- VeChain’s focus on environmental sustainability, along with CEO Sunny Lu’s upcoming speech at the major Blockchain Life 2024 event, is attracting institutional interest.
- VeChain’s ecosystem developments, including technological upgrades, and new partnerships are increasing the utility of its native token VET.
Currently, numerous altcoins experiencing significant gains as the much-awaited “AltSeason” is now around the corner. One token that is capturing attention is VeChain (VET), which is getting ready for a major rally. Here are five reasons why the VeChain price could experience a notable surge soon. As of press time, the VET price is trading 2.24% up at $0.02221 with a market cap of $1.80 billion.
1. Major Ecosystem Developments Boost VET Utility
VeChain’s recent announcements have provided a substantial boost to its ecosystem with significant progress in key projects. VeBetterDAO, an initiative for sustainability, has seen a massive improvement in VePassport, a digital identity solution, and the Ex/Economic Node app that improves network participation.
Also, the blockchain firm has secured important patents for supply chain management and user identity verification. In addition, the Moon GM NFT platform is receiving significant upgrades. These upgrades will attract more users and boost the utility of VeChain’s native token VET. Increased usage and network utility often correlate with price gain, which could boost VeChain’s price significantly.
2. Blockchain Life 2024 Speech
Another major catalyst for the VeChain price surge is the participation of its CEO Sunny Lu at Blockchain Life 2024, per the CNF report. It is a major blockchain conference set to take place in Dubai. With over 10,000 attendees in the show, this event will offer Lu a significant platform to boast about VeChain’s achievements to a global audience.
The exposure from such a large-scale event could lead to increased interest from institutional investors and developers. It could also lead to new partnerships and collaborations for the firm. These factors could, in turn, push the VET price up.
3. Environmental Initiatives Hold Up VeChain’s Social Reputation
VeChain is not just expanding its technological ecosystem but also making a major impact in the environmental and sustainability sectors. One notable initiative, Cleanify VET, recently initiated a jungle cleanup project in India. This project resonated with both businesses and investors who prioritize social responsibility and sustainability.
The firm’s ability to combine blockchain and real-world applications (RWA) further enhances its attractiveness, reported CNF. Hence, eco-conscious enterprises and investors would adopt the company’s technology, thereby, also using VET. This could drive demand for VET tokens, potentially pushing the price to new highs.
4. Major Partnerships
VeChain’s ecosystem has been further strengthened by new collaborations. A standout partnership is the collaboration between SolarShareNFT and International Blockchain Consulting as they utilize VeChain technology to boost innovation in decentralized solutions.
Additionally, VeBetterDAO has introduced enhanced reward mechanisms to incentivize network participation, per the CNF report. This creates a more engaged user base, which also includes institutions. The more active and involved the community, the greater the likelihood of increased VET token demand. This could positively impact VET price.
5. Expanding Developer Support through Grant Programs
VeChain is also taking steps to encourage more developers to build on its platform The organization’s Grant Program, recently expanded and provides developers with the tools and financial support needed to bring innovative projects to life.
As more developers build applications and solutions on VeChain’s blockchain, the network and token utility will increase, which is positive for VET price.
