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Does VeChain Have a Future? Check What Expert’s Think!

Does VeChain Have a Future? Check What Expert's Think!

Introduction

VET is a smart contract ecosystem that allows the deployment of DAPPS on its network. It has a high transaction speed in comparison to its contemporaries. VeChain (VET) was one of the first blockchains explicitly designed to meet the demands of enterprise-level clients. The project’s creators hope to enhance distribution network and product lifecycle management by leveraging distributed ledger technology (DLT). Notably, the platform provides customers with a slew of additional features that make it suitable for firms looking to improve supply chain standards and business operations. In a few crucial areas, VeChain differs from other ventures in the field. The developers of this project, for the most part, had no intention to establish a truly decentralized network. Instead, they aimed to combine the finest aspects of the DeFi (decentralized finance) and CeFi (centralized finance) sectors.

What Is Vechain and How does it Work?

For transferring soft property and NFT, an excellent high functioning network is required. For the deployment of decentralized exchanges, a high-functioning network is needed, which provides the user with the capability to contract with other parties. To have flexibility in one’s exchange contract, one should use smart contracts. VET is one such network with a developed ecosystem; thus, deploying exchanges, yield farms, and DEXs is easy and profitable. 

Price History of VeChain

VET has been experiencing a downtrend at the moment; this downtrend in its price can be owed to the dive that BTC took in the early December of 2021. Right now, the price of VET is around 0.070-0.075 USD. VET is part of the new wave of cryptocurrency that deals in smart contracts. Smart contracts have been a successful venture in recent times in the cryptoverse. Thus, there is a high price potential for VET. The all-time high of VET after its ICO is was around 0.28 USD which the currency reached around quarter one of 2021. So, VET at the current moment is a good bet for both long and short-term investments, but the price is at the one of the lowest. Further, if the user is looking for dollar-cost averaging their VET investment for long durations, it is a great time to start. 

Technical Analysis of VET Price

The VET is currently trending on its support line of approximately USD 0.073, on its way down from its all-time high of around USD 0.28, which it hit in the Q1-Q2 of 2021. Right now is a perfect opportunity to scoop up some VET, as it is on sale. With an approaching bull market on the horizon, the price of VET might soar as well. A deeper look at the moving averages of 12 and 26 weeks may also be used to determine the perfect timing for a price surge. So, in short, if Bitcoin is gaining at a good rate and the moving average of 12 weeks of VET has crossed the moving average of 26 weeks from below, forming a golden cross, it would be a good opportunity to purchase some VET. If, on either hand, one wants to hold for the long term, now is an excellent moment to begin dollar-cost averaging on VET, since it has reached an all-time low in the previous 4-5 months. Here you can check more information regarding long-term VET prediction

What Do the Experts Think?

VeChain has formed strategic alliances and commercial relationships with many well-known companies, many of whom are utilizing its technology to increase corporate efficiency. BMW, Grant Thornton, Trusted Food, Walmart, and Copper Dog are just a few of the great names on its roster of partners. Additionally, VeChain’s distributors DNV and PwC employ white-labeled versions of VeChain’s technology, which they repackage and deploy in their own client networks. DNV’s MyStory and PwC’s AirTrace, for example, employ VeChain’s infrastructure while packaging their platforms as their service offerings.

Conclusion

VeChain’s NFT ecosystem is presently thriving, with commercial apps, gaming ventures, and metaverses built on the platform. In April 2021, VeChain also announced the creation of a $1 million fund for eNFT development to encourage enterprise adoption and development of the technology. VeChain, more than other ventures, reflects the maturation of the blockchain sector. Blockchain is now more than just cryptocurrency. Platforms like VeChain push the limits of blockchain efficiency, offering the world a more efficient ecosystem.

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