VeChain Is Blasting Up The Charts Again
VeChain is quietly getting back to it’s April all-time high. Are VPunks the reason?
Covered:
- VeChain Up 13% During Market Open
- Getting In On NFTs
- Vet Is Slowly Ticking Up Again
VeChain Up 13% During Market Open
Recommended: What is VeChain?
VeChain (VET) is up 13% in the last 24 hours. The supply chain crypto is trading around .14 cents USD at market open (9:30am EST).
VET is still well below it’s April all-time high of $0.27, but far above its all time low. VET traded at $0.001678 last March at the start of the pandemic. That’s about a 8,000 percent gain for the cryptocurrency since.
VeChain is known for its supply chain tech. It’s partnered with many big names outside of crypto like Walmart, BMW, and H&M. However, it’s recent rise is partly due to its delving into the NFT space.
Getting In On NFTs
In particular, VPunks has become the chain’s first major NFT hit. VPunks are now selling for upwards of 450,000 VET or more. That’s about $61,000 in USD. That still pales in comparison to CryptoPunks.
The most expensive Cryptopunks on OpenSea are selling 4,200 ETH as of press time. That’s almost 15 million USD. However, the minting of VPunks opened at the end of July, making the NFT project barely a month old.
The move to NFTs seemed like an odd choice for the supply chain crypto. But it hasn’t changed it’s core mission. VeChain continues to make inroads in China. It’s embedded itself into the health sector. As well, VeChain announced the other day that it is collaborating with JLL China to develop their supply chain tech for use in the commercial real estate sector.
We are proud to collaborate with #JLL China & explore app. scenarios for #blockchain in commercial real estate!#VeChain, with its industry-leading technologies will continue creating innovative solutions, tackle #carbon emissions & drive systemic change.https://t.co/HpeoANFVLJ pic.twitter.com/DQjpOtlO9c
— VeChain Foundation (@vechainofficial) August 31, 2021
VET Is Ticking Up Again
VET Token YTD. Credit: CoinMarketCap.com
Just like back in April, VET appears to be rising again. At the beginning of the year, many holders were frustrated with VET’s slow movement compared to the rest of the market.
However, the project shot up in April to its all-time high of $0.27. The quick rise up gave anyone holding the digital asset for longer than a couple of weeks at least a 2x gain.
VeChain fell with the rest of the market in May. And for months its struggled to gain footing even as other altcoins like Cardano and Solana gained strength. VET traded as low as $0.065 in July.
The recent rise, though, gives reason for optimism. Akash Girimath, analyst at FX Street, says that its current price action suggests an upcoming bull rally.
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