VeChain Price Prediction: Will VET Price Rise Again?

VeChain Thor (VET), the native token to the VeChain blockchain, is a unique Cryptocurrency asset designed to underpin an enterprise-focused system for supply chain management, traceability, and business process solution streamlining.

VeChain the platform itself utilises two distinct tokens: VeChainThor, which transfers value across the network, and VeChainThor Energy (VTHO) that acts as gas for transaction fees, similar to NEO’s Gas token, or Ethereum’s gas.

The Crypto token started off its existence as just VeChain as an ERC-20 token under the VEN ticker but changed the supply allocation, the name, and ticker VET after moving to its own mainnet.

The particular altcoin is promising due to the potential void it fills and how wide spreading of industries it potentially covers. For example, the luxury goods market is worth billions, but counterfeits eat into profit margins. VeChain, for example, could prove authenticity and trace the product’s origin through its delivery to a consumer’s door.

VeChain also has some of the most well-known partners on board and listed on its website out of any other Crypto project. It includes massive names like BMW, and big-four auditing firm PriceWaterhouseCoopers (PWC).

It is for these reasons, and many more, that VeChain price predictions are so varied. Some claim VET has enormous potential projected growth value, but the price chart doesn’t always reflect experts’ and analysts’ expectations.

This VeChain price prediction guide will teach you all the most essential facts about VeChain, answer the most essential to know questions about the Cryptocurrency like “should I buy VeChain?” and provide a realistic outlook on Vechain projected growth.

Read on to find out!

VET Overview

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What is VeChain?

VeChain is a blockchain platform that aims to solve real-world economic problems by enabling transparent and secure distributed business processes. Created in 2015 by Sunny Lu, VeChain operates its mainnet blockchain technology separate from other major networks like Ethereum or Bitcoin.

The VeChain Foundation oversees the development of the platform with the goal to enable businesses to integrate blockchain into their existing processes and systems. This allows companies to track their products and services in fine detail throughout complex supply chains while maintaining data privacy and security.

One key feature that sets VeChain apart is its focus on business applications instead of being just another Cryptocurrency. The VeChain VET and VTHO gas fees on the network facilitate the execution of smart contracts and transactions, but the end goal is to provide blockchain-as-a-service solutions.

Real world use cases

In particular, VeChain targets provenance, logistics, and authentication as main use cases. The transparency of public ledgers allows consumers and partners to verify the origins and movements of products. This also enables analytics for optimization along entire supply chain and solve real world issues.

For example, VeChain has partnered with fashion brands like Louis Vuitton China to fight counterfeiting of luxury goods. NFC chips embedded in handbags sync with the blockchain so buyers can confirm authenticity.

DNV and PwC also work with VeChain using its toolkit for food safety tracking, carbon emissions reporting, and more. LVMH, Walmart China, and BMW were early partners conducting pilots to track everything from grapes and milk to car parts on the blockchain.

Government ties in China

Importantly, VeChain has close ties with the Chinese government at the national, regional, and local levels. The City of Shanghai signed an agreement to build a smart city powered by VeChain. The National Research Consulting Center also uses VeChainThor for data services.

Having such high-level partnerships lends credibility and preferential treatment from regulators. It also positions VeChain as the public blockchain of choice as adoption accelerates in China.

Technical details

The VeChainThor mainnet went live in 2018 powered by 101 Authority Masternode operators that maintain the network. The PoA (Proof-of-Authority) consensus model promotes efficiency for enterprise use.

Programmers can build dApps on VeChain using Solidity smart contracts similar to Ethereum. However, the high possibility ofmigrate Ethereum dApps with minimal changes. This makes it easy for developers to build on VeChainThor.

The native VET Cryptocurrency facilitates transactions on the network. VTHO gas powers the execution of contracts and payment of transaction fees, preventing network congestion.

Enterprises use the VeChain ToolChain toolkit for simplifying adoption. The BaaS platform handles all the blockchain complexities, enabling integration with existing systems.

Relatively stable growth free from speculation makes VeChain an appealing option for businesses exploring blockchain integration. The ecosystem aims for real-world solutions rather than chasing short-term Crypto market profits.

Funding and events

In 2017, VeChain held one of the most successful initial coin offerings in blockchain history, raising over $20 million. This funded ongoing platform development managed by the non-profit VeChain Foundation in Singapore.

Major events like the VeChain Summit showcase innovation on the platform. The 2021 summit highlighted blockchain enabling sustainability, carbon management, responsible manufacturing, and more. Showcasing clients like BMW and PwC demonstrates real progress.

Future outlook

Today, VeChainThor runs as a full-fledged independent public blockchain servicing enterprise clients. With strong roots in China and growth across industries worldwide, the future looks bright.

VeChain VET positioned itself as an enabler of real business transformation leveraging blockchain technology. It evolved from humble beginnings focused on supply chain management into an integral component of the global blockchain ecosystem and is a testament to the hard work put in by the VeChain team.

