VeChain (VET) Summary: Bear market taking its toll on everyone but VET community enthusiasm

VET cryptocurrency had some interesting price movements during the last month. September 7th saw the currency peak at $0.0158 behind a solid volume of $30 million. This turned into a steep drop in the following days as the currency fell to a monthly low of $0.0118 on the 12th. An attempted move upwards ended on September 15th when VET peaked at $0.0145 before dropping off further. The values of $0.0140 were retested on September 21st (behind some increased volume of $36 million) but VET bears won the battle once again as the currency fell off again. VET’s price has been moving mostly sideways ever since.

HonzaHonzas thinks VET is a safe bet for the upcoming months/years:

“VeChain is being heavily suppressed by whales; it is just a matter of time, when this amazing project skyrockets. I am not saying that it will move now, but it should be pretty safe bet for the future.”

CryptoStation provides more info about the currency’s potential short-term movements.

Several projects have decided to use VET as the ecosystem for launching/running their operations, taking full advantage of VeChain’s mission to create an infrastructure for corporations to implement public blockchains into their activities. OceanEx, the next-gen AI-powered intelligent digital asset exchange, recently held an X-Node quota event which saw 85,350,000 VET being exchanged to 623,055,000 OCE by X Node Holders.

206 Million VET will be the hard cap for OCE Community round. Another project called Safe Haven Foundation kicked off its own X-Node TGE round on October 8th which got filled in the first two minutes. The project aims to create solutions for inheritance, asset distribution and asset control on the VeChainThor Network. SHA TGE is doing very well in the X node round after almost 24 hours, with 17,005,709 VET being allocated for the VET X nodes and 37,988,632 VET being filled so far.

Safe Haven recently released a product called ThorBlock whose primary objective is to handle the remittance and accounting of contributors’ pooled funds, specific to offerings within the VeChain ecosystem. In short, utilizing ThorBlock allows pooled funds between multiple contributors to be accounted for and safely managed.

The partnership with BYDCompany, a $1.6 billion worth Chinese smart car manufacturer, was in the community focus recently as well. Claiming that they are “doing for the car what Android did for the mobile phone,” BYD recently confirmed that their 341 sensors and 66 controls on the car will be completely open for developers. The company also announced the completion of a $5 million warehouse which will be located in LAC, California and handle production of battery-powered busses.

As BYD previously announced that they’ll be cooperating with VeChain for their in-app payments and value exchange, this announcement suggests that VET tokens will see much more usage as a result of it.

One of the most notable things about VET is a really ardent community, that is enthusiastic and active even in the grim days of bear market. If we know that human resources and support are the most important factor for any project to suceed, the lively community is a good omen for VET future.

We also saw some other projects signing partnerships with VeChain. Besides the usual suspects like Cahrenheit, Esprezzo, Totient, a couple of wallet projects (Arkane, Cobo and Trust) announced their support for the VET token. The VeChain project is seemingly content with building up its ecosystem and finding additional use cases for their technology at the moment. We will see if this is enough to turn VeChain into a leading supply chain management token on the market.

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