VEChain Price Plunges 26% to 2-Month Low: Is It Time to Buy?

June 10, 2023 Nitish shaw Cryptocurrency News 1

VEChain Price Plunges 26% to 2-Month Low Is It Time to Buy
VeChain Rebranded logo and colours.

The price of VEChain (VET) has plunged by 26% in the past 7 days, to a low of $0.0148 on June 10. The sell-off has been attributed to a number of factors, including the broader market sell-off, concerns about the sustainability of the project’s growth, and the recent hack of the VeChainThor Foundation.

The broader market sell-off has been the main driver of the decline in VET price. The entire cryptocurrency market has been in a downtrend since May, and VET has not been immune to this trend.

The hack of the VeChainThor Foundation has also contributed to the sell-off. On June 8, hackers stole $5.7 million worth of VET from the foundation’s wallet. This event has raised concerns about the security of the project and has led to some investors selling their VET holdings.

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Finally, some investors have expressed concerns about the sustainability of the project’s growth. VET has been one of the best-performing cryptocurrencies in the past year, but its growth has been rapid, and some investors believe it is unsustainable.

Despite the recent sell-off, some analysts believe that VET is a long-term investment with great potential. The project has a strong team, a solid use case, and a growing ecosystem. If the market sentiment improves and the project’s growth is sustainable, VET could see significant price appreciation in the future.

Here are some of the factors that could contribute to a recovery in VET price:

  • A reversal in the broader market sell-off
  • Positive news about the project, such as new partnerships or adoptions
  • A successful resolution of the hack of the VeChainThor Foundation
  • A slowdown in the project’s growth, which could help to allay concerns about sustainability
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If you are considering investing in VET, it is important to do your own research and to understand the risks involved.

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About Nitish shaw 238 Articles
An aspiring novelist and a random blogger, Nitish is also a porky-mouthed banter specialist when it comes to football (soccer), films, TV Series, History and socio-economic issues. He travels, indulges in music and plays outdoor sports to get his creative juices flowing. “There’s the scarlet thread of murder running through the colorless skein of life, and our duty is to unravel it, and isolate it, and expose every inch of it.”- Quote this, and you will be his favorite person for at least as long as the two of you can hold up the conversation.

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