History of VeChain
The purpose of VeChain is to bring the benefits of blockchain technology to real-world issues. Like every other project in the blockchain industry, VeChain does not fall in the bucket of quick and seamless transaction solutions. VeChain blockchain & platform is created to crack a plethora of real-world business process problems at the enterprise level. VeChain’s cutting-edge technology is focused on improving the efficiency, transparency, and traceability of the supply chains.
VeChain was started as a subsidiary of Bitse, the most extensive blockchain company in China. The native token was initially named VEN and built on the Ethereum blockchain. Later in 2018, the company rebranded as VeChain with its blockchain. After that, the token changed its name to VET. VeChain Foundation is headquartered in Singapore, and it oversees the advancement, governance, and development of VeChain.
Trade VeChain Now
Who Are the Founders of VeChain (VET)?
Sunny Lu founded VeChain in 2015. He was a former employee of Louis Vuitton China and was the company’s chief information officer.
Sunny faced numerous problems with the supply chain management of an accessory and cloth manufacturing company, which led him to think about a new solution. He has developed the idea and progressed with different solutions to reach a publicly accepted project.
What is VeChain & How Does it Work?
VeChain is a blockchain-based platform devised to overcome cumbersome supply chain management and processing issues. Using distributed ledger technology, VeChain reduces transportation complexities associated with articles and information flow. Importantly, VeChain records every bit of data that passes through supply chain movement.
VeChain uses a bi-token system, a VeChain token (VET) called smart money, and a VeThor token (VTHO). VET creates value in the ecosystem and is used for transactions, smart contracts, and payments on decentralized applications. VTHO conveys the underlying outlay of using the VeChainThor, which will destroy after on-chain operations.
Trade VeChain Now
VeChain uses Proof of Authority consensus for governance. A fixed number of validators assigned by the VeChain Foundation will perform the validation; hence there won’t be any anonymous block producers in the process.
The ecosystem consists primarily constitutes of the following:
- VeChainThor: Public blockchain that solves real-time issues derives value from members’ activities.
- Connex: Interface to connect VeChain applications with VeThor.
- Sync2: Wallet compatible with all web browsers, desktop, and mobile devices.
- ToolChain: Enterprises use VeChain’s comprehensively functional Blockchain-as-a-Service (BaaS) product, ToolChain, to construct blockchain-based solutions. Together VeChain builds a robust ecosystem that provides numerous blockchain-based business solutions for industries.
What Makes VeChain Unique?
VeChain boasts that it is a new idea in the crypto and blockchain industry. VeChain smart contract facility permits users to track ownership and control of goods. Importantly, businesses that require a centralized system for monitoring the entire supply chain can rely on VeChain.
Trade VeChain Now
VeChain integrates IoT and DLT technology and combines the endless possibilities of blockchain technology to drive VeChain into a perfect solution to scattered information systems.
Investment standpoint, the dual token mechanism ensures a stringent governance mechanism and a predictable economic model. According to VeChain, it uses all the advantages of crypto tokens in its business, and hence it is a unique idea as a business model and among crypto projects.
How Can VeChain Be Used?
VeChain solutions are suitable at different stages and areas in a business. Walmart China, BMW, H&M, BYD Auto, Haier, and other leading companies have partnered with VeChain to manage their supply chain. Any business that relies upon logistics and supply chains can use VeChain to track last-mile deliveries, and it will pass and keep information about the track of delivery. VeChain employs smart chips and RFID to perform the tracking of items.
For instance, the company needs to transport medicine from the manufacturing unit to medical shops. VeChain analyses products’ quality, detects the storage temperature, transportation medium, and authenticity, and passes exact information to the system. Substances that require careful handlings, such as medicine, chemicals, alcohol, spirits, vegetables, or edible items, can be tracked easily using VeChain.
VeChain: Pros & Cons
VeChain platform solutions assist industries globally in conducting their business processes smoothly. VeChain came up with various resolutions for all aspects of the business. But it needs a high minimum deposit to run nodes and sometimes high withdrawal fees. There is a slightly different opinion about the proof of authority algorithm also. Only a few validators can verify the transaction, which is not convincing.
Trade VeChain Now
Some experts say VET is just a means of storing value. So to them, the hype behind the VET token is meaningless. There are opinions that many existing projects can easily extend their solutions to supply chain and related areas, so the technology and idea are not strong enough. Projects in DeFi smart contracts can easily beat it.
Latest News on VeChain
VeChain has achieved a significant milestone of launching a stable coin in Jan 2022. VeChain’s first stable coin considers sustainability objectives, enabling DeFi and multiple edges of Web 3. VeUSD unlocks new answers which can create a positive outlook for the project and associated enterprises.
At the end of 2021, VeChain announced the launch of a government traceability platform for inner Mongolia, China. This development will help the regional department improve the traceability and safety of the National food and beverage industries.
