VeChain had a 25% spike on Binance earlier today. This is quite surprising since the cryptocurrency market had a bearish tumble this morning and there are no positive triggers in the horizon. The VET tokens came live on Binance on the 25th of July. While no impulses were noticed at the time, the cryptocurrency seems to have gotten a positive boost today. At the time of writing, VeChain (VET) was trading in green at $2.40 indicating a 25% increase in price within a 24-hour period. Even with the sudden bearish wave that swept the market this morning, VeChain (VET) price is still doing relatively well.
VeChain (VET) Price Hike Related To Binance Airdrop?
The current market state isn’t delightful. After days of a bull run, cryptocurrencies are dropping in price. Even the price of Bitcoin is down trading below $8000. This is a thumbs up for VET. While the cause of the VET price hike isn’t clear, a possible cause may be the VTHO airdrop that was initiated by Binance after the VeChain token swap from VEN to VET launch.
VeChain (VET) Price Today – VET / USD
The VTHO airdrop by Binance was done in celebration of the VeChain network after the VeChain token swap and successful placement of the VET tokens on the Binance platform. The number of VTHO that was given to each user depended on the number of VET they had in your wallet. On a blog post, the exchange announced that all those who have less than one VET token in their accounts will not be allowed to participate in the airdrop.
Greater Days Ahead For VeChain
The coming month of August is going to promising for VeChain as a platform. The platform has made plans to extend the project with the mainnet expansion. This is why the VeChain community is expecting another spike in VeChain (VET) price in August. No one is sure how long the price of VeChain (VET) will continue to stay bullish even with the bearish wave. We can only wait and see.