07 Oct, 2022
11 minutes
Blockchain technologies have become more and more popular and will certainly be used in everyday life soon. We’ll talk about VeChain. It is a global blockchain-based information transformation platform. The project was launched in 2015 in Singapore and has deployed many nodes in different countries and attracted the attention of the crypto community.
VeChain is both a blockchain platform and a cryptocurrency, also known as VET token. Let's learn what technologies and solutions VeChain brings to us and how VET price prediction looks like today. Explore and analyze VeChain price forecasts with Exolix.
The VeChain blockchain platform is designed to revolutionize supply chain management by simplifying the tracking of the entire product lifecycle.
1️⃣ The first and most important technology implemented by the VeChain platform is the labeling of products, medicine, and other goods with a special QR code or VeChain tracker chip. The QR code or chip can be scanned using a smartphone, so customers can find out the date of production and packaging, expiration date, manufacturer, composition and other useful information.
2️⃣ Secondly, VeChain creates a digital profile for each car and assigns it a unique identifier. This allows car owners to create digital logs to update the status of repair or maintenance of the car: data like mileage and insurance are stored there. If a person wants to sell a car on the market, they can immediately provide the buyer with all the information through the identifier. The change of the car owner is carried out through smart contracts and is recorded in the blockchain.
3️⃣ Thirdly, Vechain strives to make the exchange of information more convenient and secure among various parties of the supply chain, such as retail goods distributors, transport companies and storage companies. This increases the efficiency of the logical process and makes innovative business models possible.
The native token of the VeChain blockchain is VET (VeChain Token). It is used to ensure the security of the network. But due to the peculiarities of this blockchain, the network commission (gas) is paid in the native VeThor Token (VTHO).
VeChain has a large community in the crypto industry, and it can lead to a rapid increase in the price of the token. If you would like to get acquainted with the VeChain development plan and whitepaper in more detail, you can explore their official document.
When buying cryptocurrencies, you need to take many factors into account; some of the main ones are token location and protocol. Some cryptocurrencies are more difficult to acquire, and one of them is VeChain. VeChain is not yet supported in the vast Coinbase ecosystem. However, to buy VET, you don't need to perform unusual or complex actions. You can purchase a VeChain token on any other cryptocurrency exchange that supports it and is available in your region. This can be done in a few steps:
Open your trading account if you don't have one yet. To buy and sell crypto assets, you need to register on the crypto platform or exchange or open a crypto wallet.
Deposit money into your account. You need to choose a sum that you’d like to invest.
Choose VeChain (VET) from the list of available cryptocurrencies.
Place a “Buy” order.
Select storage for your VET tokens. To store, send or convert VeChain, you’ll need a wallet.
Transactions of VET currency can be easily done on the most popular exchanges, such as Binance, KuCoin, Huobi Global and Bithumb. They usually take just a couple of seconds, but you need to pay attention that even if cryptocurrency exchanges offer similar services, they differ in fees, the range of available crypto and payment methods. You need to compare the features of crypto exchanges to choose the one that is right for you.
Finally, choose the exchange you like and buy your first VeChain tokens. Exolix is not responsible for how VET performs.
To understand the further movement of the price, you need to refer to the past price range of a crypto asset. Looking at the cryptocurrency price history, you can understand whether it is successful. You can also get more information on future performance when looking at the current trend (bullish or bearish). Analysts consider the price range of the token and determine the promising entry or exit points using instruments of technical and fundamental analyses. Let’s look at the recent data.
Actual quotes and VET price history you can find on the CoinMarketCap.
During the previous year (2021/22), the price fluctuated from the highest point of $0.278216 in April 2021 to the lowest point of $0.020050 in June 2022. For now, VET's average price is $0.067408.
Let’s take a closer look at VeChain’s price history from January 2021 to September 2022. The data is taken from Investing.com.
Indicators used in investing, technical and fundamental analysis, as well as taking into account trends and figures helps experts analyze the VET cryptocurrency. Traders mostly took into account the main patterns. Let's see what analysts say about the prospects for price movement in the future.
According to the Changelly blog and their technical analysis of VeChain, in 2022 the price will fluctuate between $0.025 and $0.028. They expect stagnation of the price until the end of the year.
One more opinion is provided by CoinMarketCap. They have introduced an initiative called Social VeChain Price Estimates. Despite this feature being in beta testing, users can already see collective estimations and price predictions for the 6 months. They can analyze the opinions of experts and regular traders and conclude. However, the source is not considered reliable since the historical prediction accuracy is about 33%.
According to Business2Community, VET price can potentially go to $0.278 by the end of the year, back towards the highest level of April 2021 . As the experts believe, by the end of 2023, VET will probably be trading at a price level of about $0.500.
Based on the analysis of the previous costs of VET currency, Changelly experts state that the
minimum VeChain price might be $0.076, while its maximum might be $0.090.
The resource TradingBeasts.com states that a potential maximum price of VET will be $0.0574 at the end of 2025.
According to Business2Community, VeChain brings innovative business models to the supply chain sector, so the project has a good chance to significantly increase the market capitalization to a price of $1,000 by the end of 2025.
DigitalCoinPrice experts expect VET price at a maximum of $0.10 by December 2025.
Changelly estimates for 2030 look as follows: VET trading price will be a minimum of $0.49 and a possible maximum of $0.61.
VET price, according to AmbCrypto analysis, should range between $0.84 to $0.97 at the end of 2030.
Prediction.net web resource analysts base their opinions on the deep tech analysis of past prices. According to them, VeChain is forecasted to be at a minimum value of $0.55 and can reach a maximum of $0.62 in 2030.
DigitalCoinPrice states that VeChain is expected to reach a minimum of $0.32 and can get to a maximum level of $0.33.
The content of the VeChain Price Prediction webpage is not investment advice and does not constitute an offer of any product. This is not an investment recommendation. Activities related to the transaction of tokens are always associated with a high risk of complete loss of funds. There are no guarantees that a person receives any income in exchange for tokens. The legal regulation of operations with tokens does not have a universal approach, and the consequences of such transactions may have different legal assessments in different countries. No information we provide on the website is a comprehensive or complete statement. DYOR.
We are not entitled to make any financial or investment advice. This forecast by no means is a call for investing in cryptocurrency. We have made it for informational purposes only. However, based on analyses of the advantages and values of the VeChain platform, we can assume that its future may be promising. Many experts share the opinion that the price will go up, but they estimate differently how high it will rise.
We can say that VeChain is definitely a good project that can protect consumers in the goods market and improve logistics efficiency. But is VeChain a good investment today? In the case of VET, there are several points to consider: Competition. It's worth exploring potential supply chain blockchain solutions before deciding to buy certain crypto. Adoption. Monitor the adoption rate of VeChain and promising partnerships, as the success may largely depend on the community. Use cases of the token. VeChain's platform has the use of two tokens (VET and VTHO). Pay attention to their roles in the system to make an investment decision.
