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VeChain Skyrockets Over 50% in One Week, Hits Yearly High
- VeChain (VET) has seen a remarkable surge in value, gaining 53% in seven days and 29% in the past 24 hours.
- An upcoming announcement and significantly heightened interest and social media buzz surround the project.
- Popular trader Ali predicts a correction until June followed by a bullish trend for VET towards the end of 2024.
While Bitcoin and the broader crypto market are taking a breather from the recent rally—Bitcoin has gained over 20% in the past month after all—one project has made enormous gains.
VeChain VET has left everyone else in the dust, gaining 53% in seven days, and 29% in the past 24 hours alone. Currently VET trades at USD $0.0461 (AUD $0.0707) as data from CoinMarketCap shows.
VeChain, founded by Sunny Lu, has attracted notable social media attention with Google Trends showing significant interest over the past few weeks. This is likely due to an announcement which keeps people interested in the smart contract platform, which describes itself as the “blockchain for a better world.”
VeChain is set to make the announcement at the MWC2024 conference in Barcelona. In a related post VeChain explained that it believes sustainability is essential as the world faces the depletion of finite resources, climate change, and pollution, hinting at the role of blockchain in this.
Blockchain is making sustainability a rewarding endeavour, helping businesses meet their obligations, supporting individuals across supply chains, and by helping to shift consumer behaviour through carrots, not sticks. 8 billion people across the globe have immense potential to drive change in pursuit of this common goal.
VeChain
Climate change and sustainability are hot topics of course, and involvement of the blockchain industry is a bullish signal.
Trader Believes 70 Cent Possible Soon
It is not surprising then that popular trader ali_charts predicts a correction for VET until June before it makes its way to new highs by November.
Drawing from historical patterns, Ali sees a growing conviction among enthusiasts and analysts alike that VET is poised for a noteworthy uptick in value. This optimism is not unfounded; it’s grounded in previous market behaviours that have seen similar trajectories.
The real excitement lies in the projections for the latter half of the year. The analyst is forecasting that, following the mid-year correction, VeChain could embark on a bullish trend, propelling its value to an impressive USD $0.70 (AUD $1.06) by November.
The prediction indicates a promising future for VeChain, with expected growth and heightened investor interest due to its technological developments and favourable market trends, despite the usual market risks sparking excitement within the VeChain community.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
