The VeChain price (VEN) exploded by over 40 percent becoming a bright star in a widespread recovery that raised the cryptocurrency market cap by more than $5 billion over the past 24 hours. Vechain now has a USD 826 million market cap taking the token to 18th position, 2 positions ahead from when this rally started. The reason for the sudden price spike is unknown but could be associated with a couple of news that is buzzing around
VeChain swap news continues to boost
Vechain’s Mainnet move has now made it a two-coin system VET and VeThor, where VET is smart value in the new VeChain ecosystem while VTHO would the energy or cost of carrying on transactions. The value of VTHO would also define the value of VET and the return on the investment of running a VeChain node. For now, both the price of buying starter nodes and the value of rewards, has fallen. The new VET tokens have already been integrated by exchanges, and recently, KuCoin opened withdrawal services. KuCoin was one of the exchanges that offered to swap the tokens outside the VeChain mobile wallet.
VET Deposit Services Open
— KUCOIN (@kucoincom) August 16, 2018
If on checks on Coinmarketcap, VeChain trading is overwhelmingly centralized on Binance, the world’s largest cryptocurrency exchange. At present, Binance’s VET/BTC, VET/USDT, VET/ETH, and VET/BNB pairs account for approximately 92 percent of all vechain trading, with the remainder distributed between smaller platforms such as LBank, Gate.io, and Kucoin. However, a recent tweet by the chief of Binance, Changpeng Zhao, suggested that after the price drops, the renewed active trading may be a concerted effort by bots.
Just received this. Interesting similarities and differences on exchange volumes. pic.twitter.com/6HAJOjXRrg
— CZ (not giving crypto away) (@cz_binance) August 16, 2018
Various possibilities appear nothing clear as of now.
VeChain’s partnership Blockchain vaccine tracing solution for China crisis
Last month, China faced an enormous scandal, when it turned out that hundreds of thousands of children had received faulty vaccines. The Chinese government wasn’t aware of the situation and didn’t knowingly allow the distribution of unsafe vaccines. In a recent blog post, VeChain talked about the China situation and its partnership with DNV GL for creating a technology platform which could help prevent such events.
“VeChain, in partnership with DNV GL, is leveraging public blockchain technology to rapidly advance drug traceability, monitoring, security, and auditing. In 2016, the State Council issued the National Informatization Plan for the Thirteenth Five-Year Plan, in which blockchain technology was included. Now two years later, blockchain technology has developed under the support and guidance of state-provided resources and policy. VeChain’s traceability solution is being developed and tested in Shanghai, and will soon be rolled out across China.”
Is it the technical factors driving this rise or the core fundamental news well its something difficult to determine what is driving the price up, but definitely it has bought joys to the Vechain community.
Is Vechain ready to provide its traceability use case in Pharma? Do let us know your views on the same.