Top Market analyst, Raidenx, maintains an optimistic outlook on VeChain (VET), predicting that the cryptocurrency could reach $2 by 2025, a staggering increase of 5,334%. Raidenx challenges the prevailing sentiment surrounding VeChain, stating that it is different from the majority of altcoins that either fail to reach new highs or fade away completely after their initial cycle.
Raidenx’s argument is based on VeChain’s historical performance, particularly during its early days when it was known as “VEN.” According to the analyst, VEN experienced an astonishing growth rate of 18,800% between 2017 and 2018. While there may be some debate about the exact figures, it is widely agreed that VeChain demonstrated remarkable growth during its initial bullish cycles.
Contrary to those who dismiss VeChain as an outdated digital asset, Raidenx believes that the upcoming bull season holds great promise for VET. The analyst points out that VeChain has consistently defied expectations and outperformed 99% of its peers, growing by an impressive 16,450% from 2020 to 2021.
Raidenx also highlights VeChain’s successful transition from the Ethereum ERC-20 network to its own blockchain, which led to the rebranding from “VEN” to “VET” between 2017 and 2018. Despite facing skepticism and negative propaganda during the last cycle, VeChain not only weathered the storm but also strengthened its position in the market.
Data from CoinMarketCap confirms VET’s growth, starting from a low of $0.001678 in 2020 and reaching a peak of $0.2782 in 2021. Currently, VET is trading at $0.03585, reflecting a decrease of 4.14%. Its market cap stands at $2.5 billion, with a 24-hour trading volume of $63.2 million.
In addition to its impressive performance, VeChain has established strategic partnerships with prominent entities such as UFC and the Boston Consulting Group (BCG). These partnerships aim to improve supply chain processes through traceability, transparency, and carbon management solutions. VeChain has collaborated with over 300 enterprise allies to tackle supply chain challenges.
Furthermore, VeChain’s team is actively working on enhancing its tokenomics and plans to release an updated version of VET by February 2024. This commitment to continuous improvement and adaptability demonstrates VeChain’s responsiveness to market demands. Raidenx concludes his analysis by suggesting that VET could benefit from the potential approval of a spot Bitcoin Exchange-Traded Fund (ETF).
While ambitious projections in the crypto space should be approached with caution, Raidenx’s analysis sheds light on VeChain’s core capabilities and significant growth potential. With its historical performance, strategic partnerships, and ongoing developments, VeChain is a project that should be closely monitored in the years to come.
As the crypto market continues to evolve, investors and enthusiasts will undoubtedly keep a close eye on VeChain’s journey towards the $2 mark.