Canada-based IT consulting firm Micromation partnered with VeChain. VeChain assists the company in the quick onboarding of clients with the help of a recently developed traceability tool called ‘TrueStoryTeller.’ It will act as a catalyst for brand value by enhancing customer trust. Truestoryteller also obliges in the supply chain and creates stories about newly launched products.
Price History of VeChain
VET has been trading in the cryptocurrency market since 2017. VET could not get market attention in the initial year, and it traded sideways for an extended period. VET price was at $0.00910 on June 25, 2020. On July 4, 2020, the VET price gained significantly and tested the resistance at $0.01122.
Trade VeChain Now
VeChain cryptocurrency consolidated till December 2020, and bulls overtook the rally; subsequently, VET price spiked to $0.0287 on January 7, 2021. Later on February 8, 2021, VET initiated an upward journey and grew to $0.0314 from $0.02. It was a handful of returns for investors.
VeChain could not sustain the upward momentum, and bears dragged the coin back to support levels. The next bullish trend was able to smash the resistance of $0.063. VET skyrocketed to $0.2782 on April 17, 2021, marking an all-time high. After that, VeChain faced a sharp decline which took its price to $0.057 but later, it regained momentum and hit $0.17 the last August. However, after hitting a high at $0.17, the VET coin price continued to trade lower, and it fell to $0.057. Over the last few weeks, the price started an uptrend but could not sustain the momentum and fell again to the $0.033 level.
Will the VET Price Go Up?
The past performance demonstrates that VeChain (VET) spiked to $0.2 from $0.002 within four years. Ongoing developments can boost the project’s value, but the token’s upward movement is slow; hence, there is no bright future for traders as per VeChain price prediction 2022. However, the VeChain prediction is slightly bullish for investors, hoping the VeChain (VET) price will go up in the long run.
Table of Yearly Predictions
|Year||Minimum Price||Maximum Price|
Technical Analysis of VeChain
The crypto market had a tough start in mid-February. Bitcoin and many altcoins were down. The surge of last week catapulted volatility in coin prices. VeChain (VET) price today is trading at $0.03313 with a 24-hour trading volume of $390,501,866. The current market cap is $2,130,943,344, with a circulating supply of 64.32B VET. The current price is 88.08% less than the all-time high.
VeChain cryptocurrency recently revealed waning negative momentum after the highest price formation. The coin exhibited a head and shoulder pattern on the daily chart but failed to test the resistance level of $0.0980. It made lower lows on the chart and slipped, respecting a downward trendline. It traded sideways from January 22, 2022, to February 4, 2022, in the range of $0.051 to $0.058 and made a hike to $0.067 but lacked proper volume support for VeChain (VET) price action. The Bollinger Bands had expanded slightly in the last week but has currently squeezed, and the price is just above the lower band, indicating minimal volatility.
Resistance and support levels are evident in VET. The nearest resistance is placed at $0.0581. The next resistance is $0.0717 and $0.0976; VET has tried to break these resistance levels many times but is unable to cross. If VeChain crosses this, it will face the resistance of $0.111. A major resistance level is placed at $0.124.
On the opposite side, nearby support is at $0.0228, which is extremely close to the current price, the next support is at $0.0163, and below that, $0.0110, acts as a strong support zone. Any move from this range can give a clear trend indication. If VET fails to bounce back from this support, traders can sell VeChain.
Trade VeChain Now
The MACD line is trading below the Signal Line based on technical indicators, indicating that the bears have a strong hand. The Relative Strength Index (RSI) is 33, which indicates that the coin is trading in the oversold zone. VET is floating below 200 EMA, 50 EMA, and 20 EMA, indicating that the coin does not have strength. Technical indicators are all bearish.
VET trades near the support zone while writing. There is a high possibility that VET may move below the support zone at around $0.02. Since there is a bearish trend, traders can wait for trend confirmation. Aggressive traders may look for buying opportunities at low prices but with high risk.
Expert’s Opinion on VeChain
Wallet Investors: Wallet Investors expect VeChain to hit $0.119 by the year-end. Notably, VET price prediction indicates a prolonged move and volatility in the coin. Wallet Investor’s website foresees VET to hit $0.340 by 2025 and $0.598 by 2030, and their price prediction is slightly bullish.
Digital Coin Price: Based on VeChain price prediction by Digital Coin Price, it can only hit $0.07 by Dec 2022 and $0.12 by 2025. This is a bearish prediction, and the team expects an uneventful upward move. According to the data & technical analysis, the crypto price will catch $0.27 by 2030.
GOV Capital: Concerning the VeChain price prediction 2022 issued by GOV Capital, the experts anticipate the token will call $0.135 by the year-end. They expect the price to be $0.689 by 2025, a moderately bullish forecast.
Price Prediction: Analyzing the VET price prediction data from Price Prediction, VET can call $0.075 by Dec 2022 and $0.23 by 2025. They gave a bullish VET price prediction for 2030, and the website hopes the coin may reach $1.44 by 2030.
