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Vechain has been seeing a steady decline in the number of transactions while the VET price is on a cusp of breakout.
Vechain is a layer 1 smart contract platform specially designed for real-world enterprises. It is focused on delivering incentive-based sustainable dApps through its new platform, VeBetter Dao. The protocol has always remained a driver of blockchain in business and is working continuously in that direction. Vechain uses the Proof of Authority mechanism to secure the network, which also uses meager computational power compared to others.
Vechain’s key strategic partner, Boston Consulting Group, helped with the launch of VeBetterDao. It aims to change the web 3 sustainable X-2 earn dApps. With the help of cutting-edge technology, they plan to launch a series of dApps that can drive a positive change. The launch of DAO unfolds in three phases: Pilot Show Alpha, Pilot Show Beta, and the Go-Live Gala.
A Look Into Vechain Mainnet
Vechain has been observing a decline in its mainent transactions and has reached 2195. Meanwhile, the overall burn of the VTHO has remained relatively constant throughout this week. The gas limit for the protocol has remained fairly steady, around 32155821. On the protocol mainent, the token activity is stagnant around VET and VTHO, while tokens like HAI, MVG, and VPU are not seeing any activity.
The number of unique addresses recognized by the Vechain Thor Blockchain has been increasing exponentially, reaching 3294k. Meanwhile, the number of smart contracts deployed on the protocol has been increasing steadily and is near 23500. The number of VET holders has been surging exponentially from the start of 2024 and has climbed to 1189k. The carbon emission of the protocol has also been fairly low compared to that of the other protocols. Vechain’s overall network utilization is also fairly high when compared its gas-utilizing capacity, which is nearly 4%.
Is Vet Price On A Verge Of Breakout?
Vechain has a market cap of $3.19 Billion and is ranked 39th in the cryptoverse. The VET crypto’s overall volume has decreased by over 7% in the past 24 hours. The ratio of volume to overall market cap of the token is at 1.95%.
VET has been on an upward momentum for the last seven days. It is trading near the value of $0.042 with a gain of 2.5% in the intraday session. The asset price is currently trading near 50 and 100 EMAs. A strong momentum can be seen if it is sustained over the EMA. VET price can see a resistance near $0.05 while the support for the price can be observed near $0.034.
The RSI for the asset price is near 48 with no slope in it, hinting towards a consolidation in price. Meanwhile, the MACD is suggesting a weak bullish momentum in the near future.
Conclusion
Vechain has seen a rise in its mainent activity along with the increase in the number of wallets. The overall number of holders of the VET token has also risen exponentially. The VET token price is currently on the cusp of a breakout. Various crypto analysts are expecting a strong rise in the asset price for the future.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
