VeChain (VET) once again performed against the market, rising on news of an upcoming blockchain initiative in China. VET is up more than 12% in the past day, rising to $0.006, after adding a total of 23% from last week.
The VeChain project joined the Belt and Road Initiative by the Chinese government, an all-encompassing research and think-tank group for international relations and promotions. This signals an acceptance on the side of China for one of the most prominent blockchain solutions startups.
https://twitter.com/M3662019/status/1209148059529166850
The VET digital asset may also continue getting boosts from the initiative to buy back and burn some of the tokens. The VeChain project is among the most successful ICOs, never trading below its initial sale price.
https://twitter.com/Baar67538974/status/1209176423791046657
The recent theft from the buyback wallet also served to put VET in the spotlight. The project has constantly announced new partnerships, but most are yet to show real-world success.
The VeChain project deals with blockchain applications for the supply chain. For now, this is a new and growing field, with some skepticism about succeeding to replace legacy systems. Walmart, among the leading VeChain partners, is also interested in patents related to supply chain and product tracking, but there is no widespread ecosystem based on the blockchain.
Now, the fate of the stolen VET remains to be seen. Reportedly, some of the coins found their way into Binance, which froze the assets.
https://twitter.com/chris_jem7/status/1206486067395694592
The stolen coins were meant for staking on the VET ecosystem, and not for an outright coin burn. The assets have been tracked and most of the related addresses have been traced, with no chance of selling back the coins.
VET is seen as remaining strong in 2020, though with possible boom cycles followed by a slide.
https://twitter.com/FishTheWhales/status/1209096356813582338
Altcoins remain uncertain, but VET is one of the wild card bets, which may afford rallies when other assets lag behind.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.
