Did you notice the recent upswing in the price of VeChain (VET)? This significant surge was a result of its recent listing on Coinbase, a leading US-based cryptocurrency exchange. This enterprise-focused altcoin, which offers blockchain-based logistical solutions, saw a considerable increase in its value following this development.
Unveiling the VeChain (VET) Spike
In June, Coinbase revealed its plans to list VeChain (VET), a cryptocurrency project dedicated to providing blockchain solutions for logistics. Earlier this week, the exchange officially announced that VET and its gas token VeThor (VTHO) were now available for trading. This announcement sparked a sharp increase in VeChain’s value, soaring from a seven-day low of $0.0146 on September 11th to a peak of $0.0172 just a day later. This represents a remarkable 17.8% increase.
Although the digital asset retraced slightly afterwards, it’s still trading at around $0.0170, a 3% increase in the last 24 hours.
VeChain (VET) – A Brief Overview
VeChain was established in 2015 by Sunny Lu, a Chinese entrepreneur and former executive of Louis Vuitton China. The primary objective of VET is to manage supply chains and trace products. It has already formed partnerships with high-profile businesses like Walmart and BMW.
VeThor (VTHO), the token associated with the protocol’s gas fees, is a digital asset that is automatically generated and given to VET holders. This token is used to power the network’s smart contracts.
The Impact on VeThor (VTHO)
The Coinbase listing also had a profound impact on VeThor (VTHO). This virtual asset experienced a remarkable spike after the announcement, soaring from a low of $0.000869 on September 12th to $0.001607. This translates to a staggering 85% increase.
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