- VeChain’s (VET) price surges 22% in the past 24 hours as bulls take charge.
- China’s and France’s government partner using blockchain to trace food.
- How high can VET/USD go?
While the fire dies down in Bitcoin’s (BTC) market, witnessing its price plummet to the $8,600 support levels, from the highs of $10,000 in October following Xi’s speech on blockchain, one China-friendly coin has been showing steady growth. VeChain, a blockchain platform being used in food traceability in a partnership involving China’s and France’s governments, has seen its native token, VET, surge over 20% in the past 24 hours amidst a cloud of red across the crypto market.
VET/USD Surges 22% in 24 Hours in a Bleeding Market
In a market that has seen most of the major cryptocurrencies lose ground against the green back, VET has performed exceptionally well. In the past 24 hours, VET/USD climbed by 22% to trade at $0.007659 USD. Its market cap has broken above the $400 million level and is now at $424 million. The coin ranks 27th on Coinmarketcap.
The spike in VET’s price is heavily attributed to the recent partnership between Foodgates and DNV GL, a food certification group, and involvement of China and France governments, in developing a food traceability platform on the VeChain blockchain.
In an event attended by both the French president Emmanuel Macron and China’s Xi Jinping, the platform was launched testing premium meat produce during the conference.