VeChain’s price at the same time last week was $0.021. It has moved by 2.71 % in the past week and is currently at $0.021. Infact, in the past 24 hours, VET has pumped by 0.67 %. There is a slight bullish sentiment in the crypto market. The long term sentiment, however, remains bullish and VET could hit $0.032 in 2024.
The total circulating supply of VeChain as of writing this article was $72,714,516,834 and the marketcap of VET remains at $1,584,313,890
For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction. There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin's price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project's whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely.
VeChain (VET): An overview
VeChain (VET) is an open-source, smart contract-compatible blockchain that seeks to streamline supply chain processes and information flow and solve real-world business problems. Using distributed ledger technology (DLT), VeChain aims to enhance business processes and promote the mass adoption of blockchain technology. The VET tokens serve as the native cryptocurrency of the blockchain.
Like many other cryptocurrencies, the maximum supply of VET coins is capped at 86.71 billion VET. Currently, there are 72.71 billion VET in circulation. These coins are used for transactions, executing smart contracts, and other functions on the blockchain.
Even after being a significant technological advancement, Ethereum (ETH) still remains incapable of running large-scale commercial decentralized applications (dApps). Also, the lack of a suitable economic model proves to be a barrier for companies looking to operate their dApps at a controlled and predictable cost.
To address these issues, VeChain uses an on-chain governance mechanism, meta-transaction features, a proof-of-authority (PoA) consensus mechanism, and a unique two-token system.
- The community-elected steering committee supports the on-chain governance process by facilitating decision-making and execution. Nodeholders vote openly to choose the committee.
- Meta-transaction features include multi-party payment, multi-task transaction, controllable transaction lifecycle, and transaction dependency.
- PoA solves the numerous problems with energy waste and inefficient renovations that businesses encounter. It helps process large transaction volumes rapidly and can avoid hard forks if they are not upgraded by authority masternodes. There are 101 masternodes on the blockchain.
- The unique two-token system (VET+VTHO) significantly helps to isolate the price volatility and separate the cost of using blockchain from market speculation. Value is stored and transferred using VET, while blockchain transactions are made using VTHO.
The blockchain is also highly scalable and sustainable. VeChain Thor allows a transaction to carry out multiple tasks or clauses to promote scalability and facilitate complex transactions. The energy consumption is also equal to 0.04% of other blockchains.
Sunny Lu, a former chief information officer for Louis Vuitton China, and Jay Zhang co-founded VeChain in 2015. It was founded as a subsidiary of Bitse, one of the biggest blockchain businesses in China, and is one of the few blockchains having a significant base of established businesses as customers.
Initially, the VEN token operated on the Ethereum blockchain. In 2017, the VeChain team held a crowd sale in which it sold 1 billion coins and raised $20 million, distributing its cryptocurrency, VEN, for the first time.
The VeChain protocol, which was initially only intended to address supply chain management, was rebranded to VeChain Thor—a blockchain-as-a-service (BaaS) platform in 2018. This rebranding expanded the range of dApps to cover more general data solutions.
When the rebranded blockchain was introduced, the tokens were later replaced with VET coins. The coming developments were called the Apotheosis by the VeChain Foundation, during which they expected VeChain to reach new highs.
The blockchain platform's objectives are outlined in its white paper. Its primary goal was to upend the supply chain sector by making data transparent and usable. It also intends to be a pioneer in VeChain-based dApps and initial coin offerings (ICOs), as well as an Internet of Things (IoT) intermediary.
In February 2023, VeChain announced the launch of its new fully decentralized crypto wallet: VeWorld. This wallet allows users to carry out a number of crypto-related tasks, including maintaining crypto portfolios, transferring and receiving crypto assets, securely transacting on decentralized applications, and managing crypto in conjunction with a Ledger hardware device.
How does VeChain function?
With the use of RFID (radio frequency identification), QR Codes, or NFC, VeChain enables the identification of physical items with a unique identity. Sensors gather information, which is then collected and linked to the product identity at every stage of the supply chain. These sensors are produced by companies like Bosch and Qualcomm.
Since it employs blockchain technology, the data becomes immutable. The blockchain record also identifies the precise location of any errors with regard to the location, authenticity, etc. Information on the product can be viewed on VeChain by both the company and the customer.
These features are crucial for combating fraud. The sensors or chips are assigned unique IDs or QR codes. They are then inserted inside products, which can be scanned to access all the information from production to delivery. Even after a certain item is sold, the chip remains and enables reselling and verification of authentic items.
The blockchain uses a two-token system. Both of these coins are crucial for it to operate:
- VET is the native cryptocurrency and serves as a value-transfer medium. By keeping VET coins in their wallets, holders can also earn VTHO. The amount of VTHO received depends on the quantity of VET retained and the length of the holding period. When it comes to leveraging the resources of the blockchain, the more VET a person or business possesses the greater priority.
