VeChain: The Performing Cryptocurrency
The March month or rather this year has been full of ups and down for all the top 20 cryptocurrencies. Be it Bitcoin, Ethereum, Ripple or any other, but, there is one cryptocurrency which has survived by the increase of 28%.
According to CoinMarketCap report, all cryptocurrencies except VeChain are showing the negative returns. VeChain has shown a promising growth by an increase in its value nearly by 28% Since January 1st, this year. One of the analysts extending thanks to the unique structure of VeChain and the big named partnerships associated with it. Maybe these two are the main reasons why the coin is performing well when others are down.
VeChain, the actual company is backed by the cryptocurrency, VeChain. The company uses the blend of chip and Blockchain Technology together by which the luxury goods can be tracked. The blend of the two technologies confronts the counterfeits if any.
When the coin was launched way back in August 2017, The VeChain company had good relationships with the named organizations of the world. The list includes BMW, Oxford University, Michigan State University, PwC Asia, Math and NRCC, China originated firm that works for Tobacco Industry of China with VeChain.
As per the head of Research, BK Capital Management, Derak Kim, such corporates ties of VeChain has attracted a lot of retail investors and also helped in boosting the prices. He, further said that nurturing of company relationships plays a big role when it comes to Token Price Appreciation. VeChain has beautifully used the marketing tactics to maintain the Coin Repo.
During this January, the company, to attract more investors and maintain the existing ones announced that the people who are holding VEN coin for a long period of time will get voting rights and of course more rewards. That is how the company kept the investors intact with them.
Draper, the early bird investor of Bitcoin, who also had invested in Tesla and Skype, has backed the company VeChain, according to the announcement by the company. Draper purchased 30,000 bitcoins in 2014 and the worth of those is $237 million according to the recent prices of the bitcoins.
However, the VeChain has fallen by 60% from all-time highest value $9.43 in January. But is doing well since then and the current worth of the coin is $2.92 as on Wednesday by 2:05 PM by Economic Times.
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