Nowadays, you only need a verified trading account and a small sum to start your trading journey. Unfortunately, the crypto market is constantly fluctuating, which means one wrong move could wipe your entire investment in no time. Therefore, all traders (beginners and experts) should be vigilant by keeping tabs with current and relevant news & events and checking predictions.
Let’s see what we know about VET and its growth potential.
Framework of VeChain
VeChain is a blockchain platform that provides a solution for managing supply chains easily. It leverages distributed ledger technology (DLT) to enhance the monitoring of supply processes. The product has particularly transformed the way logistics and tracking service providers do their business, which attracted other industries and companies with complex supply chains.
VET is a native token within the platform used to transact value and secure the network. It ranks 23rd on the global crypto list with a market capitalization of more than $9 billion. 75% of the coins are in circulation.
What Does VeChain Mean?
The VeChain platform features another token — VTHO. It is intended for running VeChain’s “smart contract” transactions. Buyers can also use this platform to verify authenticity, quality, transportation logistics, and storage details (like temperature).
Main Features of VET
Even though VET acts as an ordinary cryptocurrency, it’s designed for multiple use cases. Besides helping monitor and track supply chains, VeChain has changed the way data was handled in the supply chain industry, particularly in regards to recording, verification, and storage. The platform uses smart contracts, programs or codes stored on the blockchain, which are triggered when predefined conditions are fulfilled.
How Does VET Work?
Knowing the issues VeChain can solve is arguably the first step towards understanding its operation. As stated earlier, VeChain simplifies data handling in the supply chain of large companies that handle volumes of data but cannot manage it efficiently or in an organized way. The platform uses Radio Frequency Identification (RFID) and near-field communications (NFC) to provide top-notch monitoring services to its clients. QR codes, sensors, and tags are also used by VeChain to enhance tracking of supply chains. All data related to a particular supply chain is instantly transmitted to VeChain.
Crypto Forecast for VeChain
The price of VET experienced all-time lows and highs of $0.001678 and $0.2782 respectively. At the moment of writing, VET costs $0.1454. VeChain’s solution for easier management of supply chains has undoubtedly facilitated this growth. However, other factors, such as changing rules and regulations in the crypto market and emerging technologies, should be considered when making price predictions. Evaluating VET’s past performance may help in making a realistic VET crypto price prediction.
Taking into account the volatile nature of cryptocurrencies and market hostility, historical data shows that VET has been on an upward trajectory. Expert analysts suggest a continued uptrend.
How Did Price Change?
VET was trading at $0.011 on November 16, 2020, and went on to attain $0.228 on April 17, 2021. Then, it nosedived to $0.066 on July 21, 2021. Afterwards, VET has been growing gradually. On November 1, 2021, it was trading at $0.1369.
Current State of VET
At the moment of writing, VET costs $0.1454. For the last 24 hours, the price decreased by 3%. The market cap ($9,335,049,009) dropped by 4%. More than 64 billion VETs are already in use and circulating.
VeChain Price Forecast for 2025
Cryptocurrency experts have different predictions regarding VET. For instance, Priceprediction.net shows that VET will attain a maximum of $0.76 by 2025. According to coinpriceforecast.com, VET will reach $0.59 by the end of 2025.
WalletInvestor thinks VET may trade at $0.3 at the beginning of the next year and $0.6 in 2025. TradingBeasts experts expect VET to increase up to $0.25 by 2025. So, most services are positive about VET’s future growth.
Is Investing in VET a Good Decision?
The VeChain project offers efficient and manageable supply chains. When investing in a business, you need to consider whether the company’s products are designed for future demand and operated prudently. Considering that VeChain meets these bare minimums, we can confidently conclude that investing in VeChain would be a wise decision.