Update: December 06, 2021 – Vechain remains one of the great projects in crypto space and with a lot of potential. VET could potentially reach $1 in first quarter of 2022.
VeChain (VET) is a decentralized cryptocurrency and a supply chain platform. It was created by the former CIO of Louis Vuitton in China, Sunny Lu. VeChain was launched in 2016. VeChain strives for becoming the best ecosystem that provides solutions to traditional supply chain management. In order to do this, VeChain promotes Internet of Things (IoT) technology. In other words, VeChain tries to create an ecosystem that allows easy flow of services on the internet that can be accessed by any smart device in a decentralized manner.
VeChain blockchain uses two main tokens, VET and VTHO. Many believe that one of the reasons why VeChain has managed to exceed expectations is this dual-token model. Besides transaction efficiency, the purpose of these tokens is to enhance transparency and efficiency of supply chains in a decentralized manner and with fewer costs since the network is controlled by users.
VeChain was one of the first blockchains involved with supply chain management, so it did not take long to establish a good reputation among other cryptocurrencies. VET token is used for services such as transactions. VTHO token, on the other hand, works as a gas token to cover service fees within the VeChain network. Users that own VET tokens generate passive income in VTHO, which is then used as gas fees to ensure more profitability for its users.
VeChain uses Proof-of-Stake (PoS) as a consensus mechanism, meaning that the amount of tokens mined depends on the number of tokens owned. Another key feature of VeChain is Proof-of-Authority (PoA) mechanism, which contains masternodes that regulate and maintain the blockchain. VeChain has a limited supply of around 86.7 billion VET, with 64.3 billion VET already in circulation.
VET price in 2018 was around $0.01, as per Coinmarketcap. VET price has reached its highest of all time with $0.28 in April of 2021.
Vechain is currently ranked at 16 in the crypto market based on its market capitalization. The VET market cap is around $14 billion as of May 6, 2021.
Will VeChain (VET) Ever Reach $1?
Experts have different opinions regarding the future price of VET. One of the frequently asked questions regarding the future price of VET is if it can reach $1 any time soon. Digitalcoinprice predicts that the price of VET can increase in the future, but the price may not reach $1 until 2028 accordion to them. So 2028 might be the year that VET finally achieves this amount for the first time.
Walletinvestor also predicts that the price of VET can increase in the future. The VET price might exceed $1 for the first time in 2025 according to them. By the end of 2025, the price of VET can be around $1.1.
YouTuber Crypto Earl predicts an even more optimistic increase in the price of VET in the coming years. After giving a careful analysis on the VET price, he forecasts that the price of VET can reach $1 in the next few years, and it may even reach as high as $5 in the long run.
Will VeChain Hit $10?
Due to the maximum supply being a large 86.7 billion VET, the price of VET may not have had large increases. However, even though this supply is relatively high, it is still limited. A limited supply is usually characterized by deflationary features. Perhaps that can cause a vast increase in the future of VET price. While some of the biggest experts suggest that the price of VET is unlikely to reach $10 any time soon (at least not in this decade), others believe that the price of VET can even exceed $10.
A YouTube channel that makes price analysis and predictions of many cryptocurrencies, Crypto News predicts that VET can go to a soaring price of $50 by the end of the decade. One of the reasons for this huge increase in the price of VeChain could be the increase in value of Decentralized Finance (DeFi) and supply chain management.
Another prediction of this kind comes from YouTuber CryFi Crypto & Finance who forecasts that the price of VeChain may also go as high as $50 in the coming years. Despite natural price factors, they predict that the price of VET may go high because of the Chinese Government, that is if the latter decides to optimize this cryptocurrency even more. This was the case with Filecoin, so the likelihood to happen for VeChain exists.
Is VeChain Worth Buying?
Since VeChain is predicted to increase in both the short run and the long run, it can actually be a worthy investment. While predictions are never accurate, price factors such as limited supply, utility, as well as Chinese backing can potentially make VeChain a very good investment.
What Price Will VeChain Reach?
Price predictions vary from expert to expert. As mentioned, Digitalcoinprice predicts that VET price may increase slowly in the long run, reaching as high as $1 by 2028.
By May of 2026, Walletinvestor predicts that the price of VET can go to $1.3. In the short run, Tradingbeasts suggests that the average price of VET can remain relatively the same.
As per Tradingbeasts, in the long run, the price may gradually increase up to $0.44 by mid-2024.
Does VeChain Have a Future?
VeChain as a network is constantly looking for upgrades. Since it mostly offers decentralized supply chain management, the VeChain network is looking to successfully integrate DeFi services, NFT, as well as other fields in the near future. Doing so can increase the community and the value of VeChain. Hence, it is very unlikely that VeChain might fail in the future. Overall, its future is looking great.
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- VeChain (VET) is a decentralized cryptocurrency and a blockchain-based supply chain management platform.
- It has two main tokens that operate within it: VET and VTHO.
- VeChain has a limited supply of around 86.7 billion VET, with 64.3 billion VET already in circulation.
- Its price has been on the rise over the years, and it is ranked at number 16 in the crypto market based on its market cap.
- VET price is predicted to reach $1 in the long run.
- It is also likely that due to external factors, its price can even exceed $10 by the end of the decade.
- Based on predictions, VeChain can be a worthy investment.