VeChain’s Journey to $1 VET: Investigating Billion-Dollar Use Cases and Market Ambitions

The VeChain team remains committed to revolutionizing global supply chain management, aiming to assist enterprises in enhancing authenticity through NFTs and Web3 solutions amid increasing counterfeiting challenges.
As a competitive blockchain for smart contracts with 101 authority nodes that have invested a minimum of 25 million VET, the VeChain ecosystem is expected to perform impressively in the next two years as Bitcoin approaches its fourth halving event.
The recent breakout of Bitcoin (BTC) above $32k has undoubtedly had a ripple effect on the altcoin ecosystem, including the VeChain (VET) network. As a result, VET has rebounded from its lows in the bear market and broken out of a macro-falling logarithmic pattern. With the establishment of a head and shoulder (H&S) weekly pattern and a bullish divergence on the weekly Relative Strength Indicator (RSI), which stood above 51 on Monday, the VET price is currently in the early stages of a macro bull run.
Furthermore, the VET price closed last week above the critical support/resistance level of around $0.019, while the daily price continues to form a bullish pennant, often resulting in an upward breakout.
Statistical Figures Highlighting VeChain’s Progress
Since its inception in 2018, the VeChain (VET) network has evolved into a mature web3 ecosystem with over 679K address holders, facilitating more than 10 million transactions. The network also supports the growing Non-Fungible Tokens (NFT) and decentralized exchanges (DEX), enabling seamless token swaps within the ecosystem. Trading at around $0.0189 on Monday, the VET coin has a market cap of approximately $1.3 billion, with approximately 727 million units already burned.
Notable VeChain projects include VeThor (VTHO), which was trading at around $0.0013 with a market capitalization of about $86 million on Monday, and VeUSD (VEUSD), the first stablecoin on the VET network, with a market cap of about $779k.
Reasons to Believe in VET’s Future Growth
The VeChain network has transformed into an institutional-grade blockchain with a wide range of real-world use cases, including GamiFi, NFTs, Micropayments, Blockchain-as-a-Service, and Phygital-as-a-Service. To date, the network has secured over 40 partnerships with established enterprises worldwide, including BMW, Haier, BYD, LVMH, Groupe Renault, and PWC, among others. VeChain has been instrumental in streamlining supply chain management for various businesses.
For example, LVMH utilizes VeChain to combat counterfeit products in the market, which have significantly impacted its luxury goods. Additionally, VeChain has formed a valuable collaboration with the United Nations to develop a sustainable blockchain-based project. According to market data from DeFillama, VeChain had two notable DEXes with a total value locked (TVL) of approximately $617k, a significant decrease from its all-time high (ATH) of around $35 million during the 2021 crypto bull run.
Price Outlook
From a technical perspective, the VET price is well-positioned to reach $1 during the next crypto bull run. The price has established a macro-rising channel, characterized by higher highs and higher lows. With a daily trading volume of about $33 million, VET benefits from deep liquidity due to notable institutional investor adoption. However, the VET price may face some bullish resistance between $0.041 and $0.088 before surging to an all-time high (ATH) and entering price discovery territory.