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.
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.