Crypto community predicts a bullish VeChain price for August 31, 2022
Disclaimer: The CoinMarketCap cryptocurrency community price estimates are based solely on the votes of users. Estimates do not guarantee end of month prices.
VeChain is among the cryptocurrency projects that registered increased interest after the platform’s native token VET rose significantly over the past year. In particular, interest in VeChain is partly motivated by its ability to solve significant challenges in trustless data for various industries, including finance, energy, food and medicine.
In recent months, VET has been trying to break out of a period of consolidation and enter a recovery path necessitated by the ongoing cryptocurrency bear market. With the overall market recently experiencing a short-term rally, VET investors are hoping that the token will build on its progress and sustain gains.
In fact, the CoinMarketCap cryptocurrency community estimates that VET will trade at an average of $0.048 by August 31st. The estimates from 822 community members represent a growth of 107% from the token’s current price of $0.23.
However, the community expects VET to rise to $0.057 by the end of September 2022 to gain over 140% from its current value, with the estimate based on votes from 433 members.
Interestingly, the community seems to be betting on increased use of the VeChain blockchain to improve the global supply chain. Already, the ecosystem is witnessing the use of leading global brands, including LVMH, BMW Group, DB Schenker, Kuehne & Nagel and Groupe Renault, among others.
The increased usage is likely to trigger growth in VET as the global supply chain transitions to blockchain solutions.
VET price analysis
VeChain has been trading mainly in the red zone for most of 2022 after reaching an annual high just above $0.09 in January 2022, and the community is looking forward to regaining those levels. At press time, the token was trading at $0.023, with minor gains of over 3% in the last 24 hours.
Despite a strong range of uses, the value of VET has been weighed down by the general meltdown of the cryptocurrency market experienced in 2022.
Furthermore, the value has been affected by broader macroeconomic elements such as soaring inflation and interest rate increases. However, VET will rely on its utility to maneuver the challenging economic times.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
