VeChain (VET) Drops 10% But Still Up 120% From Recent Lows
The recently rebranded VeChain (VET) continues to impress as it continues to force a strong comeback. The gains recorded by VeChain sets it apart from the entire crypto market.
Performance of VeChain (VET) over the last one week
VeChain has been mooning over the last one week. The value of the VET tokens has appreciated by 88.73% over the last one week.
The VeChain price rose by nearly 10% on Tuesday, even as the wider cryptocurrency market struggled to retain marginal gains.
This improved form makes VeChain one of the market’s top performer in August. VeChain leads the pack of gainers in the top 50 cryptocurrencies ranked by market capitalization.
VeChain continues to impress with today as price continued its climb, rising by approximately 7.57% over the US dollar and 3.8% over Bitcoin over the last 24 hours.
VeChain’s rise over the US dollar makes it the biggest gainer in the to 20 digital asset list, followed by IOTA with an appreciation of 4.76%.
VeChain’s growth of 88.73% in the last seven days has seen it move up to become the 18th largest digital asset with a circulating valuation of $852.2 million, and the VET token is now trading at $0.015368 per token.
VeChain traded volume
The volume of VET tokens traded has improved along with its unprecedented rise in value in the last one week.
On Friday, August 17, VET recorded its highest trade volume of $94,427,600. Over the last 24 hours, the total of VET traded amounts to $60,671,202 (a drop of about 28%).
The vast majority of the trade VET volume (up to 90%) continues to coalesce on Binance, the world’s largest cryptocurrency exchange platform.
With the platform’s VET/USDT and VET/BTC pairs accounting for 46.9 and 41 percent of all VeChain traded over the last 24 hours.
Prior to the rise in trade volume, the daily volume of VET trade hit a low of $8,428,220 0n August 11, before the tides began to change.
Reason behind the soaring price of VeChain (VET)
VeChain’s impressive run over the last one week cannot be linked to any single prevailing theory. as there has been no major announcement released by the IoT-focused VeChain platform.
However, there is a possibility that the performance of VET can be connected to an alleged publication made by investment research firm Palm Beach Group which was later seen on VeChain’s social media channels.
The publication encouraged subscribers to purchase the VET tokens for prices up to $0.016 in the short-term with a long-term target as high as $0.27.
The impressive market performance of VeChain cannot be hinged to this theory as it doesn’t seem plausible.
However, many would argue that this market-leading performance was inspired by the ongoing MainNet launch of Lisk forked from the VeChain blockchain or a delayed effect from the VeChain MainNet launch.
A successful MainNet launch saw the project announce a strategic partnership with BMW, one of the biggest, and most respected brands in the automobile industry.