• VeChain (VET) is a cryptocurrency and blockchain platform that was launched in 2015 and designed to provide supply chain solutions.
• In late 2020, VET’s price experienced a significant bull run, reaching an all-time high of over $0.20.
• Since its launch in 2015, VET has seen significant price appreciation and volatility, reaching its all time high of around $9.50 in late 2017.
VeChain (VET) is a cryptocurrency and blockchain platform that was launched in 2015 with the purpose of providing supply chain solutions. Since its launch, it has seen significant price appreciation and volatility, reaching an all-time high of over $0.20 in late 2020. This was driven in part by the overall bull market in the cryptocurrency space, as well as strong demand for VET as a utility token on the VeChain platform.
At the time of writing, VET was worth $0.0155 with a market capitalization of $1.13 billion and a 24 hour trading volume of $19 million. Data from Coinglass revealed that the total open interest VET futures had gone down by more than 3% over the past 24 hours. Meanwhile, the token has seen liquidations worth more than $8000 in the same time period.
In the early years of its existence, the price of VET remained relatively stable, hovering around the $0.01 to $0.03 range. However, in late 2017, as the overall cryptocurrency market began to rally, VET saw its price surge to an all-time high of around $9.50. This represented a massive increase of over 32,000% from its initial price.
The subsequent correction in price, however, has seen VET’s value decrease significantly. Despite this, the project has seen strong adoption, particularly in the supply chain solutions space, as well as in the development of enterprise-grade applications. This has allowed VET to remain a key player in the cryptocurrency space and is likely to aid in its price recovery in the long-term.