Vethor Token (VTHO), the native token that facilitates processes and transactions on the VeChainThor blockchain, exploded 43% today to trade around $0.002542 at press time. But what’s driving this sudden pump in VTHO price?
While no definitive catalysts have emerged, the price jump comes on the heels of several positive updates from the VeChain team via their official Twitter account.
Specifically, VeChain teased the imminent launch of a new dApp store arriving in its mobile wallet, VeWorld. The store aims to make it easier for developers to build decentralized apps on the VeChainThor blockchain.
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Additionally, VeChain highlighted new features in its Node Rewards dApp, including instant node transfers between addresses and direct private sale proposals. These upgrades help increase usability and accessibility for VET node holders.
The team also touted the release of its dApp Kit – a library and set of tools designed to streamline dApp development on VeChainThor. By improving the developer experience, the kit could drive more dApp creation and usage on the network.
While the crypto market as a whole has seen strength recently, VTHO’s outsized gains suggest traders and investors are particularly bullish on VeChain’s ongoing development. As more dApps launch and transaction volumes pick up, demand for VTHO to power those activities increases.
The recent progress exemplifies VeChain’s roadmap for the first quarter of 2024. With ambitious goals focused on expanding utility and adoption, the protocol appears poised to capitalize on current market optimism. And VTHO holders stand to benefit if VeChain can continue delivering.
So in summary, while concrete reasons remain uncertain, signs point to building developer momentum and usage growth as contributing forces behind VTHO’s 43% breakout today. As the crypto shakes off the doldrums of the bear market, VeChain and VET’s success will likely continue benefiting VTHO price.
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