Connect with us
Active Currencies 14794
Market Cap $2,467,692,571,200.00
Bitcoin Share 51.25%
24h Market Cap Change $-0.87

VeChain reaches new milestone, but will it be enough to beat the bears?  

2min Read
VeChain reaches new milestone, but will it be enough to beat the bears?  

Share this article

  • VeChain’s total addresses known exceeded the 2 million mark.
  • On-chain performance and market indicators looked pretty bearish.

VeChain [VET] reached a new milestone on 10 February, as it crossed the 2-million mark in terms of addresses known. At the time of writing, the value stood at 2,000,435. To simplify, “addresses known” are the total number of addresses that have been seen on the VeChain network. 

Interestingly, VeChain achieved this just a few days after it unveiled ‘The Hive,” which is a web-3 and sustainability-focused summit. However, despite this new milestone, things on VeChain’s price front do not look good. As per CoinMarketCap, VET’s price declined by 5% in the last seven days, and at the time of writing, it was trading at $0.02345 with a market capitalization of over $1.7 billion.

A look at VeChain’s on-chain metrics revealed quite a few factors that might have restricted VeChain from climbing up the price ladder. 

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

Not a good start to 2023?

While VET’s price rallied in January 2023, thanks to the bullish market, things on the metrics front were not as promising as many would have expected. For example, after a spike in demand from the derivatives market in early January, it then dropped, as evident from VET’s Binance funding rate.

Besides that, VET’s development activity has decreased in the last 30 days, which is a negative signal because it indicates fewer efforts by developers to improve the network. LunarCrush’s data revealed that due to the decline in price, VET’s market dominance also fell by over 5% during the last week.

Surprisingly, after registering promising gains in terms of total value locked (TVL) for several weeks, DeFiLlama’s chart pointed out that the increase came to a halt.

Source: Santiment

Nonetheless, positive sentiments around VET remained relatively high throughout the last month, which reflects the crypto community’s trust in VET. Additionally, VET’s social engagement drastically increased by 83% last week, indicating VET’s increased popularity in the crypto space. 

Realistic or not, here’s VET market cap in BTC’s terms

VET stuck between bulls and bears

Like most of the on-chain metrics, several of the market indicators also supported the bears. The MACD displayed a bearish crossover. VET’s Money Flow Index (MFI) registered a downtick, which increases the chances of a continued price plummet. However, the rest of the market indicators suggested otherwise.

As per the Exponential Moving Average (EMA) Ribbon, the bulls still had an edge in the market as the 20-day EMA was above the 55-day EMA. Furthermore, VET’s Chaikin Money Flow (CMF) was still above the neutral mark, which was a development in the bulls’ favor. 

Source: TradingView


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.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.