The current price today is $0.02 USD, but price tomorrow could very well be anything, considering how volatile the Cryptocurrency market is. At the current price times the VeChain circulating supply of
72,714,516,834 VET tokens, the total VeChain market cap is valued at $2.5 billion.

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VeChain historical price action

This VeChain price prediction article also explores VeChain’s year-by-year price history, incorporating actual data on its minimum and maximum prices, average price trends, and more to provide a detailed understanding of its market performance.

The emergence of VeChain (2015-2017)

While VeChain was founded in 2015, it made its mark in the Crypto market around 2017. In its early years, the average price of VET was relatively low, typical of new Cryptocurrencies. However, the project’s unique approach to using blockchain for supply chain management started garnering attention.

The volatile leap (2018-2019)

VeChain’s market presence took a significant turn in 2018, with a maximum price reaching $0.019775. However, this period was also marked by substantial volatility. The average trading price in 2018 was around $0.010073, and it further dropped to $0.005491 in 2019. The minimum price during this period were $0.003282 in 2018 and $0.002934 in 2019, reflecting the market’s fluctuating confidence in VeChain.

Stability amidst adversity (2020-2021)

The global pandemic in 2020 brought unprecedented challenges, yet VeChain’s price dynamics displayed resilience. In 2020, the maximum price touched $0.026894, and the average price of VeChain was about $0.010547, showing stability despite the global economic situation. 2021 was a landmark year with the maximum price soaring to $0.278216 and an average price of $0.105065, indicating a surge in investor interest. The lowest price in 2020 was $0.001678 and $0.019640 in 2021, showcasing VeChain’s robustness in turbulent times.

Recent developments and future outlook (2022-2024)

In the most recent years, VeChain has continued to evolve. The maximum price in 2022 was $0.095823, with an average price of $0.035716, reflecting a phase of adjustment after the previous year’s surge. In 2023, the maximum price was $0.038691, and the average price stabilised at $0.021182. The closing price in 2023 was $0.034239 and the opening price in 2024 was $0.034250.

Factors influencing VeChain’s price trajectory

VET’s price trajectory has been influenced by various factors, including technological advancements within the VeChain ecosystem, global economic conditions, and the overall sentiment in the Cryptocurrency market. Strategic partnerships and mainstream industry integrations have significantly impacted VeChain’s price.

VeChain price movements offers valuable insights into blockchain technology’s real-world applications and potential. With a unique value proposition and continuous evolution, VeChain remains an important player in the Cryptocurrency landscape, eagerly watched for its future developments.

VeChain price predictions and expert forecasts

Often, a VeChain price forecast from an expert is given more weight than a simple Vechain VET price prediction using price analysis or other predictive tools.

Here’s what experts are saying about VeChain potential being profitable, along with various VET coin price forecasts.

Wallet Investor

WalletInvestor has a five-year forecast for VeChain that only reaches 70 cents per coin.

Tom Holland, CoinMonks

Tom Holland of CoinMonks sees VeChain at similar prices and even higher. “Now in terms of long-term VeChain price predictions though we could be seeing VeChain close to a dollar or even pass one dollar,” he said.

VeChain technical analysis

Technical analysis can help to predict future price movements in an asset and using to make a VET prediction is possible.

VeChain price prediction 2024

In this chart, a long-term moving average is starting to curl upward, suggesting that the bear market in Crypto is over.

VeChain price prediction 2025

If significant buying pressure returns to VeChain coin, a bull market in 2024 could lead to a return to a Crypto winter in 2025. However, it is difficult to give an accurate VET price forecast two years out.

VeChain price prediction 2030

Making a VET Crypto price prediction this far out is a challenge and mostly guesswork. However, given the long-term trajectory, the price of VeChain could reach as much as $3 to as low as $0.36 as Vechain aims to disrupt the supply chain market.

What is the future of VeChain?

VeChain’s future is blurry compared to the crystal clear potential of top Crypto assets like Bitcoin, Ethereum, Ripple, and Litecoin. Sound investment advice suggests to stick to more dominant and widely adopted coins.

It has astronomical disruptive potential as an enterprise solution for business processes and supply chains, but investing in it can be risky due to the fact that no business may ever adopt the technology. It would involve retrofitting all systems with RFID tags supplied by VeChain, a significant investment into VeChain tech and development, and utilizing the VeChain platform for all aspects of a business. This is a major risk for large companies with many moving parts. And although VeChain is designed to connect and sync these systems, the cost of labor, time, and effort could be too extensive to consider the long term savings thanks to increased efficiency.

If the altcoin fails as a Crypto project, then its price could crash to nearly zero. If it is successful, however, the sky could be the limit. This makes VeChain more of an all or nothing play and not the type of safe investment in a proven Crypto asset that most would recommend.

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