VeChain (VET) has been hanging on throughout the last bear market relatively well. Even though its USD price suffered and fell to $3.11 at one point, the VEN/BTC pairing hasn’t bled much, staying strong above 44200 satoshis. Just like the rest of the market, VEN had a bad month of May USD-wise but has since recovered, rising from the mentioned $3.11 to $4.04. The BTC value followed suit, gaining around 5 thousand satoshis since the turn of the month. It is currently trading just above 51000 satoshis.
While it has resisted the downtrends (especially the BTC one) pretty well so far, some traders feel like VEN could be heading towards a retracement. Simply following the rules of the market a retracement has to happen. It might be best for it to happen now, while the general market correction is still going on, and not when the entire market enters a bull run. A deep, healthy retrace should ensure VEN climbs to higher highs in the future. So far, it shows no signs of slowing down and is currently the only top cryptocurrency that has had a green year so far.
FA side of things looks stellar so far. VeChain is a project looking to regulate the supply chain management process, putting strong focus on assessing the quality of products it manages. It wants to provide an extensive insight into a products background history, ensuring that quality and authenticity remain at a certain level. The project has recently rebranded itself as VeChain Thor and has released an updated whitepaper. Sunny Lu, VeChain executive, recently spoke about the upcoming mainnet release. Many people have criticized VeChain for investing too much time and money into testing. Sunny Lu doesn’t seem bothered by these naysayers, saying:
“With any kind of software project or system project, you should put at least fifty percent of [your] budget in testing”.
VeChain team came out with an announcement of their own, confirming their intention to continue testing the security of their platform, hoping to ensure that the mainnet launch goes without any major issues:
“We at VeChain take security seriously, and have placed the highest priority upon it. We believe true security requires the collaboration with outside forces, and to that extent we have begun working with multiple security firms during our mainnet testing.”
Companies like Secureware, Hosho, HackenProof and SlowMist are cited as main VeChain’s partners throughout this testing process. All of them have extensive backgrounds in blockchain security and are currently focused on reviewing the blockchain source code, the node consensus algorithm, the virtual machine as well as the VeChain wallet. Other non-security related partnerships include giants like BMW, Oxford University, DECENT.bet etc.
All in all, VeChain is another one of those platforms with excellent fundamentals that hasn’t quite had the chance to properly explode due to a general bearish sentiment of the market. Traders are still bullish on it, with some EOY predictions seeing it go all the way to 19 dollars. It’s currently running decently but short to mid-term, a correction should be expected. Once this happens, VEN should be fully primed for its next bull run.
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