HodlX Guest Blog Submit Your Post
Good things come to those who wait. And the VeChain crowd feels like they have been waiting for ever since the release of the mainnet, waiting to see the number of transactions increase on the VeChain blockchain. With the announcement that Walmart China was going to use the VeChain blockchain for their new food safety and traceability platform, The Walmart China Blockchain Traceability Platform, things were starting to look positive again.
Not only did Walmart announce that they’re collaborating with VeChain, but also they’re going live imminently – already apparent in the number of daily transactions increasing on the blockchain. By July 16th the number of daily transactions reached over one million. That’s a huge step forward for the Chinese crypto startup and the community behind it.
One million transactions and a continuously dropping price, welcome to the world of crypto
But what about the price? Yeah, it saw a positive response and increase in the days surrounding the Walmart announcement, but nothing related to the number of transactions. And here is where the community is racking their brains trying to somehow put the pieces together and figure out why one plus one doesn’t equal two.
Because VeChain’s coin VET has seen a tough year, with the price falling heavily. VET is now ranked 33rd on CoinMarketCap by market cap, at time of writing. The ranking of market caps has become an accepted way of comparing one cryptocurrency to another which is completely normal since we always seek to compare and evaluate things against one another other. Investments are nothing different.
But here lies another issue. VeChain holders can look at the price charts and see other altcoin projects doing much better than VET.