VeChain, the blockchain project, has experienced impressive growth in April, highlighted by its partnership with UFC and the accelerated advancement of the VeBetterDAO initiative.
The outlook for VeChain (VET) is optimistic, as key indicators and the growing ecosystem point towards a potential long-term price rally.
In the first four months of 2024, VeChain has demonstrated its commitment to its long-term goals by achieving remarkable growth. The project is focused on developing innovative technology, forging strategic partnerships, and increasing adoption by retailers and integration in various industries.
Crypto analyst Collin Brown has highlighted some of VeChain’s notable achievements this year, including its explosive adoption with over 3 million wallet holders, setting a new record.
One of the significant milestones for VeChain is its recent partnership with UFC. Through this collaboration, VeChain has integrated NFC blockchain technology into fighter gloves. These high-tech gloves made their debut at UFC 300 on April 13, providing a unique way to authenticate and log fight data directly onto the blockchain. The gloves will also be auctioned as collectibles, enhancing fan engagement.
Another noteworthy accomplishment in recent weeks is the launch of VeBetterDAO, an initiative aimed at promoting sustainability. VeBetterDAO utilizes its utility token B3TR to incentivize sustainable actions. With a focus on solving critical sustainability issues, VeChain aims to achieve a million active daily users in the coming years and onboard approximately a billion users by 2030.
Collin also highlights the launch and improvements of VORJ, an innovative tool that allows users to deploy decentralized apps, create tokens, launch NFTs, and establish DAOs without coding.
Furthermore, VeChain has been actively participating in global meetups, including the Paris Blockchain Week, where founder Sunny Lu delivered a presentation on how VeBetterDAO enables individuals to contribute to global sustainability. The presentation explored the various features of VeBetterDAO, including its dApp marketplace, which allows users to engage, earn, and prosper.
Most recently, VeChain launched MaaS (Digital Asset Tokenization platform), which has already been embraced by MotoGP champions Gresini Racing.
In terms of price outlook, VeChain has displayed bullish signals, with analysts predicting a potential short-term breakout. Crypto analyst Ali Martinez points out the similarities between VeChain’s current trading pattern and previous cycles, particularly the resemblance to the 2020 price trend that ended with a breakout and a record high for the altcoin.
As of now, VET is trading at $0.04188, showing a marginal change in the last 24 hours. On the weekly chart, VET has seen a 3% increase. Investors remain confident in a long-term bullish outlook.
Upon examining the macro chart of VET, crypto analyst Captain Faibik has observed the formation of bullish patterns that could potentially lead to a 600% price growth in the midterm. However, it is uncertain whether bulls or bears are in control of the short-term price trend.
If you are interested in VeChain, it is recommended to explore guides on buying VET and setting up a VeChain wallet. Additionally, you can check the 24-hour VET price for the latest updates. Stay informed with more VeChain news to keep up with the project’s developments.
So, what exactly is VeChain?