The price of the VeChain (VET) token surged by 30% on Thursday, leading a wide recovery of the crypto-market, raising its valuation by over $5 billion in the last 24 hours.
VET is the native coin of the contracts of the supply chain-focused VeChain blockchain network. It was priced at below $0.008 early morning on Thursday but surged shortly afterwards. It had soon crossed the $0.10 mark, and peaked at $0.012 during that day, before finally settling on $0.01, where it currently stands.
In spite of the development, however, VET is still down 7% against USD for the last week. Nonetheless, it has definitely been one of the better performing in the top 100 tokens, with its weekly returns analysis putting it at par with the likes of XRM and ETC, the latter of which is riding a surge wave of its own after its listing became due in on the giant crypto-exchange Coinbase.
VeChain has a current market cap of $572 million, raising it’s rank among digital currencies to 20th. The trading of VET is currently overwhelmingly based on Binance, the largest crypto-exchange in the world. As of right now, the VET pairings with BTC, USDT, ETH, and BNB account for about 92% of all transactions in VET. The remaining trade is given out to smaller platforms like Gate.io, LBank, and Kucoin. A single defining factor hasn’t yet been identified as a reason for this surge.
Recently Kucoin reopened transactions for VET following its token swap in the mainnet. However, Kucoin is only 58th ranked crypto-exchange, and VET is listed in several larger platforms as well. There the announcement of Kucoin is rather unlikely to have been the reason behind the huge surge in the price of VET.