VeChain (VET), the native token of the VeChain blockchain, has soared by nearly 35% in the last 24 hours, reaching intraday highs of $0.049 in today's trading session.
At the time of writing, VET was up 31.57% in the last 24 hours to $0.045. the token has also gained 57% weekly. This remarkable rally has made VET the highest gainer among the top 100 cryptocurrencies by market capitalization.
Aside from the price jump, VeChain is seeing a remarkable 473% surge in trading volume, with over half a billion dollars ($560 million), or 12.5 billion VET, traded in the last 24 hours, suggesting renewed interest and activity.
The recent price and volume spike for VET could be attributed to various factors, including positive sentiment on the overall cryptocurrency market, which saw Bitcoin cross $52,000 for the first time since December 2021.
Earlier in the week, crypto analyst Ali predicted a potential bull run for VeChain: "It feels like it will be a big week for VeChain. If history repeats itself, VET could be looking at a move to $0.054 this week, a brief correction until June, and then a bull run to $0.70 by November."
VeChain welcomes account abstraction
The VeChain network has reached a major milestone, which might have added to the positivity surrounding the blockchain.
Account Abstraction (AA) is now live on the network, opening up a whole new world for VeChain. Aside from making interoperability seamless, account abstraction also unlocks programmable smart contract wallets for a better user experience and improved security.
EOAs, which are wallets owned by users and operated manually from outside the blockchain, have been the standard for blockchain interactions, requiring manual operation and management through a public-private key pair.
All the while, interactions on VeChain were initiated through an externally owned account (EOA).
Account abstraction moves away from traditional externally owned accounts (EOAs) toward a more flexible, programmable approach.