More Insights Into VeChain As Price Does Make Sense
Tonight I noticed that #vet or VeChain was trending on Twitter and had no idea why. I did a post about #vet about a month ago with no news to update since then. The info regarding the price however I did uncover the reason for the big drop in value and will explain shortly. When you invest into a project you tend to be aware if anything significant is going on. It is like staying up to date with Hive, Leo or CUB as it in you best interest to know all the facts.
The only new information I have to share from my research is actually rather important and changes the way I see this Crypto Project. Research does pay off no matter how long it takes.
The price back in 2018 was over $2.50 for #ven not #vet. The VeChain had a coin swap back in July 2018 where the original coin was swapped out for 100 #vet. If you multiply todays price the 2.3c would equate to $2.30 so the price is fairly stable and has progressed in the last 4 years as the high would have placed VEN at $27.82 when VET was 27.8c last year. This is significant growth even though todays price is misleading as #vet is 1% of the original coin #ven. The diluted version created 100x more supply and the reason has to be the use case and the need for more supply.
The Trending on Twitter got me searching for any new news and I drew a blanc besides the Quarterly report.
JUST IN: #vechain Foundation reports $535 million in $BTC, $ETH, $VET, and stablecoin reserves.
As A Crypto project that has so much to offer it is kind of disappointing to see the lack of partnerships rolling out. Breaking news from 4 days ago September 26th was the TruTrace partnership regarding Pharmaceuticals with a special emphasis on CBD oils. This I mentioned in the post almost a month ago so again hardly breaking news.
The only partnership they have of real substance is the Walmart one which they pay peanuts for using the blockchain. Without this the VeChain is rather a major disappointment if I am being brutally honest. I have some stake for a just in case scenario as it should do well, but who knows.
The team behind VeChain needs to do far more by not only developing more use cases, but signing up new clients. What they have to offer and the number of transactions happening on the blockchain is rather misleading. 90% of all transactions is coming from one client being Walmart and this alone cannot carry the blockchain as they need to burn VTHO, which is the gas token.
From what I can see it doesn't take much to trend on Twitter these days as all you need is a news outlet to release a Tweet followed by bot accounts liking the tweet.
Look at this Tweet from 6 hours ago highlighting an article back from February 2022. This shows you they have nothing new to announce as this is 7 months old.
I think it is reworking old news that actually gives me less confidence in the project. When you invest into a Crypto the one thing you have to see is progress regarding development. Other projects are leaving VeChain in their dust and why the hesitancy in the investment.
Out of all the Crypto projects this should be the one shaking everything up defying the Bear market just by its daily use case. Being valued at $0.023c is a joke, but price is relative in many ways as to what the project offers.
Diluting the token 4 years ago by 100x one would have hoped to see the project taking off with a host of new clients being added regularly. I have no idea what is holding them back or why the adoption is so slow but still what is nagging away is the reason to increase the token supply by 100x. I may be slightly mad on this, but I am going to keep increasing my stake in this project as only for why they increased their volume of tokens. No one would do that unless they had a good enough reason.
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