VET is back above a penny after gaining more than 35% within hours.
VeChain (VET) is one of the stronger gainers following the recent market crash, adding another 35% to its price to break above the $0.01 barrier again. VET had its deep crash even before the most recent bout of selling, and was sometimes seen as a defunct asset.
VET started pumping at 6:00 EST, on slightly increased volumes of around $34 million, or 5,276 BTC. The reward asset for VET, VeThor (VTHO) also appreciated by around 13%. However, the newly traded token is down more than 82% net this week, as its price is still in the stage of initial discovery.
The value of VTHO would also define the value of VET, and the return on the investment of running a VeChain node. For now, both the price for buying starter nodes, and the value of rewards, has fallen.
The new VET tokens have already been integrated by exchanges, and recently, KuCoin opened withdrawal services. KuCoin was one of the exchanges that offered to swap the tokens outside the VeChain mobile wallet.
At the moment, more than 44% of VET trading volumes are happening against the USDT, with roughly half against BTC. The reason for the sudden price spike is unknown. However, a recent tweet by the chief of Binance, Changpeng Zhao, suggested that after the price drops, the renewed active trading may be a concerted effort by bots.
It is possible that VET, with more than 80% of its trading concentrated on Binance, will be easily affected by bots.
Altcoins crashed deeply on Monday and Tuesday, but for now have managed to avoid a “capitulation” scenario. With the current price spike, VET is just around 31% below its peak, as the asset has been relatively unknown and did not manage to climb to very high prices before the bear market set in.
The VeChain project is still in the process of swapping all tokens. Owners of the old ERC-20 tokens are advised to swap them through the official mobile wallet or through an exchange like Binance. Sending VEN tokens to a Ledger address would not result in a swap, but in a loss.
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.