- Despite the bad mood and a decline in the open futures by 17.5%, analysts assume that Vechain could repeat his historic coup and put a spectacular bull run down.
- During the Covid Pandemic in early 2020, Vet crashed by 81% before recovering 15 times by August of the same year and then adding 30 times.
Although the Vechain ecosystem has made considerable progress in recent months, the native cryptocurrency value VET has not been able to keep up with the developments and instead reacted to the general correction of the cryptom market. In the course of the last month, the VET course corrected by 30 %, in accordance with the decline with the decline of some of the top alcohols such as Ethereum (Eth), Solana (Sol), Dogecoin (Doge) and others. After this correction, market analysts believe that Vechain (VET) could strive for a parabolic rally, as the historical trends show.
VECHAIN: Teaching from past market cycles
During the Covid marketic licking in March 2020, the VECHIIN course experienced a dive of 81 %, with the market mood for the old coin achieved a historical low. Many believed that the project was consecrated, and there were widespread explanations that Vechain was at the end and that the bear market would last indefinitely.
Despite all pessimists, VET recovered and the course rose 15 times by August 2020. After a 60 percent correction that unsettled weaker investors, Vet made an extraordinary 30-fold rally during the subsequent housesee.
At the time of going to press, the Vechain course is listed a 7.77 % Lower at $ 0.02316, the market capitalization is less than $ 2 billion. VET’s daily turnover has also increased by 44% to more than $ 99 million.
The derivative data of Coinglassthat the open interest of VET futures fell to $ 17.49 % to $ 44 million. The mood of the dealers around the Altcoin seems to be declining.
Developments in the VET system
In the past few months, the Vechain ecosystem has recorded some important progress. As CNF reported, February was a milestone because the blockchain network recorded several achievements, including protocol upgrades, technical progress and strategic partnerships.
A highlight was the network’s sustainability efforts, with over seven million sustainable on-chain campaigns during the month. The Vechain Cleanify Initiative played a key role and recorded an average of 118,000 actions a day, which reflects the growing acceptance and commitment to the environment-oriented solutions of the network.
In addition, Vechain presented his Renaissance project and introduced a new staking system that differs from the previous passive rewards. The restructuring aims to increase the network engagement through an NFT-based staking model and at the same time redesign the tokenomics from VECHAINTHOR-CNF reported.
As part of the Renaissance paradigm, VECHAIN would no longer automatically generate VTHO from VET stocks. Instead, users have to actively use their VET to obtain rewards, which promotes greater decentralization and network security. The main feature of this transition is the introduction of Staking NFTS. This enables the participants to secure their assets and at the same time benefit from a more dynamic and more appealing reward system.
