On Friday, May 6, the price of VeChain (VET) fell sharply after a brief respite with the cryptocurrency coming to a brief market a day before the price crash in the broader market.
As things stand, VET is down more than 10% over the past 24 hours, leaving many cryptocurrency traders speculating on where the DeFi asset will trade at the end of the month given the volatile nature of the market.
Notably, the cryptocurrency community on CoinMarketCap is expressing a lot of confidence in the price of the coin, predicting that VeChain will trade at $0.06589 by the end of May 2022.
Specifically, the forecast price shows an increase of $0.01906 or 40.72% over the asset’s current value based on 2,295 votes.
Elsewhere, votes from 1,042 community members for the end of June cast a slightly lower forecast than for May, predicting that the token that provides a tracking solution that uses blockchain and smart chips to monitor individual products. Integrates the technology, will trade at $0.06524 +$0.01831(+. 39.01%) at current price.
VeChain Price Analysis
Currently, VeChain is trading at $0.04688, down 11% on the day and 8.31% over the past week, according to data from CoinMarketCap, with a total market cap of $3 billion.
Supply chain-focused cryptocurrency, on April 27 partnered with Alchemy Pay, a crypto payment system, to accept payments at more than two million retail locations worldwide.
VET tokens can now be used to pay for real-world products and services using Alchemy Pay’s platform, where transactions cost less than one cent and can be completed instantly.
In March 1, Sunny Lu, CEO and founder of VeChain, said Press release That VET’s partnership with Alchemy Pay aims to increase its utility and adoption rate as a means of payment.
The integration of VET into Alchemy Pay’s crypto payment system is important to further expand the real-world use cases for VET as a form of payment.
He added:
“By enabling mainstream payment standards such as Visa, MasterCard and PayPal to use Alchemy Pay, the mainstream adoption of VET will enable direct access, bypassing the complexities of cryptocurrency exchanges, which can be a deterrent for many new users. is.”
Ultimately, whether or not these events will have any impact on the price of the asset, as the crypto community believes, and how they play out by the end of the month, will depend on the rest of the market and if bitcoin bulls are able to hold their own. Feet can be retrieved.
Disclaimer: The contents of this site should not be considered investment advice. Investment is speculative. While investing, your capital is at risk.
