VeChain (VET) on Binance Spikes 25 Percent, No Signs of Correction Yet

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Fri, 07/27/2018 - 11:26
Yuri Molchan
VeChain seems to rise with no special market trigger
VeChain (VET) on Binance Spikes 25 Percent, No Signs of Correction Yet
Cover image via U.Today

The new VeChain coin (VET) started off on Binance on July 25th. No initial impulse seems to be around but VET is showing some positive dynamics today, 27.07. At the moment of writing, VET is trading at $2.40, that is 25 percent up, and there are no signs of stopping to be seen.

Good play in the bad market

Taking into account the current market state, one may say that VET is doing well. Most coins are dropping after a week of surging. Currently, Bitcoin has descended lower than $8,000 making the numerous investors drop their hopes.

A possible cause for the VET coin to rise significantly seems to be the VTHO airdrop initiated by the Binance crypto exchange after the VeChain mainnet launch.

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The airdrop was made for all VET token holders in celebration of listing VET on this platform. The amount of VTHO user receive depends on the number of VET they store. The exchange team mentioned in the blog that users holding less than 1 VET will not be able to participate in the airdrop.

VeChain gains traction

August promises to be pretty fruitful for VeChain. The platform intends to grow along with its mainnet expansion, and this should cause VET to spike too.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.