VeChain (VEN) Down 60% In Three Months, $2 Billion Wiped from Market Cap
VeChain is the worst performing coin in the top 20 in the last 24 hours and 7 days according to data from CoinMarketCap.
The VEN token trades at $1.65 against the US dollar, the lowest price it has hit since it traded at $1.87 on December 28, 2017.
VeChain is currently trending lower at 8.75% against the USD. It’s also 8% and 7% lower against both BTC and ETH, respectively.
Over the last 7 days, VEN has lost value by about 21% and could see further downtrend if its market sentiment remains bearish.
It now has a market cap of $924 million and a daily trading volume of $43 million, currently ranking it at 20th position on CoinMarketCap. Its market cap was nearly $3billion to start the month of May.
The entire market is just coming off a great run that saw BTC reach a recent high of $7,500.
While most other coins followed suit and recorded higher moves, VEN has tended to trade in a series of lower lows over the last week, as it has done over the last two months.
VeChain’s trend that has taken its price lower began at around May 20 when it traded at around $4.59.
The VEN token (soon to be listed as VET) has lost 45% and 56% in the last 30 days and 90 days respectively.
Between July 14 and July 20, 2018, the crypto has experienced a sharp decline. Its price has dropped from $2.09 to below $1.70.
VeChain’s price trend also appears to have been impacted by very low intraday trading volumes.
The last two weeks have an average trading volume of about $45 million. The low volume has been a feature of VeChain, but it has dropped off since the beginning of July.
VeChain Thor (VET) token swap
VeChain Thor was launched on June 30, 2018, a highly anticipated development that is supposed to see the platform revolutionize various sectors of the economy.
It was also expected to bolster the coin’s price. The successful migration from the Ethereum network led to a number of activities.
It included the deployment of the Authority Master Node deployment, forging of VeChain Thor and monitoring of X-Nodes.
It also meant that a token swap would be carried out to have the ERC-20 VEN tokens exchanged for VeChain Thor (VET) tokens.
Up until now, VeChain has been an ERC-20 token hosted on the Ethereum blockchain.
The VeChain Foundation announced towards the end of June that it would engage exchanges in a bid to have them support migration and token swap.
After the Mainnet launch, a number of exchanges have supported the token migration and swap.
Some of those to have indicated and initiated token swap are L-Bank, which was the first exchange to offer to undertake the swap. Others are Bithumb, Gate.io, Bitfinex, and Binance.
For Binance, currently, the largest exchange offering VEN/BTC, VEN/USDT, and VEN/ETH, the token swap will begin on July 21 (2018/07/22 0:00 AM (UTC).
The platform has asked all users to note that all deposits and withdrawals of VEN will be halted. At that point, Binance is expected to begin swapping VEN tokens with VET.
The exchange has also reminded its customers to “leave sufficient time for your VEN deposits to be fully processed prior to the swap.”
Once trading is halted, VEN tokens will be distributed for VET at the ratio of 1:100.
The Binance team has estimated that trading of new VET pairs on July 25 with VET/BTC, VET/ETH, VET/BNB, and VET/USDT. Thereafter, deposits and withdrawals will follow.
Holders of VET will then be able to generate VeThor (VTHO) as long as they have VET balances in their wallets. The VeChain team has also promised to “compensate users with VTHO for the token swap period.”