VeChain’s Up 31% in 24 Hours, Is this the Start to Unlocking New Levels for VET?

Estimated read time 2 min read
  • VeChain’s native token, VET, surged by 31% in just 24 hours, reaching highs of $0.049.
  • This remarkable rally, fueled by positive market sentiment and technical advancements like Account Abstraction, marks VeChain as a standout performer in the cryptocurrency landscape.

VeChain (VET), the native token powering the VeChain blockchain, has experienced an astonishing surge of nearly 35% within the past 24 hours, propelling its price to intraday highs of $0.049 in today’s trading session. As of the time of writing, VET has sustained a remarkable 31.57% increase, reaching $0.045. This surge has positioned VET as the highest gainer among the top 100 cryptocurrencies by market capitalization, with a weekly gain of 57%.

Aside from the substantial price leap, VeChain is witnessing a remarkable 473% surge in trading volume, with over half a billion dollars ($560 million) or 12.5 billion VET traded within the last 24 hours. This surge in activity suggests renewed interest and vigor within the VeChain ecosystem.

The recent surge in both price and volume for VET can be attributed to several factors, one of which is the overall positive sentiment pervading the cryptocurrency market. Notably, Bitcoin’s resurgence above $52,000 for the first time since December 2021 has likely injected optimism and confidence into the broader digital asset landscape.

Earlier in the week, crypto analyst Ali had predicted a potential bull run for VeChain, stating, “It feels like it will be a big week for VeChain.” He further speculated, “If history repeats itself, VET could be looking at a move to $0.054 this week, a brief correction until June, and then a bull run to $0.70 by November.”

Moreover, VeChain’s network achieved a significant milestone with the implementation of Account Abstraction (AA), further fueling positive sentiment surrounding the blockchain. Account Abstraction, now live on the network, introduces a more flexible and programmable approach to interactions within the VeChain ecosystem.

In traditional blockchain interactions, externally owned accounts (EOAs) were the norm, necessitating manual operation and management through a public-private key pair. With Account Abstraction, VeChain transitions towards a more sophisticated system, enabling seamless interoperability and unlocking programmable smart contract wallets. This evolution promises enhanced user experiences and heightened security within the VeChain ecosystem.

The combination of bullish market sentiment, technical advancements such as Account Abstraction, and optimistic predictions from analysts has propelled VeChain to the forefront of the cryptocurrency market, with investors eagerly eyeing its future trajectory.

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