VeChain has been an ace player in catering to supply chain management across the globe. Netizens believe VeChain to be arguably the finest blockchain in tracking supply chains within the crypto space.
The protocol is gaining limelight lately, for its renowned ability to serve the supply chain crisis. In addition, the protocol holds its presence in the booming NFT space, and in Dapps. Meanwhile, analysts set price targets for the digital asset for this cycle.
Will VeChain Breach Into the Top 5 Crypto List?
The protocol has been providing blockchain solutions for businesses across the world. The use cases range from supply chain management to anti-imitation and carbon credits. VET is the native token of the blockchain, and VTHO is its gas token for transactions. The platform uses the Internet of Things alongside distributed governance to solve supply chain management.
VeChain platform is all set to roll out PoA 2.0 on the Mainnet on November 16th, 2021. The PoA (Proof of Authority) helps to maintain the overall network security and makes sure that the protocol runs in compliance with the governing policy of the foundation.
PoA 2.0 aims to offer a more secure system, as well as improve the randomness in the procedure. That selects the next block producer and includes a committee feature that randomly selects 3-block producers to verify a block. The blockchain recently surpassed a $10 billion market cap. The platform is one of the major ones bringing the NFT space closer to the real world. Moreover, the network is holding its presence in dapps as well.
VET Price Analysis
The digital asset at press time is trading at $0.1635, with gains of 3.4%. While the market cap is at about $10,917,872,797. The trading volume for 24-hours floats around $860,672,212. Analyst enlightens that the price movements are occurring in cycles. The first leg-up saw a rise of 130%, whereas the next one rose 100%. Similarly, he expects the oncoming one to surge in levels of 100-120%.
Consecutively, every cycle has corrections approximating at 70-90%. He expects an accumulation could follow, prior to the next upswing. The analyst anticipates the coin to reach highs of 70 cents to $1 in this cycle. Similarly, netizens are expecting VET prices to rise to $1 alongside Bitcoin claiming its target of $100,000.
Collectively, enthusiasts are expecting VeChain to rise to the top 5 crypto list by market cap ranking. The protocol has partnered with major giants such as The BMW Group, Deloitte, Walmart China, and Shangai Gas among others. Several emerging protocols serving real-world problems will take the space to greater levels.