VeChain price prediction: Is VET a good investment?
Layer-1 blockchain VeChain is designed to improve supply chain management and business processes, but what of VET?
- From the VeChain whitepaper
- VeChain price history: The early years
- VeChain gets bullish
- VeChain gets bearish
- VeChain in 2022
- VET coin price prediction
The VeChain, or VET, cryptocurrency is the native coin of the VeChainThor blockchain. The chain, which aims to help companies create dApps (blockchain-based software applications) that work with the Internet of Things, has gathered plenty of press attention lately.
What is the future of the crypto, though? Can we make a VET coin price prediction? These are the questions that this article will attempt to answer.
Before we do that, it is good to take a look at the crypto’s recent price history. While prior performance is no guarantee of future results, knowing how it has done so far, and how it has reacted to certain market events, can be useful when it comes to making a VeChain price prediction.
From the VeChain whitepaper
The VeChain whitepaper 2.0 describes the project’s vision and states: “VeChain believes that blockchain technology is one of the foundations for the next generation of information technology, alongside emerging technologies such as AR, VR, AI, IoT, 5G and more.
“With the technology’s immutable and tamper-proof characteristics, blockchain, as an infrastructural technology, is uniquely positioned to enable unprecedented value and data-transfer among a wide set of users in a trust-less manner, boosting the efficiency and authenticity of information transfer itself.
“VeChain’s vision of lowering the barrier and enabling established business with blockchain technology to create value and solve real-world economic problems has been clear to us from the very beginning.”
VeChain price history: The early years
For the first few years of VET’s existence and availability on the open market, there was neither much movement nor much growth. For instance, during the summer and autumn of 2018, it hovered around the $0.01 mark before dropping below the cent barrier, where it mostly stayed for the next couple of years.
It broke back through the cent mark in the summer of 2020 and hovered around that point – sometimes higher, sometimes lower – for the next few months.
By the end of the year, however, it was hovering around the $0.02 mark, and it ended up closing 2020 at $0.01878.
VeChain gets bullish
January 2021 represented a time of considerable growth for the VET coin. By close on 3 January, it was up more than 38% from where it had been on 31 December 2020, standing at $0.02592. Three days later, it had risen a further 18.7% to $0.03079.
Clearly, this was a time for people to get interested in this crypto, as it looked to be smashing the VeChain price prediction. There was some fallback from this figure, though, and it spent the rest of the month mostly between $0.02 and $0.03, although there was a monthly high of $0.03505 in intraday trading on 21 January 2021 before it closed the month at $0.02542 – up more than 35% from the end of the previous month, but down more than 27% from the monthly high.
In February 2021, VET saw a time of even greater growth. The crypto market was really booming around this time, and VeChain was caught up in the action as more people looked to invest.
As a result, VET coin broke back through $0.03 on 5 February 2021 before breaking through to $0.04 on 11 February. The following day saw it go from an intraday low of $0.04254 to an intraday high of $0.06 – a rise of more than 40% across the course of the day – before falling back to close at $0.0547.
The very next day it hit February’s high when it reached $0.06044, but then it was time for the market to readjust itself and the coin closed February at $0.03966, up more than 56% from January’s close but down nearly 35% from the intra-month high.
In March 2021, the VET coin price kept rising, breaking through $0.07 on 12 March and then breaking $0.08 on 15 March, $0.09 on 20 March and getting to the monthly high of $0.09902 on 22 March 2021. There was some retreat to close the month at $0.08806, but while that figure was down by around 11% from the monthly high, it was still up a little over 122% from the previous month’s close.
April 2021 saw VeChain records broken again. The $0.10 barrier was surmounted when VeChain closed at $0.1026 on 5 April, while the $0.20 mark fell on 16 April. The next day, VET recorded its all-time high with an intraday score of $0.2782.
There was a fallback from this, however, and the month’s closing price of $0.2011 was down 27% from the record price, but up just over 128% month-on-month.
VET/USD price history
|May 27, 2022||0.02882||-0.00001||-0.03%||0.02883||0.02935||0.02820|
|May 26, 2022||0.02884||-0.00209||-6.76%||0.03093||0.03157||0.02770|
|May 25, 2022||0.03093||-0.00011||-0.35%||0.03104||0.03187||0.02986|
|May 24, 2022||0.03105||0.00030||0.98%||0.03075||0.03168||0.02916|
|May 23, 2022||0.03076||-0.00065||-2.07%||0.03141||0.03421||0.02998|
|May 22, 2022||0.03141||0.00118||3.90%||0.03023||0.03227||0.03004|
|May 21, 2022||0.03024||0.00053||1.78%||0.02971||0.03066||0.02913|
|May 20, 2022||0.02970||-0.00113||-3.67%||0.03083||0.03161||0.02877|
|May 19, 2022||0.03084||0.00221||7.72%||0.02863||0.03105||0.02776|
|May 18, 2022||0.02862||-0.00355||-11.04%||0.03217||0.03269||0.02843|
|May 17, 2022||0.03217||0.00179||5.89%||0.03038||0.03278||0.03024|
|May 16, 2022||0.03038||-0.00272||-8.22%||0.03310||0.03310||0.02933|
|May 15, 2022||0.03309||0.00191||6.13%||0.03118||0.03313||0.02976|
|May 14, 2022||0.03119||0.00113||3.76%||0.03006||0.03205||0.02798|
|May 13, 2022||0.03005||0.00289||10.64%||0.02716||0.03366||0.02666|
|May 12, 2022||0.02715||-0.00270||-9.05%||0.02985||0.03147||0.02258|
|May 11, 2022||0.02978||-0.00854||-22.29%||0.03832||0.03943||0.02789|
|May 10, 2022||0.03831||0.00086||2.30%||0.03745||0.04289||0.03617|
|May 9, 2022||0.03746||-0.00629||-14.38%||0.04375||0.04465||0.03714|
|May 8, 2022||0.04374||-0.00115||-2.56%||0.04489||0.04549||0.04303|
VeChain gets bearish
Initially, in May 2021 things looked reasonably good, with an intraday high of $0.250 earlier in the month, but then things started to slide, with the price consistently under the $0.20 mark from 13 May 2021 onwards. Things soon got much worse, though.