TradingBeasts: TradingBeasts price projections are somewhat similar to the Prediction of Digital Coin Price. The website also forecasted that the VeChain price may gain to $0.07 by 2022 and $0.110 by 2025.
Based on the expert’s VeChain forecast listed above, some experts hope that VET can hit $1 by 2030. But most of the VET price prediction falls under the category of moderately or slightly bullish price predictions.
VeChain Price Prediction: 2022-2030
Historical data indicate VET has given good returns to investors so far. Unfortunately, it was a loss of around 30% for investors for the past year. Price analysis suggests that VET has plunged significantly in the last six months. Let us see what will happen in the future.
Trade VeChain Now
VeChain Price Predictions 2022
VET began at $0.085; the current price is $0.03377; the rest of the VeChain price prediction shows that VET will reach $0.081 by March 2022 and hit $0.0114 in the initial half and $0.119 by the year-end.
VET Price Predictions 2023
VeChain price forecast anticipates the price to begin at $0.115 and hit $0.158 by the first quarter. VET may catch $0.170 within June 2023 and $0.2015 by November 2023. The token may expect a pullback and close the year at $0.189.
VET Coin Price Prediction 2024
The VeChain forecast suggests the price is expected to open at $0.193 and hang in the range of $0.195 to $0.200 throughout the month. It may call $0.2 in the first quarter and $0.245 in the first half. VET is forecasted to reach $0.260 by the third quarter. VeChain price may close at $0.266 in 2024.
VET Price Prediction 2025
VeChain price prediction 2025 indicates VET may start from $0.267 and slowly increase to $0.300 in the first quarter. VET may hit $0.316 by June 2025. The second half may begin at around $0.317 and hike to $0.333 in the third quarter. If the bullish momentum continues, VET is anticipated to complete at $0.340.
VeChain Predictions 2026
VeChain (VET) price foresees to open at $0.341 and may catch $0.4 by April 2026. April remains the bullish month on price predictions for VeChain. VET may fall back to $0.391 again, but predictions expect the VeChain price to bounce back to $0.411 by the year-end.
VeChain Prediction 2027
VeChain price may commence at $0.413 and gradually move towards $0.424 within the first quarter. By the initial half, it may reach $0.431. VET predictions anticipate the coin will fall to $0.423 again in the third part and finally wind up the year at $0.450.
VET Crypto Price Prediction 2028
VET is speculated to start at $0.436, and it expects upward momentum and may hit $0.467 within the initial six months. VET price is predicted to touch $0.472 by the third quarter and $0.498 by the year-end.
VET Crypto Prediction 2029
VET is forecasted to start the year at $0.498, and prediction indicates a price hangs between $0.480 to $0.509 in the first quarter. VeChain price may catch $0.524 within the first half of the year and $0.534 by Dec 2029.
VeChain Price Prediction 2030
VET price predictions say the coin will start at $0.540 in 2030. If the bullish trend continues, it is expected to have a surge towards $0.554 within the initial quarter and approaches $0.561 by June 2030. VET price may close in 2030 at $0.590.
Trade VeChain Now
Where can I buy VeChain?
VeChain is trading on many cryptocurrency exchanges globally. Some of them are Binance, BitFinex, FTX, Mandala, Digifinex, and Binance.
Is VeChain a good investment?
VeChain may be a good investment option if traded wisely with correct entry-exit points & support-resistance level. The project and its technology are fundamentally strong. But VET tokens are not highly bullish currently. Still, the investments can give moderate returns for investors. It is recommended to do your own research and take proper investment advice before investing in VET tokens.
Will VeChain reach $1?
According to experts, most future price predictions say VET fails to hit $1 by 2030. But if any unexpected price action happens in the coin, then the price changes may differ from indicated levels.
How high can the VeChain coin go?
VET price analysis exhibits the VeChain network will touch an average price range of $0.6 to $0.7 by 2030.
Is VeChain worth staking?
The staked coins in VeChain’s blockchain will be locked in smart contracts for a predefined period. Stakers may benefit from the rewards of keeping the coin in the wallet. So it is an individual decision whether to keep the coin in a smart contract or trade in exchange.
Will VET reach $0.2?
VET price is predicted to reach $0.2 by the start of 2024 as per our VeChain price prediction.
How to buy VET coins?
Open an account with your preferred cryptocurrency exchanges in which VET is listed. Once the KYC is done and the registration process is completed, you can add funds to the account. Depositing can be done in two ways, either you can connect a wallet with the exchange account or directly transfer the funds from a bank account using a credit/ debit card or net banking. Once the fund balance reflects in the account or wallet, you can search for the ticker symbol VET in the respective search box, click on the buy symbol, and add the amount or number of tokens you want to buy. Tap on the buy button, and a token will be added to your portfolio.