- VTHO is a secondary token that is used to cover the cost of executing transactions and smart contracts. In the VeChainThor blockchain, VTHO is used to pay transaction fees and is burnt when the transaction is completed.
Some of the important developments/milestones of VeChain are as follows:
- April 2019: The platform launched Toolchain, a blockchain-based platform for businesses to develop their own supply chain solutions.
- July 2021: With VIP-193 completely operational, the VeChain Foundation launched its brand-new public testnet. This significant accomplishment paved the way for the complete implementation of PoA 2.0 on the mainnet.
- May 2022: VeUSD—the network's first native stablecoin, was launched. It was developed in collaboration with Stably. The stablecoin is a VIP-180 token, a subset of the ERC-2O standard.
- November 2022: VeChainThor completed the POA2.0 upgrade, which introduced finality as well as additional security mechanisms into the network.
- February 2023: The VeChain network exceeded 2 million known addresses and enabled more than 20,000 contracts, making this a major milestone.
- March 2023: VeChain completed its integration With DappRadar, the world's largest global dApp store and cross-chain dApp community.
- April 2023: The platform launched its Web 3.0 as a service platform—VORJ.
- September 2023: VeWorld’s mobile version was launched.
VET Price Analysis
The bears left a significant mark on VET's performance over the past year. As the year came to a close in October 2023, this influence led to VET trading at a diminished value of $0.01662.
VET weekly chart
In the earlier stages, VET attempted to breach peak resistance at $0.028. However, this attempt failed as the coin's value declined thereafter, transitioning its support at $0.022 into a new resistance by November 2022.
The dawn of 2023 brought inklings of a bullish rally. The span from January to April 2023 observed VET stabilizing around a consistent support of $0.022.
Specifically, in February 2023, VET's price aimed for the previously established peak resistance but was met with insufficient momentum to sustain a price above this mark. This resulted in another temporary dip. An ensuing attempt to break above in April, weaker in comparison to its predecessor, failed yet again.
This led to the price departing from its Q1 support level, converting it into resistance once again. Following this shift, VET's price trajectory marked a series of lower highs, with a noticeable drop to its lowest at $0.014 in June 2023. By the close of our analysis, this remained as the prevailing support level, with a new resistance formed at $0.017.
The volume trends largely mirrored the aforementioned price movements. A most recent notable surge in volume was recorded in September 2023, which coincided with VET's attempt to ascend past the $0.017 resistance, albeit unsuccessfully.
Throughout the year, the 50 Exponential Moving Average (EMA) served as a daunting obstacle for VET's price. At no point did the price breach this barrier, staying below it consistently.
As for the 20 EMA, VET momentarily crossed it in January 2023. Despite a few subsequent minor dips, it remained above until April, after which it fell below and continued to stay there, indicating strong selling pressure.
Before January 2023's bullish attempt, the Relative Strength Index (RSI) lingered near the oversold threshold at 32.66. The indicator then saw an uptick, reaching 57.58 in February, a figure reflective of increased buying momentum.
Post this climb, the RSI retracted below the neutral 50 line, briefly resurfacing in April at 53.35. However, from then on, it consistently remained below the midpoint, closing the year at 43.75. This value suggested neither an overtly oversold nor overbought condition.
Should you consider buying VET?
Given the historical data and the indicators analyzed, the token demonstrated a bearish dominance throughout the year. However, for traders considering entering the market, targeting the buying range of $0.014 to $0.016 might seem plausible, as it aligns with the recently established support level.
As always, it's essential for potential investors to conduct further due diligence and consider their risk tolerance before making any investment decisions.
VeChain Price Prediction
VeChain has had an eventful 2021. To simplify the latest VET price prediction, we have divided up the prediction by short term VeChain price prediction and long term VeChain price prediction. As of writing this article, VET had a trading volume of 33,692,606. VeChain has gone up by 16.12% in the past 30 days.
According to our analysis in the short term, VeChain price prediction for February 2024 shows the average price of VET at 0.027 and the highest possible price for February 2024 would be $0.029.
Further, according to our analysis in the long term, VeChain price prediction for June 2024 shows the average price of VET at 0.03 and the highest possible price for June 2024 would be $0.032.
VeChain's Short Term Price Prediction
|Date||Avg Price||Lowest Price||Highest Price|
|1 December 2023||$0.019||$0.018||$0.021|
|2 December 2023||$0.019||$0.018||$0.021|
|3 December 2023||$0.019||$0.017||$0.02|
|4 December 2023||$0.019||$0.017||$0.02|
|9 December 2023||$0.017||$0.016||$0.019|
|14 December 2023||$0.016||$0.015||$0.017|
|24 December 2023||$0.014||$0.013||$0.015|
VeChain price prediction 1 December 2023: VeChain's price for 1 December 2023 according to our analysis should range between $0.018 to $0.021 and the average price of VET should be around $0.019.
VeChain price prediction 2 December 2023: VeChain's price for 2 December 2023 according to our analysis should range between $0.018 to $0.021 and the average price of VET should be around $0.019.
