VeChain Price Prediction (VET)

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Contributor, Benzinga
January 3, 2023

VeChain is one of the most popular Internet of Things (IoT) blockchains. Its use cases include ensuring authenticity, supply chain management and product tracking. Through the blockchain, physical products can become more transparent in how they are produced and distributed. This technology disrupts poor supply chain practices, helps to increase efficiency and holds large corporations responsible for sustainable manufacturing sourcing. While VeChain price levels have taken a hit along with the rest of the crypto market, the potential for the technology is worth considering.

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What is VeChain?

VeChain is a Layer 1 blockchain used to track real-world objects. Physical objects are connected to the internet where they can communicate with other objects and people. VeChain offers two tokens, VeChain (VET) and VeThor (VTHO). VET is used to govern the VeChain platform and as a store of value for the blockchain. VTHO pays for the actual transactions on the blockchain. It is the currency used to pay for the IoT service that the blockchain provides.


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VeChain Market Position

The market capitalization for VeChain took a serious hit in 2022. The coin trades for a little under 2 cents — well off its all-time high of 23 cents. It faces a number of direct competitors, including Ethereum. Layer 1 chains with smart contract programmability pose a threat to VeChain as does IBM, which offers similar blockchain solutions for supply chains.

VeChain Foundation’s Bullish Long-Term Price Prediction

In times of financial distress, few analysts actively predict long-term success for VeChain. The VeChain foundation tweeted a number of positive indicators. The company relocated to Europe to attract new talent and will release a new VeChain wallet in 2023. 

CryptoEQ’s Bearish Long-Term VeChain Price Prediction

CryptoEQ, a site that analyzes the fundamentals of crypto projects, cites bearish indicators on VeChain. Its negative qualities include its centralized nature and Know Your Customer (KYC) requirements. CryptoEQ also mentions that VeChain’s niche use case holds little value for retail investors.

2023 VeChain Price Prediction

The following price predictions use technical analysis to make estimates of where coins will trade in the coming years. The macro environment can be turbulent, and estimations are not always accurate. DigitalCoinPrice predicts a $0.0394 average price of VeChain in 2023. 

2024 VeChain Price Prediction

In 2024, DigitalCoinPrice calls for an average price of $0.0585 for VeChain. This bullish run would depend on a bullish macro environment with continued advancement in VeChain technology and partnerships.

2025 VeChain Price Prediction

CryptoNewsZ calls for a price of $0.095 per coin by the end of 2025.

2026 VeChain Price Prediction

CryptoNewsZ continues its bets on bullish VeChain prices with a call for the coin to break 10 cents in 2026 and trade at an average of $0.13. 

2027 VeChain Price Prediction

For 2027, DigitalCoinPrice predicts an average price of $0.0849. As the year gets further away, predictive accuracy decreases because it is harder to say what new competitors will be in the market and what the overall state of the economy will be.

2030 VeChain Price Prediction

In 2030, DigitalCoinPrice has VeChain trading for over 20 cents at an average price of $0.23. 

Where to Buy VeChain

VET is a difficult coin to get your hands on. If you have a non-custodial wallet, you could buy it through a decentralized exchange. It is also available on Binance, Binance.US (for U.S. investors), and

How Long Will It Take for VeChain to Reach 3 Cents?

It’s impossible to know exactly how long it might take VeChain to reach 3 cents, but it can be a useful price target to evaluate. That price increase would depend on the status of the broader crypto market, which had been negatively affected by continued fed rate hikes. If VeChain can grow its ecosystem by the time of the next bull run, 3 cents could be an attainable price.

Where to Store VeChain Safely

Best Hardware Wallet: Ledger Nano S

The most popular cold storage wallet is the Ledger Nano S. It keeps users' digital assets offline and helps prevent hacks and phishing scams. In light of the recent FTX collapse, more users are exploring alternative options for crypto storage. The Ledger Nano S has been a common choice. Ledger hardware wallets support more than 1,000 different cryptocurrencies including Bitcoin, Ethereum, VeChain, Ripple and all ERC-20 tokens.

Best Software Wallet: VeChain Thor Wallet

Software wallets for VeChain can be tricky. It is likely that the best wallet is its native VeChain Thor wallet. By using a software wallet, users connect to decentralized exchanges to swap for VET. It is important to then move these assets over to your cold storage.

Current Crypto Prices

The crypto bear market has continued for much of 2022. To pile on, the FTX fraud left many consumers without funds. As the FTX contagion works its way through the crypto ecosystem — FTX was involved in over 200 protocols — investors are feeling the heat. It is important to practice long-term thinking and reexamine actual use cases before deciding to buy.

So, Is VeChain a Good Investment?

For an investor looking for exposure to the IoT theme, VeChain could be a good option. In the short term, however, VeChain could be a difficult investment to stomach. Profits are often made in bear markets and realized in bull markets, so finding cryptocurrencies with long-term value could be profitable in the future.

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