VeChain (VET) and VTHO have soared over news of a Coinbase listing, with social dominance also rising.
Enterprise-focused blockchain VeChain has seen the value of its native tokens, Vechain (VET) and VeThor (VTHO), increase significantly in the past 48 hours. The price surge is largely linked to a Coinbase listing for these assets, three months after the exchange added them to a listing roadmap.
Coinbase will add support for VeChain (VET) and VeThor (VTHO) on the VeChain network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets ?️ (@CoinbaseAssets) September 12, 2023
Launched in 2015, Vechain operates a dual-token model where VET serves as the primary token used for moving value across the network. VTHO is labeled a secondary token that users spend on paying network transaction fees but can now also trade on Coinbase.
The price of VET jumped over 12% following the confirmation of the Coinbase listing, with VTHO seeing a higher increase of over 70%.
VET rebounded from recent lows near $0.014 to set a new local high of $0.017. VTHO, on the other hand, increased from $0.0008 to $0.00166 over the same timeline.
It is noteworthy that VET and VTHO have paired gains with an increase of 1.4% and 30%, respectively, in the past 24 hours. VET trades at 0.016, while VTHO hovers around $0.0013 at the time of writing.
VeChain social dominance also surges
A listing on the largest US-based cryptocurrency exchange has led to a tremendous increase in social signals for VET and VTHO.
According to LunarCrush, Vechain has seen a 58.65% increase in social mentions, with engagements also surging as much as 81%. The coin’s social dominance, when compared to other cryptocurrencies, has also increased by 58.65% in the past 24 hours.
The secondary VTHO token posted even more impressive numbers. Social mentions for VTHO increased 597%, with engagements surging by over 2,002% within the same period.
Beyond the latest news of a Coinbase listing, VeChain has made significant strides amid the crypto bear market. As The Crypto Basic reported, VeChain introduced a fee delegation feature and also partnered with Boston Consulting Group to enhance its sustainability strategy.