Can FUEGO Fuel VeChain’s (VET) Rise? Inside the New DApp That’s Burning VTHO

VET, the native cryptocurrency of the VeChain platform, has surged approximately 35% in the past seven days, according to CoinMarketCap data. This rebound follows a recent price dip and features an 8.17% rally in the past 24 hours, with its market cap increasing by the same ratio over that period.

Notably, VET’s rebound followed a 4-month bearish trend that saw the enterprise-grade L1 smart contract platform’s native crypto drop from a yearly high of $0.05500 on February 24 to $0.02016, a 63.26% decline.

This pullback pushed VET below multiple support levels, establishing a new low price for 2024. The drop to $0.02016 brought the L1 platform token’s price to a level last seen in November 2023.

VETUSD Weekly Chart on TradingView

VET’s recovery began on July 5 after the VeChain network’s crypto formed a classic downtrend rejection candle on the daily chart. The token’s price continued upward, closing above its opening value for seven consecutive days.

Meanwhile, a new DApp, FUEGO, launched on the VeChain network on July 14. FUEGO allows users to burn VTHO and receive B3TR tokens in return. The DApp’s creators noted that it would enable users to contribute to the sustainability and research initiatives of the VeChain network.

FUEGO’s incentivized model could potentially result in an influx of users into the VeChain ecosystem, promoting the parent project’s adoption and adding to VET’s upside price momentum.

TradingView’s data shows VET trading at $0.0315 at the time of writing, with bullish momentum evident on the daily and weekly charts. Users expect the upward movement to continue, especially as the entire market is experiencing a widespread recovery from a recent pullback.