VeChain (VET) and Cardano (ADA) are two popular cryptocurrency projects aiming for the $1 mark. However, both projects are still a long way from their respective goals.
Cardano (ADA) has fallen 89% from its all-time high of $3.09, which it attained in August 2021, three years ago. On the other hand, VeChain (VET) is down 91% from its all-time of $0.280991, attained in April of 2021, almost two years ago. While Cardano (ADA) has surpassed the $1 mark in the past, VeChain (VET) has not established that feat. Nonetheless, both projects have set their sights on this common goal.
At press time, ADA was trading at $0.328382, down 2.5% in the last 24 hours. VET, on the other hand, was trading at $0.02266348, down 2.8% in the same time frame.
Cardano vs. VeChain: Who will reach $1 first?
Cardano stands out for its development methodology, which is grounded in science. Before making any big decisions, Cardano project leaders take the time to research and test their ideas. This guarantees that Cardano will always be a platform with careful planning and execution.
To reach $1, ADA needs to grow by 204.52 % from its current levels. The growth might not happen overnight, but the project surely has the potential to do so in the near future. Cardano has a lot of potential for long-term success, thanks to its thriving developer community and strong technical foundations. The initiative is fascinating to follow because of its innovative approach to development and governance.
Apart from Cardano (ADA), VeChain (VET) is also moving full steam ahead to the $1 mark. However, the project would have to grow by a whopping 4312.39 % to reach the $1 dream.
According to reports, VeChain has submitted patent applications for its proposed Internet of Things (IoT) advancements. The L1 protocol aims to employ blockchain technology to facilitate connections between the various IoT industry players.
The protocol stated that it intends to develop the procedures, application servers, IoT gadgets, and supporting media for putting IoT services into practice. It intends to start developing these systems in collaboration with three of its Chinese inventors, Chen Yanyu, Gu Jianliang, and Zhou Ziheng.
Going by the data, it is likely that Cardano (ADA) will reach the $1 mark ahead of VeChain (VET). However, there is also the possibility of VET’s initiatives kicking off and bringing in massive gains for the project. How their plans unfold, we will have to wait and see.