeChain is growing in the industry. more than one thirty large companies work on the VeChain project. Among these players are recognized heavyweights such as BMW, Bayer China, LVMH, Renault, AWS, etc.
Finally, another important feature to know is that VeChain teams are not just working on developing their blockchain. They are also involved in establishment of a true ecosystem, an essential criterion for the success of a crypto protocol. The VeChain teams thus work on the design of computer chips that aim to collect information from a product.
This text does not constitute investment advice. Do your own research and invest only the money you can afford to lose.
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