VeChain is a supply chain management and business processes platform based on blockchain technology.
The project was originally started to prevent knock-offs and other frauds by determining the legitimacy of real-life products.
However, VeChain has since partnered with major corporations to help track everything from ice-cream temperatures to government policies.
The platform has two distinct native tokens– VeChain Token (VET), and VeChainThor Energy (VTHO).
This article will tell you everything about the VeChain platform, including its major features and utility the VET token, its economics, and price predictions.
You can also find clear ways to buy the token if you have come here for that.
VeChain Key Features
Two-Token System | VeChain uses a unique two-token system consisting of VeChain Token (VET), which acts as the store of value, and VeChainThor Energy (VTHO), which is used to pay for GAS costs, eliminating the need to expend VET while writing data. |
High Speed with Low Cost | The platform is designed to deliver high throughput with low fees, making it an efficient and cost-effective option. |
Proof of Authority (PoA) | VeChain uses a Proof of Authority consensus mechanism, which relies on a set of pre-approved validators, referred to as authorities, to validate transactions and secure the network. |
Meta-Transaction | VeChain includes meta-transaction features such as Controllable Transaction Lifecycle, Fee Delegation, Transaction Dependency, and Multi-Task Transactions. |
Low Power Requirement | VeChain is a sustainable and eco-friendly blockchain with low computational power. |
Broad Use Cases | VeChain has multiple real-world use cases in industries such as supply chain, manufacturing, merchandise authentication, etc. |
VeChain (VET) Tokenomics
The maximum supply of VET is capped at 86,712,634,466, with an inflationary type emission schedule.
The total supply of VeChain tokens is 85,985,041,177 out of which 72,714,516,834 of them are currently in circulation.
The VeChain Foundation initially minted 1 billion VEN tokens on the Ethereum blockchain in 2017.
In 2018, these VEN were then swapped on a ratio of 1:100 for VET coins on the VeChainThor Mainnet. The initial token distribution of VET went like this:
5.00% – Team
41.00% – Crowdsale
9.72% – Enterprise Investors
13.28% – Burned
9.00% – Private Investors
22.00% – Operation Development
VeChain (VET) Current Price
As I am writing this line VeChain is traded at $0.04355, making up a market capitalization of $3.16 billion.
The token price is 4.40% down from yesterday. At $74 million, the trading volumes are also down, by 33.52%.
VeChain (VET) Price Forecast 2024
The technical indicators suggest that the current market sentiment is Bullish while the Fear & Greed Index shows 72 (Greed).
VET recorded a good 18 days (60%) in the green territory over the past 30 days with a 21.63% price volatility.
Based on our experts’ predictions, the price of VeChain is expected to drop by 0.80% and reach $ 0.04 by the end of February.
VeChain (VET) Price Forecast 2025
In 2025, the forecast is that the price of VET will lie between $ 0.04 on the lower side and $ 0.17 on the higher side.
Compared to today’s price, this will be a neat profit of 286.23%, given the price reaches the upper limit.
VeChain (VET) Price Forecast 2030
Our experts forecast that, in 2030, the price of VET will lie between $ 0.037 on the low band and $ 0.302 on the high band.
Compared to today’s price, this will be translated into a 592.59% return, provided the token price hits the upper limit.
Where to Buy VeChain (VET)
If you want to buy VET, you can do that from a centralized exchange (CEX) like Binance, KuCoin, Coinbase, Gate.io, or HTX.
How to Buy VeChain (VET)
If you don’t want to spend too much money on trading charges and prefer convenience, Binance is a good place to buy your VET tokens. This is how you can do that.
- First, register for a free account on the Binance smartphone app. If you prefer desktops, you can visit their website. The steps are almost the same for both.
- Give your basic details and verify your identity by completing the KYC.
- Load your trading account with a fiat currency via credit card or bank transfer.
- Navigate to the trading section and search USDT. Hit ‘buy’ followed by ‘confirm’.
- On the trading section, choose limit order and type USDT/VET in the search box.
- Click ‘buy’ and click ‘confirm’.
- On completion, you will be redirected to the confirmation page and your tokens will be credited to your Binance wallet.
Conclusion
Considering the broad applicability and the continuous roll-out of new features, The VeChain platform shows great potential in the ongoing bull run.
The consensus of the market also seems to agree with this. Our price predictions of VET are mostly bullish and considered an investment-worthy asset for the long term.
With all that being said, it is important to note that crypto assets including tokens are susceptible to large price fluctuations and are considered by many as a risky investment.
The reader is advised to conduct their independent research before plunging into investing in the crypto market.
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