VeChain (VET) Set to Surpass 900K Holders As Token Gains 56% Since October

The VeChain blockchain is on the brink of hitting a new milestone in the number of holders for its native token, VET.

Launched in 2015, enterprise-focused blockchain VeChain is one of the longest-running networks in the crypto space. Although the value of its native VET token may not reflect this longevity, VeChain has steadily recorded an increase in the number of holders. 

According to data from Vechain Stats, the number of VET holders is set to surpass a key milestone of 900,000 holders. The current figure stands at 899,899 holders, meaning the landmark figure may easily be breached over the next 24 hours. 

Such an expectation may not be far-fetched, given that VeChain added 6249 holders in the previous days. As X user Mihai pointed out, the jump in the number means VeChain is attracting, on average, 200-250 new holders per hour. 

The highlighted number of holders does not necessarily mean the same number of individual investors. On-chain analytics typically tracks the number of addresses holding a token, with many investors spreading their holdings across multiple addresses. 

Overall, an increase in the number of addresses/holders is considered a healthy growth metric for public blockchains like VeChain. The growth ratio on VeChain catches the eye for another reason. 

The network is seeing the highest number of newly created addresses for the first time in over two years. VeChain added 57,300 addresses in the past week, surpassing the 50,401 record set in April 2021.

VET Gains 56% Since October

The surge in the number of new holders on VeChain has been reflected in the coin’s price in recent weeks. Since October 18, VET has gained over 56%, outperforming some altcoins over the same timeline.

VET increased by 16% in the past seven days, hitting a new high of around $0.026. At the time of writing, the token remains in an uptrend, trading at $0.025 with a $1.8 billion market capitalization.