As we all know that there are ups and downs in the market and here is the recent example of this in the market. VET has gained around 6% on the last day and its value has become 0.0034 USD. There are 3 major price swings in this period and the range of its value is between 0.0032 USD to 0.0034 USD. The initial value of VET was 0.0032 USD, and it’s the first swing added around 6% increase in its value, and it’s value become 0.0034 USD. Then there was the deduction of around 3% which reduced it’s value to 0.0033 USD and before the market closes there is growth in its cost of about 0.0001 and finally, it’s value became 0.0034 USD. Although there is an increase in the value of VET, there is a decline in its market cap. The market cap has reduced to 190.85 million USD from 191.5 million USD.
The 20-day average value of VET is 0.0035 USD, and its 50-day average value is 0.0038 USD. The current price of VET is less than both of its 20-day average value and also from its 50-day average value. As we all know that VeChain is a Blockchain platform which is created to increase supply chain management and business processes.
The goal of VeChain is to streamline the information and processes flow during complex supply chains with the use of distributed ledger technology (DLT). It aims to make a connection between supply chain management and the real world with the help of a governing structure, an economic model and latest technology.
The VeChain platform has two tokens, namely VeChain token (VET) and VeChain Thor Energy (VTHO). VeChain token is used to transfer value across VeChain’s network, and VeChain Thor Energy is used as energy or gas for power transactions. If we talk about VeChain White paper, it claims that Blockchain technology can break asymmetric information problem and the ownership of data will return to its original owner and hence empower the owner.
The VeChain platform provides 360-degree access to its information which is linked with a product and also to its business processes like storage, transportation, and it supplies to authorised stakeholders. VeChain is a Blockchain project which wants to provide IoT based solutions to its esteemed customers.
VeChain was established in 2015 and is operational in many cities like Singapore, Tokyo, Shanghai, Paris and many other leading cities. Currently, it is placed at 24th position in the international market due to its size. If we consider the year 2019, then it has been a growing year for VeChain (VET), starting from low value, it’s value has increased after one week of March. At that time the cost of VET is as high as 0.004597 USD. For every transaction Proof of work is to be allowed by VET Blockchain.