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VeChain ($VET) and $VTHO have soared over news of a Coinbase listing, with social dominance also rising.
Enterprise-focused blockchain VeChain has seen the value of its native tokens, Vechain ($VET) and VeThor ($VTHO), increase significantly in the past 48 hours. The price surge is largely linked to a Coinbase listing for these assets, three months after the exchange added them to a listing roadmap.
Coinbase will add support for VeChain ($VET) and VeThor ($VTHO) on the VeChain network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) September 12, 2023
Launched in 2015, Vechain operates a dual-token model where $VET serves as the primary token used for moving value across the network. $VTHO is labeled a secondary token that users spend on paying network transaction fees but can now also trade on Coinbase.
The price of $VET jumped over 12% following the confirmation of the Coinbase listing, with $VTHO seeing a higher increase of over 70%.
$VET rebounded from recent lows near $0.014 to set a new local high of $0.017. $VTHO, on the other hand, increased from $0.0008 to $0.00166 over the same timeline.
It is noteworthy that $VET and $VTHO have paired gains with an increase of 1.4% and 30%, respectively, in the past 24 hours. $VET trades at 0.016, while $VTHO hovers around $0.0013 at the time of writing.
VeChain social dominance also surges
A listing on the largest US-based cryptocurrency exchange has led to a tremendous increase in social signals for $VET and $VTHO.
According to LunarCrush, Vechain has seen a 58.65% increase in social mentions, with engagements also surging as much as 81%. The coin’s social dominance, when compared to other cryptocurrencies, has also increased by 58.65% in the past 24 hours.
The secondary $VTHO token posted even more impressive numbers. Social mentions for $VTHO increased 597%, with engagements surging by over 2,002% within the same period.
Beyond the latest news of a Coinbase listing, VeChain has made significant strides amid the crypto bear market. As The Crypto Basic reported, VeChain introduced a fee delegation feature and also partnered with Boston Consulting Group to enhance its sustainability strategy.