VeChain (VET) has begun rallying after its recent listing on Coinbase. The token made gains of up to 9.4%, while its offspring, VeThor (VTHO), made gains of up to 73.9%. VTHO is currently one of the best-performing digital assets.
Also Read: VeChain: VET Rises 7% After Being Listed on Coinbase
Along with its price, other on-chain metrics have also begun to spike for VET. As per DeFiLlama, VeChain’s (VET) volume saw its most significant spike since February of this year after the Binance listing. However, the project’s TVL (Total Value Locked) remains on a downward trajectory in terms of VET and USD.
LunarCrush data indicated that VET’s social mentions have increased by 38.88%. Meanwhile, social engagements have increased by 69.52%, which could mean that users are interacting with online posts about the token. Furthermore, social dominance has spiked by 38.88%.
On the other hand, social engagements for VeThor (VTHO) have increased by a whopping 1400%. Social dominance and mentions, meanwhile, have both spiked by 439.2% each.
Will VeChain hit $1 in the next bullrun?
VeChain (VET) has entered into partnerships with multiple global brands. The project focuses heavily on supply chain management systems. VET’s carbon management service, VeCarbon, has helped Huabao New Energy’s Jackery SG 1000 portable power station earn Amazon’s Climate Pledge Friendly Certification. Moreover, the project has announced a partnership with Vyvo Smart Chain (VSC) to enhance blockchain interoperability and revolutionize health data management.
Environmentally conscious projects and healthcare are some of the most beneficial causes in today’s world. VeChain (VET) is actively participating in both sectors, which could solidify its position as a top crypto project. Such endeavors could also help the token’s price rally.
In a recent report, it was found that Google’s Bard AI (Artificial Intelligence) recommended VET as one of the altcoins that will appreciate in value the most.
However, whether the token reaches its target of $1 remains to be seen. At press time, VET was trading at $0.01632208, down by 94% from its all-time high of $0.280991, attained in April 2021. Meanwhile, VTHO was trading at $0.00135409, down by 97.07% from its all-time high of $0.04671227, attained in August 2018.