VeChain Makes Quick Comeback Following its Fall
VeChain has emerged as one of the better recoveries from the latest market crash and has managed to add 35 percent to its value and climb back past the $0.01 level. The coin itself, VET, sufferd a heavy fall before the latest selling frenzy and was even considered to be a “dead coin.”
The coin began pumping earlier on the 16th of August, boosting volumes just slightly up around 5276 Bitcoins, worth around $34M. VeThor, the reward coins granted by VET is around 13 percent in value. Despite this, the token has dropped over 82 percent in total just this week. VeThor’s value would also directly determine the price of VET and the profit gained from an operation VeChain node’s investment and as of now, starter nodes have dropped in price as well as the rewards themselves.
VET has already been listed by several exchange platforms and KuCoin has recently introduced withdrawal capabilities. Additionally, it was among a few crypto-exchanges providing token swaps out of the mobile VET wallet. As of now, over 44 percent of the coin’s trading is occurring against the USDT and about half of that is happening against Bitcoin.
As of now, the reason behind the unexpected surge in price has not been identified. However, Changpeng Zhao, CEO of Binance, commented on a possibility of bots contributing to the revived trading follow the drop in price. VET may easily be exposed and vulnerable to bots with over 80 percent of trading on Binance.
Alternative coins have also taken a heavy blow on the 13th and 14th of this month although have resisted complete submission just yet. As of now and a result of the surge in price, VET is valued at 31 percent under its record high. As of now, VeChain is till swapping every coin and those that still possess the ERC-20 coins have been recommended to trade them through the official wallet app or Binance.