VeChain: VET analysis and price prediction for the long term
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Disclaimer: The datasets shared in the following article are compiled from a group of online resources and do not reflect FoxCryptoNews' own research on the subject.
VeChain is a blockchain platform that allows companies to create decentralized applications (dApps) and conduct transactions with a higher level of security and transparency. VeChain intends to solve the problems of counterfeiting, supply chain management, and data integrity with its blockchain-based solutions. VeChain provides businesses with a tamper-proof solution and increases consumer transparency by allowing them to track their goods and assets on the blockchain.
The data reveals that, at the time of publication, VET ranks 34th with a market capitalization of $1.81 billion. VET is trading at $0.0242, up 4% over the past 24 hours on volume figures of $92.21 million.
While VeChain's numbers may not be as impressive in October, the company has made some important progress on its enterprise front.
For example, on October 27, VeChain announced that they will continue to deploy VIP-220 on VeChainThor Mainnet. This is an important upgrade after which VeChain will achieve solidity and end the trade-off between choosing between scalability with high performance or instant completeness. The community passed this vote with an overwhelming majority.
VeChain also recently announced a partnership with Nitto ATP Finals. This venture will include a digital collectible blockchain lottery in partnership with ExPlus and World of V
VeChain has been actively involved in UFC 280 taking place on October 22, as part of a $100 million multi-year deal with the UFC that was announced in early June of this year.
The sustainability-focused blockchain is currently considering a major Proof of Authority upgrade that will integrate VIP-220 with the VeChain Thor Mainnet.
If passed with a vote of all stakeholders, VeChain will achieve solidity and end the trade-off between choosing between scalability with high performance or instant finality. The VeChain Foundation has previously stated that this upgrade will make it the "perfect real-world blockchain".
VET investors who were disappointed with a -11.5% return in three months from their tokens finally got some good news when Binance US revealed that VeChain customers can staking VET their and earn 1% APY reward in VeThor Token (VTHO)
DNV GL, a provider of assessment and certification services for ships and offshore structures, partnered with VeChain in January 2018 to provide a digital assurance, data collection and audit solution for food and beverage industry.
In addition, PriceWaterhouseCoopers (PwC), a large auditing and consulting firm, has been partnering with VeChain since May 2017 to provide their customers with product verification and traceability capabilities.
Furthermore, as of April 2020, VeChain has been used by H&M, the second largest clothing retailer in the world, high fashion brand, with over 5,000 stores.
However, things are not changing well for the token. VeChain price fell to a 12-month low as the 2022 Russo-Ukrainian war broke out. As usual with crypto, it started to recover the next day. Many traders are currently unsure whether to invest in this coin at this point.
If this applies to you, you may want to learn more before deciding whether to buy it.
If this trend continues, VeChain could easily hit $1 in the next few years or even higher. Anything can happen in the crypto market, so this is not a guarantee. However, VeChain seems poised for long-term growth, with $1 looking like an achievable target in the near future.
Indeed, VeChain Stats data shows a worrying drop in its mainnet activity.
While there has been a significant increase in activity since the beginning of August, the difference from last year, when the network had more than 2 million terms per week, cannot be ignored. Unlike many other cryptocurrencies, the price of VeChain and mainnet activity started to decline in early 2022. The market-wide sell-off following the Terra crash affected VeChain mainnet activity, but as the chart shows. The graph shows that reality has recovered until earlier. -lower market level.
Furthermore, the data obtained by SeeVeChain shows that VeChain Thor transactions are also decreasing. The daily consumption rate of VETHO, the token needed to facilitate VET transactions, can be seen as dwindling - a sign of the decline in VET transactions.
However, since the beginning of August, the daily burn rate has been setting higher, while at the same time moving sideways. This could suggest some degree of recovery and stability.
VeChain made the news in May 2022, when it offered Terra LUNA developers up to $30,000 in funding to migrate their layer 1 chain to VeChain following the terra collapse.
There was a brief spike in the VET price towards the end of Q1 2022. The token jumped as high as $0.089 following the announcement of VeChain's partnership with Draper University, regarding scholarships and programs Web3 accelerator. However, the entire market crash in May caused the VET price to drop to $0.024. Prices have not recovered from the downtrend, despite news of a new partnership with Amazon Web Services and the VeChain Foundation's Q1 financial report showing a healthy balance sheet.
In 2020, PwC estimates that blockchain technologies could boost global GDP to $1.76 trillion by 2030 through better tracking and tracing. PwC economic analysis and industry research show that tracking and tracing products and services has a $962 billion economic potential. Investors will be eager to see how PwC's blockchain partner VeChain benefits from this.
Global market intelligence firm IDC released a report in 2020. According to the report, 10% of supply chain transactions in the Chinese market will use blockchain by 2025. This could be beneficial for VeChain as it is the leading blockchain company serving supply chain solutions and with its a significant presence in China. James Wester, Research Director at IDC Global Blockchain Strategy noted:
“This is a pivotal time in the blockchain market as companies across all markets and industries continue to increase their investment in the technology. The pandemic highlights the need for more flexible and transparent supply chains.”
According to a report published by ResearchchandMarkets.com, the global supply chain management market size is forecast to reach $42.46 billion by 2027, at a compound annual growth rate (CAGR) of 10.4% from 2021 to 2027. Experts have pointed to a great opportunity for blockchain technology integration in supply chain management software during the projected period. As the leading blockchain company addressing supply chain management, VeChain can benefit from this.
In July, it was reported that VeChain would be implementing a solution for luxury brands that often see their cheap imitations sold illegally on the primary and secondary markets.