The great crypto day crash of 19 May hit the price of VET, which dropped 58% from an intraday high of $0.164 to an intraday low of $0.068. While there was some recovery at the end of the month, with the VET price at $0.126, that still represented a monthly fall of more than 37%.
June and July 2021 were pretty poor months for the cryptocurrency market as a whole and VeChain was no exception. With many experts revising their VET crypto price prediction downward at this stage, the best the coin could get to was $0.153 on 4 June 2021.
What is your sentiment on VET/USD?
Towards the close of June, the VET price dropped below the $0.10 mark on a consistent basis, and it closed the month down by 23% to $0.0961. July’s high did not come until right at the end of the month, with an intraday high of $0.09002 before a close of $0.08959 at the end of the month, down by just under 7% month-on-month.
August and September 2021 represented times of slow recovery followed by a decline. On 7 August, an intraday high of $0.1089 meant it had broken back through $0.10, while the monthly high of $0.1442 on 16 August 2021 was followed by a slight pullback to a monthly close of $0.1231, representing a 37% gain from the previous month.
Meanwhile, the 6 September 2021 high of $0.1570 was followed by a drop in price, reaching a monthly low of $0.0817 on 28 September before closing the month at $0.0951, down 22% from August’s closing price.
On 1 October 2021, VeChain broke back through to $0.10, stabilising around that point before there was a growth spurt at the end of the month. It reached a monthly high of $0.1477 on 26 October, with the closing price of $0.1327 up by nearly 40% month-on-month.
There was some consolidation of the coin’s value in November, but by 3 December 2021 the coin was valued at $0.11.
December 2021 and into the New Year was a difficult time for crypto, and by 24 January 2022 the coin reached a low of $0.044. There was a slight recovery and by 10 February the price of VET was trading at approximately $0.06364. However, the general downtrend continued and by 14 March 2022, the coin was trading at lows of $0.04547.
VeChain in 2022
Despite the disappointing lows in mid-March, VeChain showed some promise as new developments on the protocol surfaced.
On 23 March, Draper University announced its partnership with VeChain, launching a Fellowship and Web3 accelerator program. After a stale first quarter, the crypto market hinted at some sign of rebound towards the end of March. VeChain enjoyed some positive price movement as a result, and by 31 March 2022, the coin was trading at highs of $0.08906.
However, the recovery was short-lived. Worse news was to come in May after a market-wide crash sent most cryptocurrencies into freefall: VeChain sunk to $0.02412, its lowest value in over a year.
But as the crypto markets pick back up, VeChain is showing plenty of promise. The project announced its partnership with Amazon Web Service to build the VeCarbon emission management software-as-a-service (SaaS) system, to help China achieve a carbon neutrality goal by 2060.
Further to this, on 10 May 2022, a new report published by the Foundation stated that their treasury was in a healthy state, with over $1.2bn assets in stablecoins, ETH, BTC, and VeChain’s native token.
Now that’s out of the way, let’s take a look at what some VET coin price predictions say. It should be noted that forecasts for the future are usually made by algorithm, are subject to change and can often be wrong, but they are still worth taking as a starting point.
VET coin price prediction
WalletInvestor says the VET coin price should be down to $0.00425 in a year and continue on a downtrend.
DigitalCoinPrice’s VeChain price prediction suggests the coin could reach $0.0399 in June 2022, representing an upswing of almost 40%. However, the forecaster expects slow growth for the next two or three years, with the coin being worth an average of $0.0455 in 2023, $0.0457 in 2024, and $0.0617 in 2025. The coin is expected to continue an upward year-on-year trajectory to $0.14 in 2030.
Meanwhile, PricePrediction.net says the VET coin price prediction should reach a maximum price of $0.041 in 2022. The forecaster suggests an average price of $0.053 in 2023 and $0.073 in 2024. The VET coin price prediction for 2025 is $0.10.
The site’s VET coin forecast for 2026 predicts an average of $0.15, while it should be about $0.22 the following year. In 2028, the average price forecast is $0.33, while in 2029 it is $0.47. The site’s average VET coin price prediction for 2030 stands at $0.66.
Finally, Gov.capital’s VET coin price prediction for 2022 suggests a downtrend in the short term, hitting lows of around $0.0071 towards the end of July, but moving up from that price point to hit around $0.0424 by the end of December.
A more substantial recovery is expected in 2023, hitting the $0.10 mark in April of that year. The site forecasts that VET coin will approach the $0.90 mark towards the end of May 2027.
It might be. VeChain performed very well in 2021, but it is currently trading at almost 90% below its all-time high.
That said, you do need to be cautious. Cryptocurrencies can be highly volatile and prices can definitely go down as well as up. You will need to do your own research and remember never to invest more than you can afford to lose.
Possibly. None of the forecasts we looked at suggest it hitting that level any time soon, though Gov.capital thinks it could be nearly there in five years’ time.
However, forecasts are not set in stone, so you will still have to do your own research and be realistic when it comes to investing and looking at the future.
If you want to buy VeChain you can do so at a range of exchanges, including here at Currency.com.
Just remember to do your research first, and never invest more money than you can afford to lose.