thecryptobasic.com
The recent price performance of VeChain (VET) has captured the attention of crypto proponents, with investors looking to rake in millions should the token clinch lofty price targets such as $3.
VeChain stands out as one of the crypto assets with promise, prompting market watchers to position it as a top contender for the upcoming bull run. The token demonstrated its potential during the rally that dominated the market in Q4 2023, surging 165% from September to December 2023.
As the bull run draws closer, analysts expect VeChain to leverage the market run to surpass its previous ATH. VeFam, a community-based educational account within the VeChain ecosystem, set $3 as the bull case target for VET in the coming bull run.
Investors seeking to make substantial gains if VET hits such a target would need to start taking action at a time when the asset’s price remains undervalued. VeChain currently trades for $0.04191, presenting an opportunity for possible accumulation at a discounted price.
VeChain Needed to Make $1M, $5M and $10M if VET Hits $3
Should VeChain reach a $3 valuation, a market participant must hold 333,333 (333K) VET tokens to witness his investment skyrocket to the $1 million mark. Interestingly, at the current price of $0.04191, these 333K tokens can be procured for a meager $13,969.
Investors with much bigger appetites would require larger capital. For instance, those looking for a $5 million investment at a VET price of $3 must hold 1,666,666 (1.66 million). Such investors could purchase these 1.66 million tokens for $69,849 against prevailing rates as of press time.
Meanwhile, the $10 million investment threshold demands a more substantial initial investment. If VeChain ever claims a $3 price, investors holding 3,333,333 (3.3 million) VET tokens would see their bags skyrocket to $10 million. If they choose to cup these 3.3 million tokens now, they will spend $139,699.
A Prevailing Uncertainty
While these figures present enticing possibilities, investors should remain cautious and not consider this evaluation investment advice. VET’s potential to hit $3 remains questionable, as it would require a massive 7,058% rally. However, the possibility cannot be completely ruled out.
During the 2021 bull run, VeChain rallied 17,723% from a low of $0.00157 in March 2020 to its ATH of $0.27983 in April 2021. Notably, the token is now showing signs of an imminent rally. VET surged from $0.01460 in September 2023 to a 20-month high of $0.03877.
This rally represented an impressive 165% uptick within four months. The token faced resistance at the $0.03877 high, dumping to a low of $0.02506 before picking back up to the $0.04 zone. Despite its historical performance, it is not certain that VET could clinch $3 in this bull run.