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The price of VeChain (VET), the native token of the VeChainThor blockchain, has surged over 30% in the last 24 hours to reach an intraday high of $0.049 Before making a slight drop to 26 % and traded at $0.047 earlier on Friday. The cryptocurrency has also gained 57% over the past week.
VET, Price Chart Last 24 HRS, Source: CoinMarketCap
This remarkable rally has made VET the highest gainer among the top 100 cryptocurrencies by market capitalization. Over $78 million worth of VET has been traded in the last 24 hours
Ali highlights that the recent spike could indicate the start of a bull run for VeChain: “It feels like it will be a big week for VeChain. If history repeats itself, VET could be looking at a move to $0.054 this week”
Other factors driving the surge include the overall positive sentiment in the crypto market, with Bitcoin crossing $52,000 for the first time since December 2021, as well as the achievement of a major milestone on the VeChain network
Account Abstraction, which improves interoperability and security, is now live on VeChainThor. This unlocks new functionality like programmable smart contract wallets and could lead to greater adoption of the network.
While obstacles are ahead, VeChain has strong fundamentals that could drive further upside beyond the 57% weekly gain already achieved. With developers actively building on VeChainThor and growing real-world adoption, the latest rally could start a broader breakout for VET.
Also read: VeChain X Twitter Hacked Amidst Cryptocurrency Market Surge
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