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VeChain : New roadmap revealed and this is how it can affect VET

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VeChain : New roadmap revealed and this is how it can affect VET
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  • VeChain’s new roadmap highlighted the planned updates for 2023-24.
  • Metrics and market indicators were bullish for the token.

VeChain [VET] recently posted its new roadmap for 2023–2024, highlighting all the planned updates that are going to happen over the coming months. The roadmap looked optimistic for VeChain, as it suggested that the network has a long way to go in this new year. 

A few of the major updates include the planned launch of a wallet for the ecosystem and NFT marketplace in the first half of 2023.

VeChain revealed that in the second half of this year, the team will be working on product NFT for the metaverse and tokenization for sustainability.

The roadmap also mentioned that in the first quarter of the next year, they will be working on the algorithmic stablecoins community and DAO operating system.

Read VeChain’s [VET] Price Prediction 2023-24

Much achieved in 2022

While the way forward looks promising for the network, the last year also remained pretty happening. For instance, in 2022, new addresses reached 304,355.

The annual total transactions crossed 12.9 million, and the number of NFT transactions reached 2.7 million. VeChain also remained home to over 50 NFT projects during the last year. In addition to that, the number of exchanges that listed VET reached 42.

These developments that happened last year affected VET on its metrics front as well. Over the last month, VET’s social volume remained up, reflecting the network’s popularity.

There was also a spike in VET’s Binance funding rate recently, which showed its increased demand in the derivatives market. However, a negative signal was that the network’s development activity registered a decrease. But now, with the new roadmap, it is very likely that the graph will go up. 

Source: Santiment

How much are 1,10,100 VETs worth today

VET is rising

CoinMarketCap’s data revealed that VET registered over 24% weekly gains, and at the time of writing, it was trading at $0.0205 with a market capitalization of more than $1.4 billion.

VET’s daily chart also painted a bullish picture, as most of the market indicators suggested a continued price hike. The Exponential Moving Average (EMA) Ribbon displayed a bullish crossover.

The Bollinger Band revealed that VET’s price was entering a high volatility zone, further increasing the chances of a surge. Nonetheless, the On Balance Volume (OBV) registered a slight uptick, which was in the sellers’ favor. 

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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