VeChain (VET) has introduced a new reward system in its ecosystem. The project has upgraded its tokenomics to incentivize user participation. The new model aims to reward early stakers as well. Users can also stake NFTs in the new model. Participants who help secure the network will receive protocol-level NFTs as incentives.
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VeChain Continues To Glow Red
The cryptocurrency market continues its downward trajectory. Bitcoin (BTC) has fallen to the $95,000 price level. The global crypto market cap has dipped 3.7% in the last 24 hours to $3.25 trillion. VeChain (VET) has also experienced substantial losses. The asset is red across all time frames.
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VeChain’s (VET) price has fallen 5.3% in the daily charts, 10% in the weekly charts, 8.6% in the 1-day charts, and 36.7% over the previous month. The asset has also dipped 30.2% since February 2024.
Will The Asset Hit $0.08?
VET’s latest move could lead to more users flocking to the network. The development could lead to a price spike for the asset.
According to CoinCodex, VET will continue to rally over the coming months. The platform anticipates VET to hit $0.077 on Apr. 20. The asset will rally by 156.67% if it hits the $0.077 target.
Changelly also anticipates VET to rally over the coming months. The platform predicts VET to trade at $0.0463 for the next few months. The asset will rally by 54.33% if it hits the $0.0463 target.
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There is also a possibility that VET will dip over the coming weeks. The larger crypto market is yet to recover from its recent correction. Bitcoin (BTC) continues to see outflows. Macroeconomic conditions are also yet to improve. These conditions may present considerable hurdles to the crypto market.