The asset has been silently adding up gains and has now doubled in price.
VeChain (VET) briefly traded at the $0.03199 price point today, an over 102% gain from its price of $0.01579 at the start of the year. At the time of writing, it has pared some profits and is exchanging hands for $0.03134 on mainstream crypto exchanges, still up 98.4% year-to-date.
Like the rest of the crypto markets, the charts show that the token has received renewed interest since the start of the year. It is currently up about 9.43% in the last 24 hours alone and 39.96% in the past week, per CoinMarketCap data. It is the second-highest gainer among the top 50 crypto assets by market cap in the last 24 hours, second only to Solana.
Unsurprisingly, its silent advance has started turning heads on crypto Twitter. @1CrypticPoet, a famous crypto influencer, shared the crypto’s daily chart yesterday, commenting on the move.
?VeChain has gone up +100% in the last 50 days. ?
Don't say you weren't warned. #vet $vet #vechain #crypto #blockchain #cryptotrading #CryptoInvestor @tabtraderpro @vechainofficial @VechainThorCom pic.twitter.com/jUjopekwLh
— Cryptic Poet (@1CrypticPoet) February 19, 2023
A short-term price action outlook shows that the price is clearly in an uptrend, with the price retesting the previous high if the price finds support at this level, it will likely continue its upward momentum. Additionally, the price could also pull back to retest the trendline.
The development comes as the network recently surpassed 2 million known addresses. The milestone comes five years after the enterprise blockchain launched in 2018. Current VeChain Stats data shows that this metric is growing exponentially, with over 39k addresses added in the last seven days alone, bringing the total to 2,046,612 from 2,000,433 in the previous report.
Meanwhile, the VeChain Foundation continues to pursue publicity efforts in Europe. As reported, it recently extended its partnership with the Association of Tennis Professionals (ATP) till 2025.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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