Top Market analyst remains optimistic about the future of VeChain, setting a price target of $2 by 2025. The potential approval of a Bitcoin Exchange-Traded Fund (ETF) is expected to have a positive impact on VET.
Crypto analyst Raidenx recently made a bold prediction, stating that VeChain (VET) could experience a staggering 5,334% increase, reaching the $2 milestone by 2025. In a post on X, Raidenx challenges the prevailing sentiment by asserting that VeChain is unlike most altcoins that fail to reach new highs or fade away 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 witnessed an extraordinary growth rate of 18,800% between 2017 and 2018. While there may be some debate about the exact figures, there is a consensus that VeChain demonstrated remarkable growth during its initial bullish cycles.
Contrary to the notion that VeChain is an outdated digital asset, Raidenx argues that the upcoming bull season holds great promise for VET. The analyst highlights VeChain’s ability to defy expectations and outperform 99% of its peers in the last cycle, registering an impressive 16,450% growth from 2020 to 2021.
Raidenx also emphasizes VeChain’s successful transition from the Ethereum ERC-20 network to its own blockchain, leading to the rebranding from “VEN” to “VET” between 2017 and 2018. Despite facing skepticism and negative propaganda during the last cycle, VeChain not only survived but also strengthened its position in the market.
Data from CoinMarketCap confirms VET’s growth from a low of $0.001678 in 2020 to a peak of $0.2782 in 2021. However, as of the latest update, VET is currently trading at $0.03585, experiencing a decrease of 4.14%. It has a market cap of $2.5 billion and a 24-hour trading volume of $63.2 million.
VeChain’s strategic partnerships with prominent entities like UFC and the Boston Consulting Group (BCG) are also highlighted by Raidenx. These partnerships aim to improve supply chain processes through solutions related to traceability, transparency, and carbon management. VeChain has collaborated with over 300 enterprise allies to address supply chain challenges.
Additionally, Raidenx mentions that VeChain’s team is actively working on enhancing its tokenomics and plans to release an updated version of VET by February 2024. This demonstrates VeChain’s commitment to continuous improvement and adaptability in response to market demands. The analyst concludes by suggesting that VET could benefit from the potential approval of a spot Bitcoin ETF.
While ambitious projections in the crypto space should be approached with caution, Raidenx’s analysis sheds light on VeChain’s core capabilities and its immense growth potential. With its historical performance, strategic partnerships, and ongoing developments, VeChain is positioned as a project to watch in the years to come.
As the crypto market evolves, investors and enthusiasts will closely monitor VeChain’s journey towards reaching the $2 mark.