Cryptocurrency

Partnerships at company level bring the VeChain price (VET) to new highs

partnerships-at-company-level-bring-the-vechain-price-vet-to-new-highs

Realistic partnerships and integrations in thriving industries are some of the best forms of validation for blockchain projects that seek long-term sustainability and wide adoption. They also have the ability to trigger rallies that will trigger a long-term price hike as brand awareness spreads.

Since February, corporate-level rollout and a variety of use cases have opted for VeChain (VET), a blockchain-based supply chain platform that uses distributed governance and Internet of Things (IoT) technology to optimize supply Would like to use chain management systems.

VET / USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView show that the price of VET has risen more than 400% in the past two months, from a low of $ 0.0263 on Feb. 8 to a new record high of $ 0.1344 on Nov. 9. April has risen

Important collaborations trigger the VeChain Prize

A scroll through the project’s Twitter feed reveals that VET price growth in 2021 was largely stimulated by the introduction of supply chain tracking technology. On April 8th, the team announced a collaboration with the software company Salesforce.

We are happy to have worked with Daniel Nortje, Director of Strategy & Architecture at @Salesforce.

Daniel selected VeChain as the blockchain of choice in an example for a corporate adoption case and successfully connected #VeChain ToolChain to Salesforce! Https://t.co/YtZIG6Lx7B

– VeChain Foundation (@vechainofficial) April 8, 2021

VeChain’s technology has also been used on several projects managed by its partner DNV. DNV uses VeChain’s blockchain solution to manage the data from projects with the Danish company ReSea and the Norwegian industrial company Hydro.

The increase in the vocational training price and its introduction since early February has also resulted in a 1,000% increase in the price of VeThor Token (VTHO), which is used to pay for transactions and smart contract interactions on the network.

An NFT-related collaboration with VIMworld in early March also helped draw attention to vocational education and training, and prices have steadily increased.

The positive benefits of these partnerships were reflected in data from Cointelegraph Markets Pro, which shows that market conditions for VET have been favorable for some time.

The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS ™ Score (green) vs. Vocational Training Award. Source: Cointelegraph Markets Pro

As can be seen in the graph above, the VORTECS ™ Score for VET turned bullish, peaking at 73 on April 3rd, about two days before a smaller price spike on April 5th. After this step, the VORTECS ™ Score rose to a high of 87 and stayed in the green zone for the next three days as the vocational training price rose by 35%.

Now that institutional investors have a serious interest in the crypto sector and the way blockchain technology can be integrated into different sectors, VeChain’s real world use cases and growing list of corporate-level partners show that there is potential for further upside .

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.

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Melinda Martin