Vechain price was affected by the crypto-wide bloodbath last week. Coins have started recovering and others may still look flat but this isn’t the case for Vechain Thor, the logistics and supply chain network.
VeChain (VET) Price Today – VET / USD
The market cap of VET dropped to $270M nearly a week ago and this new movement follows the drop. The token shocked investors when it rose above $300M again on Thursday. By the start of a new week, the market cap of Vechain had reached $336M.
Vechain’s total value rose by about $10M under 24 hours. The price of VET reached $0.006 and the market cap of the token rose to $347.4M.
VIP 191 Mainnet Upgrade was Implemented Today
Vechain is mainly designed for the supply chain and logistics industry. It is a blockchain-as-a-service platform as well. The network is based in Singapore and has plans to replace the traditional system with a distributed ledger. It also has a smart contract layer that is used to address the existing pain points of the industry.
However, VET had a volatile spring where the market cap jumped to $520M last month before the drop last week.
Users within the ecosystem can stake their VET tokens and receive payouts in Vechain Thor tokens. These VTHO tokens are used in paying transaction fees.
The upgrade which was implemented today is called VIP 191. It was designed to make the network’s core blockchain more friendly to the third party developers and the end users. The system allows its users to send tokens and not incur into VTHO transaction fees. Rather, the sender can opt to delegate transaction fees to the applications being used.
This upgrade was proposed by an activist crypto hedge fund, Totient in mid-May. It was titled “The Key To Mass Adoption” when it was documented initially. In the document, Totient described the proposal as “innovative feature allows anyone to use a decentralized application regardless of their knowledge of blockchain technology by removing the toughest barriers for adoption.”
It allows users to bypass the strenuous process of purchasing VTHO tokens. The implemented upgrade also helps streamline the user experience to make Vechain more competitive. dApp creators can adopt new pricing models in this new upgrade like fiat denominated subscriptions.
Sadly, crypto projects have been unable to achieve mass adoption. still, this new upgrade will take some complexities out of the operation of the blockchain. This would help ensure that Vechain is more usable for more people on a daily basis.
Vechain Price Prediction: How Is Vechain Price Faring?
The crypto market turned bearish later in the day with most coins in the top ten in the red zone. Bitcoin price dropped to $10,156 at press time and has lost 3% of its value in the last hour. The total market cap is $277,783,402,586 and Vechain has managed to remain bullish despite the general market outlook. VET is trading at $0.006181 according to Coin Market Cap. The token has a 24 hour volume of $28,218,693 and a market cap of $342,773,925.
How high can VET price go?