Following the successful token swap in 2018, the value of the VeChain token and ecosystem has grown significantly. Investors expected the growth rate of the platform to be higher than that of Bitcoin by 2021. Fast forward to 2021, and let now us see where VET is and the future of the token price.
VeChain 2021 Price Performance
Although it’s a safe and relatively easy way to make money, investing in cryptocurrencies can be very risky. You could lose all your hard-earned cash in a few short months. Over the past two months, the price of VeChain has increased by more than 180%.
VeChain started in 2021 at $0.0191 and has increased by 662% during the past year. It is expected to reach its end year’s price of $0.20, a year-to-year change of +790%. Despite this excellent performance, it has experienced an 8% decline since the beginning of the day (as of the time of writing).
Back in 2019, some VeChain analysts predicted a price of $0.258 by the end of 2021, and it looks like the prediction might come to pass. Others more boldly expected $20 per token by 2023, but can that become a reality?
Even if the price is down, VET has managed to hold its support above $0.12. This shows that the network is still growing and that it can still maintain its high growth rate. VeChain’s vision is becoming more popular, with many prominent partners backing it. However, it may be affected by the government’s influence on banks and regulators. Current VeChain partners include PwC, BMW, Groupe Renault, and Walmart China, among others.
VeChain (VET) Tokenomics
Diving into the token metrics, the network has two tokens: The VeChain Token and the VeChainThor Energy. The latter is the main cryptocurrency that powers the network. At the time of writing, VET price sits at $0.141.
There are about 86 billion tokens in total. 76% of them are in circulation, supplying a huge downward pressure on the price of VET.
Although it’s not possible to predict the future price of VeChain, there are still some predictions out there. Many investors are hoping for $1 per VET as it would make many of them wealthy. However, several investor analysis platforms think differently.
VeChain Price Predition: Is a $20 VET by 2023 Possible?
According to CoinPrice Forecast, VET will be trading at $0.33 by the end of 2023, while Long Forecast sees a $0.38 VET price by December 2023. Wallet investor is also bullish on VET even though their predictions do not reach that far into the future. Evidently, according to VeChain price prediction data, the price of VET will increase. As it stands now, VET is a profitable investment.
Evidently, according to expert analysts, a $20 VET by 2023 is far-fetched. However, these predictions are pretty conservative, and the crypto market is quite volatile. You can expect anything. Various factors such as government regulations and Elon Musk’s comments have affected the cryptocurrency markets before. This shows the markets are not yet stable enough.