- VeChain has prospects, according to analysts speculating about its future.
- The protocol’s dual token system is a major attraction point, which helps it maintain cross-market efficiency.
Market analysts forecast a bullish outcome for VET as VeChain, a smart contract-compatible blockchain with a focus on solving real-world problems. The VeChain blockchain offers unique features like the dual-token system, making it the ideal choice for Web3 applications.
How VeChain’s Dual Token Can Boost VET’s Potentials
The VeChain ecosystem consists of two tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). VET is the primary token that facilitates stakeholder voting, investment, and transactional activity. In contrast, VTHO is the energy or “gas” that drives transactions and smart contracts on the VeChainThor blockchain.
Crypto analyst known as REALCryptoJenny on X believes VeChain’s dual token system can promote VET’s long-term value by stabilizing transaction costs. She added that continuous development, sustainability focus, regulatory compliance, and scalability will strengthen its foundation.
#VeChain is well-positioned for future success due to its focus on solving real-world problems, particularly in supply chain management, where its blockchain enhances transparency, traceability, and efficiency.
Its strong partnerships with major companies like #Walmart China… pic.twitter.com/K43UWrNHmA
— Vechain_Jenny ♻️ (@REALCryptoJenny) October 16, 2024
The analyst noted that VeChain’s partnership with major firms like Walmart China and BMW demonstrates the platform’s enterprise adoption potential. Businesses are increasingly seeking sustainable, transparent solutions to enhance their processes.
However, VeChain, a leading enterprise blockchain solution, acts as a bridge, allowing businesses to conduct transactions directly without a third party. The platform, particularly, focuses on supply chain management, where its blockchain enhances transparency, traceability, and efficiency.
REALCryptoJenny opined that VeChain’s ability to provide enterprises with secure, immutable data could drive greater adoption and increase the demand for VET. Meanwhile, VET is experiencing a downtrend, trading at the $0.02277 price range. Within the past day, the token’s price decreased by 1.25%. The 24-hour trading volume also experienced a 29% decline to $26.6 million.
After breaking the Falling Wedge, VET returned to critical support and formed a small bounce from this horizontal level. The breakout target of the formation is still at $0.05. In an earlier CNF report, crypto analyst Alan Santana hinted at a bullish outcome for VET. The analyst pointed out that VET has reached its lowest point since 2019. This indicates it could soon encounter its strongest wave (Wave 1) of the much-anticipated cycle.
VeChain Driving Tokenized Asset Adoption
Besides focusing on enterprise blockchain solutions, VeChain has sealed its dominance in Real-World Assets (RWA), specifically in tokenization. In a recent development, VeChain collaborated with Boston Consulting Group (BCG), one of the world’s biggest consulting firms. This strategic partnership aims to unlock use cases of RWAs for sustainability and social impact. Meanwhile, BCG projects that the tokenized asset market could reach $16 trillion by 2030.
Furthermore, VeChain launched its Marketplace-as-a-Service (MaaS) platform in May, aiming to revolutionize the tokenization market. As CNF mentioned, the platform allows for the listing of digital assets, the production of ‘phygitals,’ and the integration of product information throughout its lifecycle.
Overall, VeChain’s ability to combine blockchain and RWA further enhances its attractiveness. As a result, environmentally aware businesses and investors would adopt the firm’s technology, utilizing VET. This might increase demand for VET tokens, potentially pushing prices to new highs.
