VeChain VET) has been struggling before rebranding and it appears it is getting its groove back into the gainers club in the crypto verse. The ecosystem focuses on IoT and its repackaging seems to have attracted the attention of investors. As a response, the coin has grown by 106.8% in the last 7 days.
VeChain (VET) has for the last been holding steadily in the market. The coin price has over the one week doubled despite the entire market volumes heading south. VET performance has been very impressive this month and Tuesday trading saw it hover around the 10% mark against the dollar.
In the last 24 hour trading session the coin has moved from position 19 to 18 by market cap that stood at $854.6million at press time. During the same trading period, the coin has gained 7.00% against the dollar to trade at $0.015410. Binance has been the highest VET mover with popular pairs being BTC and USDT which accounted for 87.92% of all VET coins that changed hands.
VeChain (VET) Price Surge and Bitcoin EFT Ruling
VeChain has been quiet after the rebranding and the price surge can only be attributed to a recent leakage of a document linked to Palm Beach Group urging investors and adopters to “buy VET in the short term at $0.016 whilst targeting a long term price of $0.27.” The massage has been circulating in social media and the predictions might not hold much water.
Traders are keeping a low profile for the last one week as they wait for the upcoming SEC decision on the anticipated Bitcoin EFT. This has led to a decline of over 25% last week. This is a ripple effect from the drop in BTC volumes in major exchanges that the market leader coin dominates. The eagerly awaited Bitcoin EFT proposals will determine the direction the market takes; all eyes are on SEC.
The Bitcoin EFT might not come into effect this year and the market cannibalization is set to continue for the next few months. This could see VeChain shed the current gains and get back to the struggling zone that has become synonymous with the crypto verse. Breaking the current BTC support level will mean a drop in VET price thus a fast SEC decision will sway the market significantly.
Release of VeChain Mini-App to the Market Timing
The release of the VeChain Mini-app two days ago appears to have spurred the community to live given that its release coincided with the Chines Valentine’s Day. This prompted the VeChain Foundation CEO Sunny Lu, through a live hosted YouTube stream, add:
“Recently, VeChain launched a mini-app on WeChat that incidentally fell on Chinese Valentine’s Day. WeChat is one of the biggest social media applications in China and it is featured on beijing.com.”
When urged further to explain the VET price surge a few hours ago Sunny Lu said:
“The VeChain mini-apps that were launched on WeChat could be one of the main reasons for the spike. That’s the beauty of the MPP. The migration that started from the previous, private consortium blockchain to the Mainnet and public blockchain could be another fact for the price hike. There was a lot of VeThor consumption during the migration as well.”
With mini-App in the market, the VeChain (VET) ecosystem could continue to stretch the VET price further as the community waits for the SEC decision on the Bitcoin EFT. Should the decision favor the market, it could be the best breakout for the platform.