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VeChain VET/USD is a software solution intended to incentivize a network of computer to operate a platform which allows any business to build and run decentralized applications or dApps.
On June 28, we saw how VeChain leads blockchain adoption in the food and beverage industry around the globe.
This is due to the fact that Walmart China took off food safety with VeChain, by bringing them together with Sam’s Club with the idea of making a safety traceability platform.
Since VeChain is a leader in this aspect, the more it ends up getting implemented, the higher the circulation and demand of the VET token will be. VET was $0.079 here.
VeChain developments and updates
On June 30, VeChain celebrated its third anniversary, they interviewed many members of the core team, which makes it the first time they have spoken to the community.
As such, this drove a heightened interest in the future development of VeChain and could result in an increase in value. VET increased to $0.089 here.
On July 1, VeChain announced the world’s first National eNFT adoption.
In other words, the VeChain Foundation and DNV assurance partnered with the Republic of San Marino with the intention of using Digital COVID-19 vaccination certificates.
It was actually approved through a law on June 16, and it is a solution that will provide the citizens with a digital certificate that lives up to European Union Standards. The certificates are issued through Enterprise Non-Fungible Tokens (eNFTs).
To make all of this work, the VeChain will be used and as such, this will lead to heightened demand, usage, and circulation of the VET token.
This will surely bump up its price higher in the future due to the fact that we’ll start seeing digital certificates across everyone that vaccinates.
This in turn will activate the blockchain, require additional VET tokens, which will lead to heightened mining, and the increased demand will ultimately make the value go higher.
Should you invest in VeChain (VET)?
The VET cryptocurrency powers the VeChain and is used for holding, spending, staking, or sending. Applications that are built on VeChain need VTHOR in order to pay for the transactions.
As the demand for VTHOR rises, so does the demand for VET coins, and as a result, the value increases.
On July 2, VET was valued at $0.082.
At this price point, given the fact that VeChain will power national eNFT adoption and provide COVID-19 vaccination certificates, it is a worthwhile investment.
Alongside this, VeChain is the leader when it comes to blockchain adoption in the foods industry.
What this means is that we can clearly see the future use-cases of the VET token and how its demand will grow.
On June 22, VET fell to $0.064 at its lowest point and got up to $0.092 on June 30 at one of its higher points.
This gives us a clear image of how far the token has recently grown.
With the increased usage and demand for it, we can expect it to go up to $0.090 by the end of July.