thecryptobasic.com
A crypto analyst has hinted at the possibility of VeChain (VET) reaching the $2 mark by 2025, citing its historical performance and pending pivotal developments in the crypto scene.
In a recent tweet, a crypto analyst with X username “Raidenx” argued VET’s potential to cancel its two leading decimal values to enter the $1 region. Raidenx analysis countered the advice of other crypto influencers who often dismissed investing in VET based on the sentiment that it is supposedly an antiquated digital asset with no potential.
$1 $VET possible? If you only knew what was coming you would be shaking with excitement.
Many influencers tell you not to look at an 'old coin' like Vechain since it has already been through a bull cycle.
This is its third cycle and I will tell you why it is special 🧵 (1/4) https://t.co/SBJ3SUCvpU— raidenx (@benj_strong) December 23, 2023
However, Raidenx sternly disagrees, arguing that this coming bull season is particularly special for VET. According to him, VET is unlike most altcoins that have faded into obscurity after their initial surge.
In his words: “Vechain is unlike 99% of altcoins, which never hit new highs or fade away to nothing after their first cycle.”
Backing his claim, the analyst highlighted VeChain’s impressive track record, recalling its initial days when it operated under the name “VEN.” Raidenx disclosed that VEN had achieved a remarkable 18,800% growth rate between 2017 and 2018.
It is worth noting that while Raidenx shared a chart suggesting VEN’s surge from $0.05 to $9.45, there is barely an authoritative market tracking resource to back this claim.
Furthermore, the analyst highlighted VeChain’s transition from the Ethereum ERC-20 network to its blockchain. The transition led to the rebranding of “VEN” to VET between 2017 and 2018.
VET Grew 16,450% Previously
Moreover, Raidenx argued that during the last cycle, VET faced the same “old coin” propaganda, with influencers urging investors to focus on new projects for better performance. Contrary to expectations, the analyst claimed VeChain went on to outperform 99% of its peers, boasting a remarkable increase.
CoinMarketCap data confirmed that VET grew 16,450% from a low of $0.001678 in 2020 to a peak of $0.2782 in 2021.
Furthermore, the analyst highlighted that VeChain had strengthened its position ever since its astronomic growth. He highlighted the team has secured strategic partnerships with leading entities such as UFC and the Boston Consulting Group.
Also, he cited that the VeChain team has bolstered their marketing efforts alongside plans to release an updated version of VET tokenomics by February 2024.
Concluding his analysis concerning VET’s potential, he argued that the digital asset is set to earn a positive impact from the potential approval of a Bitcoin spot ETF.
“All the above plus a potentially never-before-seen parabolic run for all of crypto due to BTC ETF and ETH ETF means I see VET going on another insane rally, which many will not expect,” the analyst submitted.
His concluding tweet included a chart suggesting VET’s potential trajectory to becoming a $2 asset by 2025. With VET now at $0.0368, a surge to $2 translates to a remarkable 5,334% growth.