VeChain is among the cryptocurrency projects that recorded increased interest after the platform’s native token VET surged significantly over the past year. Notably, interest in VeChain is partly motivated by its ability to solve significant challenges in trustless data for different industries, including finance, energy, food, and medicine. In recent months, VET has attempted to break out of a consolidation period and embark on a recovery path necessitated by the ongoing cryptocurrency bear market. With the general market recently experiencing a short-term rally, VET investors hope the token will build on the progress and sustain gains. Indeed, the CoinMarketCap cryptocurrency community estimates that VET will trade at an average of $0.048 by August 31. The estimates by 822 community members represent a growth of 107% from the token’s current price of $0.23. However, the community expects VET to surge to $0.057 by the end of September 2022 to gain over 140% from the current value, with the projection based on votes by 433 members. Interestingly, the community appears to be betting on the increased use cases for the VeChain blockchain in improving the global supply chain. Already the ecosystem is witnessing utilization by leading global brands, including LVMH, BMW Group, DB Schenker, Kuehne & Nagel, and Groupe Renault, among others. The increased adoption is likely to trigger growth in VET as the global supply chain turns to blockchain solutions.
VET price analysis
VeChain has mainly traded in the red zone for most of 2022 after attaining a yearly high just above $0.09 in January 2022, with the community looking forward to regaining these levels. By press time, the token was trading at $0.023, with minor gains of over 3% in the last 24 hours. Despite having a strong use case, the value of VET has been weighed down by the general cryptocurrency market meltdown experienced in 2022. Furthermore, the value has been impacted by broader macroeconomic elements like skyrocketing inflation and interest rate hikes. However, VET will be banking on its utility to maneuver the challenging economic times. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
