VeChain, a layer1 Smart Contract platform, has recently made into highlights and is trending among the crypto community. Being launched in 2015, VeChain has gained a good amount of popularity among crypto investors, where its native token, VET, has surged to an all-time high of $0.2782.

Though the market is comparatively down from its best-performing days, VeChain is still in attention and ranks 42 on the CoinmarketCap.

In this blog, let’s discuss why VeChain is trending and how it’s performing in the market.

VeChain Price Analysis

VeChain price is currently at $0.04597 after a 4% hike in the last 24 hours. Compared to the one-week value, the prices have still maintained to gain a hike of 8%. But to say that it’s in the best-performing days would be an incorrect statement, as the VET token earlier in the start of the month had topped the charts. The price rose to as high as $0.05141 on the 3rd of March, marking a 22-month high.

Its market cap is at $3,348,011,793 after a 4% surge with a trading volume of $113,783,341. This hike initiated a new peak formation, as the prices were down the previous week due to the bearish market trends where so many cryptocurrencies suffered.

With the recovery of the crypto market, VeChain’s price is also showing a sign of recovery.

Reason Why VeChain is Trending

VeChain’s popularity is mainly because of its work, including supply chains and setting up a decentralized ecosystem. To continue to do that, the platform has launched a new product recently.

VeChain has introduced a new digital asset tokenization platform, MaaS, in collaboration with Gresini Racing. Through an X post, the platform shared this news with the community, where they mentioned this new partnership. The company is aiming to work on simplifying the asset tokenization process without involving any tough coding part.

We’re excited to announce our new digital asset tokenization platform – MaaS – is now live with it’s first enterprise user – MotoGP champions; Gresini Racing!

MaaS’ launch is timely as we look ahead and build tools to onboard a rapidly tokenizing world, with projections of $16… pic.twitter.com/iN5yT1VKC3

— vechain (@vechainofficial) March 27, 2024

Gresini Racing is the MotoGP Champions and will utilize MaaS to interact with its audience with the NFTs and digital collectibles. Through this partnership, the MotoGP fan will be eligible to receive some Gresinin Racing NFT products to cherish for life.

VeChain has been working on several projects based on blockchain applications, which shows its dedication to developing the web3 industry.

Also Read: Is Cardano Finally Hit By The Bull Run? Here’s What’s Happening

Last month, it also launched its sustainability platform, VeBetterDAO, which introduced sustainability among decentralized app systems. The platform initiated an airdrop with some of its newly launched $B3TR  tokens, which was also the reason behind the price surge in the earlier days of March.

We’re incredibly excited to announce the launch of our new #sustainability platform – VeBetterDAO – alongside two new tokens $B3TR and $VOT3!

VeBetterDAO is built to become the enabler of a cross-industry sustainability dApp ecosystem, driving adoption of Web3 tech across… pic.twitter.com/wFhxm30SeY

— vechain (@vechainofficial) February 28, 2024

Conclusion

VeChain has taken one more step towards improving the web3 world with its MaaS introduction. The platform is trending over many social media platforms, where X only has more than 2500 tweets related to the platform. The price has also surged 4% recently, forming a new peak for this week.

Read More 3 Crypto Stocks To Watch Out This Good Friday

The post VeChain Price : Top Reasons Why VeChain Is Trending appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am