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Blockchain News

VeChain : New Roadmap Revealed and this is how it can Affect VET

VeChain [VET] recently published its revised roadmap for 2023-2024, outlining all of the planned upgrades for the future months. The strategy appeared to be bullish for VeChain, implying that the network has a long way to go in the coming year.

Among the key upgrades is the anticipated launch of an ecosystem wallet and NFT marketplace in the first half of 2023.

VeChain indicated that the team will be working on product NFT for the metaverse and tokenization for sustainability in the second part of this year.

The roadmap also stated that they will be working on the algorithmic stablecoins community and DAO operating system in the first quarter of next year.

While the network’s future appears good, the previous year was also quite eventful. For example, in 2022, the number of new addresses reached 304,355.

The annual overall transaction volume surpassed 12.9 million, with 2.7 million NFT transactions. During the last year, VeChain also hosted over 50 NFT initiatives. Furthermore, the number of exchanges that listed VET reached 42.

These developments from last year had an impact on VET metrics as well. VET’s social volume has remained high over the last month, confirming the network’s appeal.

There was also a recent uptick in VET’s Binance funding rate, indicating greater demand in the futures market. However, the network’s development activity decreased, which was a bad indicator. However, with the new roadmap, the graph is quite likely to rise.

According to CoinMarketCap data, VET gained more than 24% in a week, and at the time of writing, it was trading at $0.0205 with a market capitalization of more than $1.4 billion.

VET’s daily chart likewise provided a positive picture, with most market indicators pointing to further price increases. A bullish crossover was seen on the Exponential Moving Average (EMA) Ribbon.

The Bollinger Band indicated that VET’s price has entered a high volatility zone, increasing the likelihood of a jump. Nonetheless, the On Balance Volume (OBV) increased somewhat, which favoured sellers.

 

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