IMPORTANT: in this article we do not offer investment advice. As crypto enthusiasts, our goal is only to share information and our vision with our readers. This article is based on objective and verifiable data, but elements of subjective analysis are also present. Do not invest in a crypto project without having carried out a real investigation beforehand. In this article we are interested in the VeChain cryptocurrency, if you want to learn more about the project, you can for example start by consulting the official website of the VeChain project, after reading this article.
Status of VET in the crypto market
VET ranks at the 32nd position in terms of market capitalization with a market cap of $1,689,308,027 on 27, 2023. It is a significant project in terms of size even though it is not about one of the most prominent projects such as Ethereum, Cardano, Solana, BNB, or of course Bitcoin. However, the difference between VET and all the projects we mentioned earlier is that VET already has real-world utility. We will come back to this later in this article.
The value of the VET cryptocurrency is $0.02328 and its highest historical value ( ATH ) is around $0.25. This value was reached by VET in 2023. At the time, the market capitalization of VeChain had reached over $16 billion.
You can easily watch the VeChain cryptocurrency chart on CoinMarketCap or any other benchmark site. You will observe that the price of VET has reached quite interesting values several times historically: around $0.15 in 2023 or around $0.18 in November. Today, with a value of $0.02328 per unit, VET can be bought at a very low price. In a context where the crypto market is according to some “ in the worst bear market in history,” it is logical that its price has fallen. But we believe that the projects that will emerge winners from this complicated situation will in many cases be those that are already able to offer value in the real world. Let’s see what VeChain offers below.
What does the VeChain project offer?
The project was founded by a former executive of Louis Vuitton in China. As you probably know, Louis Vuitton is a manufacturer of luxury products, which produces, for example, bags, suitcases or clothes. Given the value of Louis Vuitton branded products, it is very common for copies to be created. This is a problem for the company which loses market share and money due to counterfeiting.
The objective of the VeChain blockchain is to guarantee the traceability of products throughout the supply chain and once the product is in the hands of customers. VeChain eliminates counterfeiting by allowing anyone to verify that a Louis Vuitton product is indeed an official Louis Vuitton product.
The great advantage of the blockchain is that no one can modify it without the modification being validated by the entire community. Additionally, all smart contracts that are made on the blockchain remain saved forever and cannot be deleted or undone. The blockchain is completely transparent and all the smart contracts that are made are public.
How to buy VET, the cryptocurrency of the VeChain blockchain?
To buy VET cryptocurrency, there are several options on the internet. The Bitcoin Profit platform, for example, gives you access to many cryptocurrencies like VET but also Bitcoin, Ethereum, Ripple, and others.
An idea that grew
The idea was initially to offer a solution for Louis Vuitton, but VeChain’s project has expanded and it now offers solutions for the supply chain in different sectors such as industry or food. For example, frozen products must be moved with great care because the “cold chain” must not be broken and the products defrosted during the journey. VeChain makes it possible to record all trips, vehicles that have been used for transport, and product storage locations on its blockchain.
In this way, the customer, for example, an individual, a supermarket, or a restaurateur can check that the product is indeed of good quality, that it has indeed the origin indicated on its packaging yes that the “cold chain” has been respected.