Supply chain management has been a hot-button topic among blockchain entities and enthusiasts. VeChain was created to help address those issues, manage business processes, and eventually serve as a place for innovative Web3 development.
For that reason, making a VeChain price prediction for the native VET token has become equally important. As is the case with other cryptocurrencies, investors are trying to get a gauge on where the token will be in the coming years. What will VET be trading at in 2030? Read on to see what experts are saying.
VeChain 2030 Price Prediction
Currently, VeChain (VET) is trading at about $0.02 per token. As is the case with much of the cryptocurrency market, VeChain has experienced major rises and substantial falls. The real question is, “What will VeChain look like in 2030?”
Making a prediction regarding price can be difficult for even the largest tokens, like Bitcoin. That said, experts in the field believe that the general cryptocurrency market will be bullish moving forward. That means positive movement for VeChain over the long term.
When 2030 comes, experts feel that there could be great disparity between VeChain’s high and low prices. Conservative, experts see it at roughly $0.14 per token. On the high end, however, it could be at about $0.59. While that might not seem like a huge deal, it is substantial growth and the billions of tokens available could become quite viable.
What is VeChain (VET)?
VeCHain is a smart contract platform, labeled as enterprise-grade L1,that began as a private consortium chain in 2015. At the time, it worked with a number of enterprises, exploring the potential of various applications on the blockchain.
Beginning in 2017, the VeChain blockchain introduced the ERC-20 token VEN. Shortly after that, it launched a mainnet using the ticker VET.
The main aims of VeChain is to use the Internet of Things (IoT) and distributed governance to create an ecosystem that challenges the main hurdles facing the blockchain industry. By utilizing trustless data, VeChain is looking to address real-time demand issues that have been traditionally part of the digital currency marketplace.
VeChain currently has a dual-token economy, using its native VET token as well as the VeChainThor Energy token known as VTHO. VET handles value across the entirety of the network while VTHO is the gas token that is used to power smart contract transactions on the blockchain.
VeChain makes use of a Proof of Authority (PoA) consensus. Through this consensus, holders of VET are able to stake their token to become a validator and verify transactions on the network. Doing so is a great way to earn VET through validator rewards.
VeChain (VET) Price History
VeChain has a unique and interesting price history. The biggest movement came when VeChain’s ecosystem was rebranded as VeChainThor in 2018. The VET token began trading by the end of the year at a modest $0.004006 per token.
Though there were small surges prior, VET tokens really saw a boost in July 2019. VET shot to $0.00811, eventually losing its gains in the wake of a $6.5 million VET token theft in December 2019. It would close the year at $0.0056 per token.
As is the case with many cryptocurrencies, 2021 was a bullish year. By mid-February, VET had managed to hit a new high of $0.051 per token. After a number of bullish rallies pushed it to over $0.23 per token, it faced a downturn and finished 2021 at $0.09 per token.
Since then, VeChain has experienced a number of bearish runs. It has been an issue in cryptocurrency, in general. Many wonder whether VeChain can experience a rebound and eventually surpass its numbers from 2021.
VeChain Uses
One of the driving factors behind VeChain’s price is its practical uses. To put it simply, the platform can be used to track authenticity, storage temperature, quality, last-mile delivery, and transportation medium from the facility right up until the final delivery to the customer.
In order to accomplish their goals, VeChain makes use of Radio Frequency Identification (RFID) tags and sensors, each of which broadcast key information right to the blockchain network. This information can be accessed in real-time by anyone who is authorized to access the system.
These sensors mean that virtually any parameter related to the product can be monitored around the clock. Even better, any problems can be immediately communicated without significant delay. Customers and manufacturers can be advised if products are outside of temperature ranges, allowing for better quality control and service improvements.
It is also anticipated that VeChain can give car owners access to their own data, using it to negotiate better policies and terms with insurance companies. The potential impacts mean not only saving money, but how insurance is provided.
Finally, VeChain is used for developing Web3 and decentralized applications. Many believe that Web3 is the next move for the internet, where control of data, information, and access is ultimately replaced by a distributed network infrastructure.
What is Next for VeChain?
The real question is, “How high can VeChain climb?” Lately, VeChain has been inconsistent, rising slightly before falling back. Can VeChain become a viable investment? Ultimately, it depends on personal market outlook and whether the VeChain model will equate to longevity and growth.
Blockchain technology has huge potential, especially given its multipurpose nature. With more centralized entities – most notably, financial institutions – getting on board, more investors are seeing cryptocurrencies as a sound play.
VeChain is still being developed and used by major entities, including the UFC. It also has grants in place to support development and sustainability, so it is far from a dead project. Time will tell how well VeChain does, but there is enough there – not to mention bullish feelings for the marketplace – to see a bump in price over the next few years.
