The crypto sphere is going through a fair share of trouble at this point in time and many tokens have seen their prices crash in the last few days, but VeChain (VET) has emerged as an exception of sorts. This week, the VET token enjoyed an excellent rally and rose by as much as 18% to hit $0.00786 per token on most exchanges.
That being said, experts believe that the rally might not be entirely stable, and hence, investors or traders should tread a bit carefully. However, there is no doubt that VET is now in the middle of a rally, and crypto investors should definitely take note.
One of the most important things to keep in mind about VeChain is that as a project, it has a lot of promise. The project is one of the most popular sources of news in China, and unlike many other cryptocurrencies, VET has a definite use case. That being said, the current rally could be tied to other reasons.
The token is not listed on Coinbase, one of the largest crypto exchanges in the world, which gives people in the US access to a wide range of coins. There has been chatter that VeChain could soon be listed on Coinbase if it manages to display satisfactory volume and price action.
However, that is not all. The rally in VET has also been attributed to the possibility of ‘whale action’ or trades by market participants who deal in massive trades. In other words, traders who have the ability to move the market, and over the years, many altcoins have benefitted from such trades.
Last but not least, by any stretch of the imagination, are the actions of the VeChain Foundation, which bought as much as $25 million worth of VET tokens recently. That is definitely one of the other triggers behind the recent rally in the token.
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