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What Is the VeChain Thor price prediction today
AT A GLANCE
- In 2024, VeChain Thor price is expected to reach $0.0492, according to some experts
- 2025 promises to be turbulent, with prices ranging from $0.0278 to $0.06755387000543805, with PricePrediction.net predicting a breakthrough leading to a price rise to $0.06755387000543805
- By 2030, VET price can hit $0.0492
VeChain Thor fundamental analysis
VeChain is a blockchain-based platform designed to enhance supply chain management and business processes. It utilizes distributed ledger technology to provide transparency, immutability, and traceability for products as they move through various stages of the supply chain.
VeChain was founded in 2015 by Sunny Lu and initially operated as a project within the Chinese subsidiary of the blockchain company Bitse. It later transitioned into an independent entity that has acquired impressive partnerships, for example, with the global professional services firm, PricewaterhouseCoopers (PwC). The platform uses a combination of blockchain technology, IoT (Internet of Things) devices, and cryptographic identification to track and verify the authenticity and quality of products.
The VeChainThor Blockchain is the underlying blockchain infrastructure that powers the VeChain ecosystem. It provides the foundation for recording and storing data related to supply chain management, product verification, and other use cases.
VeChain ToolChain™ is a comprehensive blockchain-as-a-service (BaaS) platform provided by VeChain. It allows businesses to leverage the VeChainThor Blockchain easily and build their applications or solutions tailored to their specific needs. ToolChain™ simplifies the development process and accelerates the adoption of blockchain technology.
The VeChain Foundation is a non-profit organization based in Singapore that oversees the development and governance of the VeChain ecosystem. It focuses on research, development, and community building, aiming to drive the adoption of VeChain technology globally.
VeChain follows a consensus mechanism known as Proof of Authority (PoA). In a PoA consensus model, a limited number of trusted nodes are selected to validate and add new blocks to the blockchain. These nodes, often referred to as Authority Masternodes, are known entities with a reputation at stake. They are responsible for maintaining the integrity of the network and verifying transactions.
Unlike other consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS), where nodes compete to solve complex mathematical problems or stake their own tokens, PoA relies on a pre-approved set of nodes that are granted the authority to validate transactions. These nodes are typically selected based on their reputation, expertise, or other predetermined criteria.
VeChain's PoA consensus mechanism allows for faster transaction processing times and higher scalability compared to PoW-based blockchains like Bitcoin. It is particularly suitable for use cases where a high level of trust and efficiency is required, such as supply chain management.
Each product within the VeChain ecosystem is assigned a unique digital identity. This digital identity is created and recorded on the blockchain, establishing a verifiable and tamper-proof record of the product's attributes and history. It allows businesses and consumers to access detailed information about a product's journey and authenticity.
VeChain integrates IoT devices, such as sensors, RFID (Radio-Frequency Identification) tags, or QR codes, into the supply chain process. These devices collect data at various stages of the product lifecycle, capturing information about the origin, manufacturing, logistics, storage conditions, and more. The collected data is securely stored on the VeChainThor Blockchain.
VeChain's blockchain network enables businesses to record and store relevant information about their products, such as origin, manufacturing process, logistics, and storage conditions. This data is stored in a decentralized manner, making it resistant to manipulation or tampering. By scanning product-specific QR codes or RFID tags, consumers can access detailed information about a product's journey, ensuring its authenticity and quality.
The VeChain platform has gained significant traction in industries such as luxury goods, agriculture, food safety, and pharmaceuticals, where provenance and quality assurance are crucial. It enables businesses to improve supply chain efficiency, reduce counterfeiting, enhance consumer trust, and comply with regulatory requirements.
The VeChain ecosystem has a vibrant community of developers, enthusiasts, and supporters. Developers can build and deploy smart contracts and dApps on the VeChainThor Blockchain, contributing to the expansion and innovation within the ecosystem. VeChain also encourages community engagement through initiatives, events, and collaborations.
In addition to its supply chain solutions, VeChain has its native cryptocurrency called VET (VeChain Token). VET serves as a means of exchange within the VeChain ecosystem and also plays a role in the platform's governance and consensus mechanisms.
It is used for various purposes, including transaction fees, staking, and participating in the platform's governance. Holders of VET can also generate a secondary token called VeThor (VTHO), which is used to pay for the cost of executing smart contracts and running applications on the VeChainThor Blockchain.
The VET token has a total supply of 86,712,634,466 tokens and as of June 2023, the circulating supply is 72,714,516,834 VET.
VeChain Thor live price chart
In the last year, the price of the VeChain token was following the fluctuating tendencies of the crypto market. From the end of June 2022 till the end of July, the VeChain price was struggling to break a resistance at 0.026$, and it kept going up and down. But by July 27 the VeChain price dropped lower than usual and then started bullying. By July 31 the VeChain value of USD was 0.027, and the token continued to grow in value. By August 13 the price of VeChain reached 0.033, but then the crypto market flipped and the price of the VET token went down.
The token was declining till the end of September. By September 21 the price of the VeChain coin returned to the level of 0.022, where it stayed for over a month till the end of October. In the last week of the month and the first days of November 2022, the VeChain price was growing reaching 0.026 by the beginning of November.
It was the last uptrend for the VeChain token in 2022, and from that point till the end of the year the VeChain token price was declining. First, it fell to 0.019 on November 11 and then continued going down. By the last day of the year, the price of the Vechain dropped to 0.015, showing the lowest price level since July 2022.
But from that time the VeChain price rate started growing again as the crypto market also was going through a correction period. By January 28 the value of VeChain grew to around 0.024 again, regaining its normal price level, but at the end of the first week of February, the VeChain price dropped again as the market bulls became more active. In the second half of February, the price of VeChain tokens in USD started to grow significantly. By February 21 the VET token price reached 0.031, but couldn’t remain at this high level and established a new price correction that took the token price down to 0.020 on March 10, when most of the crypto assets were experiencing difficulties.
By March 21 the price of VeChain returned to the support level at around 0.022, and after going slightly down at the end of the month the VET to USD price chart established a new uptrend that lasted till April 19. By that time to buy VeChain tokens with USDT traders paid 0.026.
Ever since that time and till the end of June 2023 the price of the VET token was continuously declining. Only in the end of May, the VET to USDT price chart grew a little bit to 0.020 and then continued losing its price. By June 18 to buy VET tokens traders only paid 0.015 USD.
VeChain Thor technical analysis
Since late March 2022, VET has been trading in a falling wedge pattern, which hasn't seemed to reach a breakout point yet. The previous support level of ~$0.04 is a long way to go from the current numbers of ~$0.07. However, it will probably not go that low — there are some signs that may promise consolidation starting around now. The trend may turn real soon — stay tuned for VET crypto news.
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VeChain Thor price prediction
VeChain Thor price predictions summary
VeChain Thor price prediction for 2024
VeChain Thor price prediction for 2025
VeChain Thor price prediction for 2026
VeChain Thor price prediction for 2027
VeChain Thor price prediction for 2030
FAQ
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Summary
As it can be clear from the analysis cited above, VeChain Thor (VET) projections are rather contradictory. There is no universal consensus either about positive or negative future VET price movements. Indeed, the future possible growth depends on various factors: announcements, new technological solutions of the VeChain Thor projects, the crypto environment in general, legal position, and so on. We kindly remind you that before investing in any cryptocurrency, it is essential to do your own research (DYOR).
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