The native token of the decentralized platform VeChain VET has shown impressive growth over the past two weeks, strengthening by 78%.
VeChain Indicators
According to CoinGecko, at the time of writing, VET is trading at $0.04776. Over the past 24 hours, the indicator has strengthened by 28.1%, and over the week – by 75.9%. At the same time, the current value is still 82% lower than the absolute maximum reached by the asset in April 2021.
VeChain’s capitalization, meanwhile, reached $3.6 billion. Trading volume over the past 24 hours increased by 473%, reaching $1.2 billion. Most of the activity occurred on the largest crypto exchange Binance – $186 million. Currently, the VET token ranks 32nd among the largest cryptocurrencies.
Whats the reason behind this growth?
On February 14, VeChain announced the introduction of account abstraction, a technology that allows you to customize interactions with the Ethereum (ETH) blockchain according to your needs. In addition to improved interoperability, the abstraction will also open up access to programmable smart contract wallets.
The new product not only simplifies interaction with the VeChain network, it increases the standards of security and user convenience. Against the background of this development of events, crypto market participants saw potential in the blockchain, so they began to invest more actively in the native token of the ecosystem, VET.
In addition, representatives of the project previously announced that they would take part in Mobile World Congress (MWC) – one of the world’s largest mobile industry exhibitions. In addition to this, VeChain will host a meetup in Amsterdam, which was received positively by the community. At it, the developers promised to talk about the nearest plans for the site.
About VeChain
VeChain is an open-source DeFi platform launched in 2018 using the Proof-Of-Authority (POA) consensus algorithm. The creators of the project were developing business solutions based on their own blockchain – VeСhainThor. Their clients include giants such as Walmart and H&M.
The network operates in the Blockchain-as-a-Service (BaaS) format – blockchain as a service. In addition, VeChain also leverages the capabilities of the Internet of Things (IoT) and artificial intelligence (AI).
The project’s native token, VET, is needed for internal settlements in the system. Cryptocurrency largely follows the general movements of the crypto market. The recent price surge can also be attributed to the general rise of the industry – on February 15, Bitcoin (BTC) and Ethereum reached two-year highs.
