VeChain reached an all-time high of $0.28 in April 2021. The cryptocurrency is trading at $0.026 and is struggling to delete a ‘zero’ from December 2021. VET has doubled in price since the start of January 2023, but it is now retracing due to sell-offs and profit bookings. However, the VeChain blockchain has a series of developments up its sleeve that add value in the real world and solve problems plaguing logistics and the supply chain industry.
In this article, we will highlight VeChain’s bullish developments and its prospects of reaching the $1 mark.
Also Read: VeChain Price Prediction For March 2023
What Are VeChain’s Bullish Developments?
VeChain is currently working alongside PriceWaterhouseCoopers (PwC) to provide its clients with traceability and product verifications. The blockchain also teamed up with clothing brand H&M in providing traceability solutions to its customers. For example, VeChain will provide H&M customers access to information telling them how the product was made. In this way, consumers will be able to verify that the supply chain is environmentally friendly.
In July 2022, VeChain announced that it will be providing luxury brands with a solution that takes on counterfeit and fake products, which eat up a large share of their revenue. Illegal and knock-off products are mostly manufactured in China, which pushes them into retail stores worldwide.
VeChain announced that it would embed a proprietary chipset in luxury goods to assist large brands in keeping track of their inventory on the blockchain. Customers will be able to verify the authenticity of the product through the chipset by using a mobile application. Additional details, such as carbon emissions, among others, will be detailed.
However, the development could take a few years before rolling out and remains to be under work.
Also, in August 2022, VeChain teamed up with OrionOne, a global logistics tech firm dealing in supply management. VeChain offers a platform to leverage blockchain technology without spending on network infrastructure.
Will VET Reach $1?
Going through all these bullish narratives, VeChain seems to be poised to reach the $1 mark. However, that’s for the stock markets, as the cryptocurrency markets work differently. Despite all these use cases, leading on-chain metrics and price analysis firms predict that VeChain might not reach $1 before 2030.
Currency.com predicts that VET could reach a maximum high of $0.38 by the end of the decade. However, Changelly‘s panel of cryptocurrency experts predicts that VET might reach a maximum high of $0.79 by 2030. Therefore, VeChain hitting the $1 mark anytime soon could only be wishful thinking.
At press time, VeChain was trading at $0.026 and was down 5% in the 24-hour day trade. VET is also down 90.43% from its all-time high of $0.28, which it reached in April 2021.