VeChain (VET) Ready for Another Breakout?
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VeChain (VET) has remained flat recently, as most attention focused on large-cap coins rapidly appreciating. But VET may be an underestimated asset, with a price hovering just above $0.23.
VET traded at $0.2344, up 11% in the past day, and has more than doubled its price in the past month. VET is on track to reach its previous all-time high above $0.25. Against Bitcoin (BTC), VET attempts to repeat the move above 400 Satoshi.
VeChain Heads for Fourth Anniversary After ICO
VeChain is one of the older ICOs that raised funds in August-September 2017, in one of the most successful years for token sales. The initial token, VEN, ran on the Ethereum (ETH) network before the swap. Later, VeChain rebranded and changed its ticker to VET.
Along with that, VET became a 1:100 split of VEN, increasing the token supply while achieving a relatively low price per token. In the past, VEN moved in the range of a few dollars. As of 2021, VET is in the process of price discovery, reaching uncharted price territory.
The VeChain network aims to provide assets for supply chain control and the Internet of Things. The project has real-life utility in tracking the origins of luxury products and verifying their authenticity through a blockchain record.
Holding VET also allows for passive income in the form of VeThor (VTHO) reward tokens. VTHO also broke out in the past couple of months, and stands just under $0.02.
What Triggered the VET Rally?
VET appreciation arrives at a time when almost all altcoins are attempting new all-time highs. VET is one of the lagging assets in the past couple of weeks, triggering expectations of a breakout.
VET is also highly visible after entering the top 15 of digital assets with a total market cap of more than $15B. The VeChain project is well-established in the crypto space, with a good reputation, an applicable product and a highly active community.
Part of the VET appeal is based on charts and expectations of more short-term price moves. Additionally, the earnings from other altcoins may be seeking higher returns.
The VET rally arrives just as funds flowed into Ethereum Classic (ETH), expanding its price to $173 on the tails of the ETH rally. VET may be an addition to the search for growth, with expected similar rallies in the short term for other relatively low-priced altcoins like TRON (TRX), Cardano (ADA) and other assets that have been less active.
How to Access VET
VET is widely available to hold through multiple wallets that communicate with the VeChain proprietary blockchain. The Exodus wallet offers the easiest access, as well as VTHO passive reward token.
VET is thus similar to NEO in requiring the holding of some VTHO to pay for transactions, otherwise the token cannot be moved. Accruing VTHO is a slow process, and for faster trading, both assets need to be acquired.
The access of Coinbase users to VET is still under question, with speculation arising that the token may be listed soon. For now, VET trading is restricted to Binance International and other leading Asian exchanges.
Owning a VET Node
One of the chief incentives of VET is the possibility to own various node tiers. The absolute minimum amount of VET to run a basic X-Node is 600,000 tokens.
Other tiers of nodes start at 1M VET and run up to a minimum of 15M VET. The VeChain network also has 101 Authority Nodes that belong to “whales” and are fully verified. There are also 2,545 Economic Nodes and 3,161 X-Nodes.
The VeChain network claims more than 880,000 accounts with VET balances. The nodes have a double function of keeping the network more secure from malicious attacks, as well as to lock in some of the VET supply and generate scarcity.
VET can be staked for passive income without committing to a node, with earnings for 10,000 coins standing at 1,533 VTHO per year. Staking has mopped up a significant part of the VET supply, with about 64B tokens in circulation out of a total supply above 86B. This adds to the community’s decision to hold onto the asset in the long term instead of selling immediately.
VET prices can respond almost immediately to hype. One of the reasons is that the token has a significant Binance International market presence, where a single trading pair defines most of the price discovery. The VET/USDT pair is responsible for more than 68% of the whole VET volume, which may boost the asset’s price, but also its volatility due to the centralization of trading.
VET also has a small derivative market on the Binance Exchange, and for now lines up among the smaller assets in terms of daily trading activity. The gains and prominence of VET may be misleading about its true liquidity and slippage potential.
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