Analyst Explains Why The VeChain Partnerships Aren’t Reflecting On The Price Of VeChain And When It Would Pick Up The Pace

The potential of the VeChain blockchain cannot be overemphasized. It is the first blockchain that was created specifically to solve the challenges that plague the $50 trillion supply chain management sector. Apart from its application in the supply chain, VeChain also increases trust in other industries as well. The VeChain Foundation is also working hard when it comes to sealing strategic partnerships that would boost the adoption of the VeChain blockchain and the VET token. It is one of the blockchains with the highest number of partnerships in the space. Typically, partnerships drive adoption. This subsequently boosts price. However, the VeChain partnerships have done little or nothing to increase the price of VeChain. Will they affect the VeChain Thor price prediction long-term? 

VeChain News Today – VeChain Partnerships – What’s Wrong With VeChain – Why Have The VeChain Partnerships Not Influenced The Price?

You see the VeChain blockchain is just like Ethereum. It has even been nicknamed the ‘Ethereum for business’. While it is a decentralized system, it is easy to manage like a centralized one. The VeChain nodes are about 101 and they are the core of transaction validation. Unlike Bitcoin, VeChain isn’t based on the proof-of-work consensus mechanism but is based on proof-of-authority. This consensus mechanism has a few delegation feature that ensures that only those who benefit from the network pay the cost of using it. This allows customers to interact with decentralized apps on the VeChain platform without paying for network usage. It is one of the most attractive features of VeChain.

VeChain (VET) Price Today – VET / USD

Name Price24H (%)
Bitcoin (BTC)
$9,130.00
1.33%
VeChain (VET)
$0.007330
2.10%

With VeChain partnerships sealed with so many big names, the future of the blockchain project is guaranteed. However, whether or not this future will be profitable for the VeChain VET token. holders is unclear. There is a high chance that the VeChain VET token price isn’t going to explode anytime soon. A VeChain price analysis on Micky suggests that the primary reason why the price of the VET token isn’t rising significantly as more VeChain partnerships are made is that most of these partnerships do not require the use of the VET coin. Sure, they will use the VeChain blockchain. However, if the token isn’t relevant to the partnerships, there is no increase in the demand and there is no rise in price.

Another example is XRP. Ripple has been able to win the heart of many companies. There are more than 200 financial institutions under RippleNet. However, most of these institutions are using the xCurrent protocol which doesn’t necessarily need a significant amount of the XRP token. The same thing is happening with VeChain. Institutions are using the VeChain blockchain in ways that do not increase the demand for the VET token.

VeChain Thor Price Prediction – VeChain News Today – Current Price Of VeChain – Is There Hope For VeChain VET?

At the time of writing, the price of VeChain VET was $0.007439. This means that it is down by 0.13% against the USD and down by 0.26% against the price of BTC. The trading volume over a 24 hour period is $12,186,551 and the market capitalization is $412,534,629. In our previous VeChain Thor price prediction, we noted that the price of VeChain VET may hit $1 before the end of the year. While the chances are slim, it is important to note that the cryptocurrency space is unpredictable. Also, it’s going to take some time for the VeChain partnerships and use cases to reflect on the price.

What do you think about the VeChain Thor price prediction in our VeChain news today. Will the price of VET VeChain Price ever recover? Share your thoughts in the comment section below.

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