Vechain is a cryptocurrency and a blockchain platform that is looking to target the “Internet of Things”. This is evident from its extended use in industries like pharmacy, automotive and agriculture. Recently, its cryptocurrency called VET, saw a rise and it broke into the Cent Club (that is, the price of a single token worth at least 1 US Cent). Now, with this growth, it’s looking forward to a buyback to increase its net worth.
VeChain’s Direction for the Future Known
The sudden rise of a relatively stagnant crypto wasn’t any coincidence. The rise was due to some data leaked that stated Vechain getting in a partnership with Walmart. This, and also the news before it of a buyback had suspected investors and the price of the crypto token rose. Sunny Lu, the founder of VeChain, is looking for a buyback to raise the worth of the company to US $25 million. It told the community that buyers should be prepared for this sentiment.
The price of Vechain saw huge chains and it broke to $0.01 recently. The news of the buyback alone boosted the crypto by 15% to $0.009 and broke the Cent barrier by the leak of the Walmart partnership. While this drew the attention of the market for a short amount of time, it has settled back to its usual figures of $0.0079 and fluctuating at the time of writing this article.
Price Prediction Of Vechain – An Uncertainty
While the bulk of the market was bulling forward with the rise of Bitcoin recently, Vechain was minding it’s own business. And now, when some news relevant to it broke out it decided to make a move in the charts. This clearly shows that Vechain isn’t a crypto that easily gets influenced by market influence. It has managed to break to a US Cent only once before and it had the audacity to double its value to $0.02 but hasn’t been able to reach such heights again.
What the future holds for Vechain is something that it gets to decide. Not many Cryptos get this kind of privilege. While it could increase its price for a short period of time with distribution of the increased valuation like Tron did, or could actually invest in the company’s development to help it in the long run.