- VeChain’s native cryptocurrency VET could be handsomely rewarding to investors with a long-term view, tells CoinCodex data.
- The VeChain ecosystem is undergoing some strong development along with upgrading its Web3-as-a-service platform VORJ.
Enterprise-grade L1 smart contract platform has undertaken several major initiatives this year including the launch of its Web3-as-a-service platform VORJ, earlier this year in April 2023. As a result, VeChain’s native cryptocurrency VET has also been on investors’ radar.
The VET cryptocurrency, however, has been subject to volatile price movements this year. VeChain had a strong start to 2023, with its price doubling in the first quarter, going from $0.015 to $0.032 between January and early March. However, it lost most of its gains in the second quarter, returning to its early January price. Since then, the supply chain-based cryptocurrency has been struggling to make significant progress and has been mostly trading flat.
As of press time, VET is trading at $0.01918 with a market cap of $1.3 billion. However, this could be a great time for long-term investors who are willing to hold VET, at least up to 2025 and beyond.
VeChain Price Prediction for 2025
CoinCodex, a leading on-chain metrics, and price prediction firm, has predicted that VeChain could reach a yearly low of $0.022 in 2025. This would represent an ROI of approximately 1,100%, meaning that a $1,000 investment in VET today could turn into $12,000 by 2025.
CoinCodex also estimates that VeChain’s price could reach a maximum high of $0.055 in 2025. This would represent an ROI of close to 2,800%, meaning that a $1,000 investment today could turn into $29,000 by 2025.
However, it is important to note that the cryptocurrency markets are highly volatile and there is no guarantee that VET will reach these price levels. Investors should do their own research before making any investment decisions.
Recent Developments in VeChain Ecosystem
There have been several developments taking place in the VeChain ecosystem. Firstly, the platform delivered stellar results during the first quarter of 2023. VeChain’s balance sheet primarily consists of Bitcoin and Ethereum, and with the remarkable upswing in BTC and ETH prices, it served as a major catalyst for the foundation’s explosive growth. Starting with $275 million at the conclusion of 2022, VeChain’s balance sheet impressively surged to $380 million by the end of March 2023.
Meanwhile, VORJ, VeChain’s powerful Web3 as a service platform, is continually evolving. Its primary purpose is to streamline the deployment of digital assets and facilitate seamless integration of blockchain APIs. Currently, the platform is undergoing several notable enhancements. These advancements encompass the integration of the Interplanetary Filesystem (IPFS) to enable decentralized file storage and a direct listing feature for the World of V (WoV) marketplace.
Moreover, the development roadmap includes upcoming upgrades to introduce the ERC-4626 standard “tokenized vaults” and additional NFT creation flows. These enhancements are aimed at providing users with increased flexibility and customization options. Additionally, the platform is planning to introduce Role Based Access Controls (RBAC) for smart contracts, thus bolstering security measures. Notably, there’s also a new Marketplace-as-a-Service (MaaS) feature in the works, further enriching the platform’s capabilities.
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