VeChain will implant its proprietary chipset in luxury products that will help manufacturers track their inventory and track sales in real-time on the blockchain. Additionally, customers will be able to verify the authenticity of their purchased product using the mobile app. The app will also provide additional information, such as the carbon footprint associated with your purchase and the story behind your product.
An article published by the Institute of Engineering and Technology outlined blockchain applications for the healthcare industry. The article explains how startups in this industry are exploring the use of blockchain technology for clinical data management. The article goes on to cite the example of Mediterranean Hospital in Cyprus, which uses E-HCert, a data management application based on VeChain Thor.
On August 10, VeChain and OrionOne, a global logistics technology company, announced an integration partnership. The joint venture aims to combine VeChain ToolChain with Orion's best logistics platform to provide customers with an efficient and effective way to leverage blockchain technology in their business without spending. heavily on network infrastructure. Tommy Stephenson, CEO of OrionOne, speaking of this new partnership, commented: “When it comes to blockchain and supply chain, there is only one game in town, and that is VeChain. No other organization can compete with low cost, quick deployment and ease of use. "
On August 19, the VeChain Foundation announced via Twitter that the VeChainThor public test network has been successfully upgraded to accommodate VIP-220, also known as Finality with One Bit (FOB). The update implements a terminal that allows the network to run dual consensus modes, Nakamoto and Byzantine Fault Tolerance (BFT) consensus, at the same time. This move has saved VeChain the hassle of completely replacing its proof-of-authority consensus mechanism. A validator helps blockchains to execute transactions optimistically and commit them only after they have been fully validated.
The developers have clarified that FOB has an advantage over existing intent devices that follow the view-based model of the Byzantine Fault Tolerance (BFT) algorithm because nodes on the FOB are less likely to be affected. affected by network failure.
The update will also help VeChain reduce the complexity of the current proof-of-work consensus protocol, thereby mitigating potential risks from unknown implementation failures, as well as maintaining usability and network robustness.
Earlier in June, VeChain described the purpose of blocks as "an indispensable asset to a modern blockchain system as it provides absolute security guarantees for blocks that meet certain conditions. "
The VeChain Foundation has informed its community on Twitter that as of September 5, the network will suspend token swaps from $VEN TO $VET. This feature is expected to continue once the Ethereum network stabilizes following the highly anticipated merger scheduled for mid-September.
Earlier this month, VeChain announced that it has entered into a strategic partnership with TruTrace Technologies, a blockchain development company serving the legal cannabis, food, clothing, and pharmaceutical industries. The partnership aims to integrate complementary technologies and provide TruTrace customers with enhanced traceability by leveraging VeChain's seamless infrastructure.
FP price has been on a downward trend since April this year. It is clear from the VET/USD chart that since VET dropped below $0.039 in May of this year, it has faced major resistance at $0.034. The cryptocurrency has been moving sideways in an oscillating pattern from mid-June to July with key support at $0.021. In early August, the pair finally broke the three-week resistance at $0.027 and rallied 24% to $0.034 on August 13.
However, since then prices have dropped again. It is currently trading at $0.024, which could also appear as new support, although one can only be certain after a few more tests. The VET price is unlikely to return to the price it was trading at before the market-wide sell-off in May.
The minting of the tokens pre-rebranded VeChain, so the metrics were converted from VEN to VET.
VeChain initially generated 100 billion VET distributed as follows:
- 22 Billion VET Retained by VeChain Foundation
- 5 billion VET was given to project team members.
- 23 billion VET has reached corporate investors
- 9 billion FP went to private investors
- 27.7 billion VET was sold in the crowdsale
- VeChain Foundation burned 13.3 billion VET as part of token sale refund process
VET price prediction for 2025
The crypto experts at Changelly have predicted that VET will be worth at least $0.10 by 2025. They believe the maximum it can reach is $0.12.
Data compiled by Nasdaq shows the median forecast for VET in 2025 at $0.22.
However, based on data published on Medium , the median forecast for VET in 2025 is $0.09.
VET price prediction for 2030
Changelly crypto experts concluded from their analysis that VET should be worth at least $0.64 by 2030. The forecast includes a maximum price of $0.79.
Data compiled by Currency.com shows that the average price of VET in 2030 should be $0.38.
The average pundit predicts that VET will be worth an ambitious $1.79 by the end of the decade. Taking into account current prices, that would equate to a whopping 6,200% profit.
It is important to note that increased adoption of VeChain does not necessarily translate into increased demand for VET, as the token is primarily used for staking and governance.
VeChain is arguably the only blockchain in the supply chain vertical that has stood the test of time. Rival tokens like Waltonchain and Wabi have seen their market capitalizations and volumes plummet in recent months.
The current supply chain crisis will be a very good opportunity for VeChain to show off its capabilities, but companies around the world have turned to conventional systems instead of exploring an innovative blockchain solution. like VeChain. With that said, the supply chain tracking industry is ripe for disruption and VeChain is poised to dominate the space for the foreseeable future.
Critics have speculated that while the VeChain blockchain could prove useful, the specific utility nature of its native token, i.e. belonging to the business world, could become an obstacle. for its development.
VeChain should focus on what it is good at: enterprise-oriented blockchain solutions for logistics and supply chains.
The key factors that will affect VET prices in the coming years are:
- Increasing demand for VET through growth in dApp activity
- VeChain cross-chain development
- Stable economic environment in China
- New alliances with companies in the supply chain industry.
- Developing new use cases for VET
In other news, the Fear and Greed Index briefly improved in early August, before falling back as the market has been falling for the past six weeks. At press time, the index is in the 'fear' zone.
Nov 06, 2022