VeChain’s native cryptocurrency, VET, has witnessed a remarkable 65% surge over the past week, coinciding with the launch of a groundbreaking new feature.
Impressive Growth Trajectory
The decentralized platform’s token, VET, is on an impressive growth trajectory. CoinMarketCap’s latest data reveals a significant 11% increase in VET’s value over the last 24 hours, bringing its price to $0.04843 at the time of writing. This uptick is part of a broader trend observed over the month, with VET’s price climbing by 65% over the week and 61% over the entire month. Despite this surge, it’s worth noting that the current price is still 82% below its all-time high from April 2021.
Market Capitalization and Trading Volume
VeChain’s market capitalization has reached a new milestone at $3.5 billion. The trading volume has seen an astronomical 332% increase in the last 24 hours alone, totaling $967 million. A significant portion of this trading volume is concentrated on Binance, the world’s leading cryptocurrency exchange.
A Glimpse into VeChain’s Platform
Launched in 2018, VeChain is not just another cryptocurrency; it’s an open-source decentralized finance (DeFi) platform that utilizes the Proof-Of-Authority (POA) consensus algorithm. Operating under the Blockchain-as-a-Service (BaaS) model, it offers blockchain services to businesses across various industries.
Account Abstraction: A Game Changer
On February 14, VeChain made headlines with the announcement of integrating account abstraction. This innovative technology offers customizable interactions with the Ethereum blockchain, catering to specific user requirements. Beyond enhanced interoperability, account abstraction paves the way for programmable smart contract wallets, setting a new standard in the blockchain space.
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