VeChain price prediction 3 December 2023: VeChain's price for 3 December 2023 according to our analysis should range between $0.017 to $0.02 and the average price of VET should be around $0.019.
VeChain price prediction 4 December 2023: VeChain's price for 4 December 2023 according to our analysis should range between $0.017 to $0.02 and the average price of VET should be around $0.019.
VeChain price prediction 9 December 2023: VeChain's price for 9 December 2023 according to our analysis should range between $0.016 to $0.019 and the average price of VET should be around $0.017.
VeChain price prediction 14 December 2023: VeChain's price for 14 December 2023 according to our analysis should range between $0.015 to $0.017 and the average price of VET should be around $0.016.
VeChain price prediction 24 December 2023: VeChain's price for 24 December 2023 according to our analysis should range between $0.013 to $0.015 and the average price of VET should be around $0.014.
VeChain's Long Term Price Prediction
VeChain’s long term Price Prediction below is a look at VET’s future prospect with regards to price. VeChain was last seen at $0.021, with a market cap of $1,584,313,890 and trading volumes of $33,692,606. VET’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
|Years||Avg Price||Lowest Price||Highest Price|
VeChain price prediction 2024: VeChain's price for 2024 according to our analysis should range between $0.021 to $0.032 and the average price of VET should be around $0.026.
VeChain price prediction 2025: VeChain's price for 2025 according to our analysis should range between $0.028 to $0.042 and the average price of VET should be around $0.035.
VeChain price prediction 2026: VeChain's price for 2026 according to our analysis should range between $0.036 to $0.055 and the average price of VET should be around $0.046.
VeChain price prediction 2027: VeChain's price for 2027 according to our analysis should range between $0.048 to $0.072 and the average price of VET should be around $0.06.
VeChain price prediction 2028: VeChain's price for 2028 according to our analysis should range between $0.063 to $0.095 and the average price of VET should be around $0.079.
VeChain price prediction 2029: VeChain's price for 2029 according to our analysis should range between $0.083 to $0.12 and the average price of VET should be around $0.1.
VeChain price prediction 2030: VeChain's price for 2030 according to our analysis should range between $0.1 to $0.16 and the average price of VET should be around $0.13.
VeChain price prediction 2031: VeChain's price for 2031 according to our analysis should range between $0.14 to $0.21 and the average price of VET should be around $0.17.
VeChain price prediction 2032: VeChain's price for 2032 according to our analysis should range between $0.18 to $0.28 and the average price of VET should be around $0.23.
VeChain price prediction 2033: VeChain's price for 2033 according to our analysis should range between $0.24 to $0.36 and the average price of VET should be around $0.3.
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FAQs about VeChain
VeChain’s current price is $0.021 and witnessed a 0.67% increase in the past 24 hours. VET/BTC pair saw a 0.015% increase in the past 24 hours
Investing in VeChain, VET will purely depend on your personal risk appetite. As you can see over the past 24 hours VeChain’s price has witnessed a 0.67% increase and over the past 30 days VeChain has increase by 16.12%. So it all depends on if this investment will hit your trading goals.
According to our latest VeChain Price prediction for 2023, VET should vary between $0.015 and $0.01. Please keep in mind that the crypto market is very volatile and this VeChain price prediction does not account for extreme wild swings in price.
As per the VeChain price prediction 2023 model above, VET’s price for December 2023 should range between $0.01 to $0.015 with the average price for December being $0.012
According to the VeChain Price Prediction model above, VET’s price in 2024 would be $0.026. This price would however would range from $0.032 and $0.021.
According to the VeChain Price Prediction model above, VET’s price in 2025 would be $0.035. This price would however would range from $0.042 and $0.028.
According to the VeChain Price Prediction model above, VET’s price in 2026 would be $0.046. This price would however would range from $0.055 and $0.036.
According to the VeChain Price Prediction model above, VET’s price in 2027 would be $0.06. This price would however would range from $0.072 and $0.048.
According to the VeChain Price Prediction model above, VET’s price in 2028 would be $0.079. This price would however would range from $0.095 and $0.063.
According to the VeChain Price Prediction model above, VET’s price in 2029 would be $0.1. This price would however would range from $0.12 and $0.083.
According to the VeChain Price Prediction model above, VET’s price in 2030 would be $0.13. This price would however would range from $0.16 and $0.1.
According to the VeChain Price Prediction model above, VET’s price in 2031 would be $0.17. This price would however would range from $0.21 and $0.14.
According to the VeChain Price Prediction model above, VET’s price in 2032 would be $0.23. This price would however would range from $0.28 and $0.18.
According to the VeChain Price Prediction model above, VET’s price in 2033 would be $0.3. This price would however would range from $0.36 and $0.24.
The highest price for VeChain was recorded in 19 April 2021 during which VET hit an All Time High of $0.28
The price of 1 VeChain according to current market rate is $0.021