VEN was one of the few digital assets that boomed during the sell-off in the past months.
VeChain (VEN) regained some of its price territory that was lost after the X Nodes snapshot. VEN grew by nearly 18% overnight to $3.02. But even after the recent slide, VEN remains one of the few digital assets that were in the green in the last quarter, while other assets wiped out more than 60% of their value.
While the overall crypto market slid to below $300 billion in market capitalization, VEN had its moment for a ten-fold growth. And while altcoins are showing weakness, this project kept some of its gains. With a main net coming in a few months, VEN may bridge over with its price in a reasonable range.
VEN once again boomed on Binance trading, where most of its volumes are concentrated. The token was the third most active trading pair in the last day. With much less coins in circulation, the price may see purely speculative volatility, especially given the exposure to the Bithumb markets.
The other development for VEN is that some projects are already preparing to use the platform, once it enters into the VeThor stage and launches its new blockchain. A wine sourcing and tracking app is already operational:
On the other hand, the BMW USA partnership is real, though not exclusive. It is a testing-stage project through a platform that is available to other developers as well.
Yet when it comes to trading VEN, short-term spikes like this also invite caution. The token has shown it can also drop as sharply, and the current volumes flowing in may be a short-term phenomenon. It is possible that VEN unravels some of the recent gains.
There are predictions that the price would go up by 30% after the Bithumb trading goes live, inviting more traders. But it is possible that some would sell at a high enough price, putting brakes on the growth.
For now, it is difficult to estimate whether the coin lockdown program has harmed or helped VeChain. It is also unknown whether there would be demand for more nodes, or that some wallet holders would rather lose their node status and sell. Large wallets belonging to exchanges have in effect opted out of the large-scale staking.
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