The Strange Rise Of VeChain [VET]: Is The Network Prepared For Mainnet?

As the network has become more widely used and well-known, VeChain [VET] has shown an intriguing development. According to a tweet from VeChain Community Hun on December 12, the network’s Testnet experienced a substantial increase in transaction volume and a spike in strange activities.

Big spike of unusual activity on Testnet today, continuing to ramp up since the past week or so. Always cool to see! $VET

The network’s additional connections and collaborations could spark a new bull run for VET. In conjunction with Suzhou Fenghe Wulian, Shanghai Talian, for instance, created a digital platform for cutting carbon emissions from lighting in public buildings based on the VeChain.

VeCarbon x Suzhou Fenghe Wulian “Shanghai Tanlian, together with Suzhou Fenghe Wulian, built a digital carbon emission reduction platform for lighting in public buildings based on the VeChain #blockchain.”  #VeChain $VET #VeFam #Sustainability #Technology #Business #Tech

However, VeChain’s chart was mostly painted red at the time of writing and showed no reflections. At the time of writing, VET had a market value of more than $1.3 billion, over 3% negative weekly gains, and was trading at $0.01859, according to CoinMarketCap.

Can Analytics Be Helpful?

The new partnerships have increased VeChain’s development activity during the past week. This was a good development because it showed that the developers are working harder to enhance the blockchain’s capabilities and offerings. In addition, VeChain continued to maintain volume stability throughout the past week. Also, a green flag, this one.

The positive feelings on the network did, however, decline following the initial increase. This demonstrated that VeChain was not well-received by the crypto community. Additionally, the futures market showed little interest in the blockchain due to its Binance funding rate decline.

The results of the above occurrences may only be felt by the investors for a short period, as the daily chart for VET showed. It was because most market indications did not support a price spike. Given that the 20-day EMA was lying below the 55-day EMA, the (EMA) Ribbon showed that the market favored bears.

Related Reading | Another Crypto Opponent Weighs In “Senator Jon Tester”

Furthermore, The (CMF) and (OBV) both showed declines, pointing to a further downward trend in the coming days.

Comments (No)

Leave a Reply