- An increase of 12% has been observed in the VET crypto price from the $0.0330 decisional point of interest (POI).
- Technical indicators summary suggests a bearish signal in the current phase.
- The trading volume has declined 23.50% in the last 24 hours.
VechainThor (VET) is an enterprise-grade Layer-1 smart contract platform powered by Internet of Things (IoT) technologies, NFC chips, and blockchain. The platform is known as a pioneer of real-world enterprise applications, and its origin dates back to 2015. It offers solutions for data-related challenges faced by various industries. Vechain solves major blockchain adoption hurdles and uses a two-token model, VET and VTHO.
Vechain Supply Changes, Valuation & Distribution May 2024
The maximum supply for the VET tokens is capped at 86.71 Billion. There are, 85.98 Billion tokens have been created, out of which 83.86% are in current circulation. In numbers, 72.71 Billion VETs are circulating in the market, which holds a current market capitalization of $2.69 Billion.
Regarding the current market cap, the crypto is placed under the top 45 most influential cryptocurrencies across the globe. However, the VET price is currently underperforming the global cryptocurrency market, with a decline of 8.30% in the last 7 days. The total diluted valuation of the platform is estimated at around $3.21 Billion.
The initial token distribution of the Vechain (VET) is widely categorized into six ways:-
- 5.00% is allocated to the Team.
- 41.00% is allocated to the Crowdsale.
- 9.72% is allocated to the Enterprise Investors.
- 13.28% is allocated to the Burned.
- 9.00% is allocated to the Private Investors.
- 22.00% is allocated to the Operation Development.
As per the market statistics, the Vechain (VET) tokens currently have 1,448,417 active holders. The Binance 2 cold wallet has the highest amount of VET tokens. It has 7.97 Billion VET tokens, which hold a worth of $295.46 Million.
Technical Analysis of the Vechain (VET/USD)
The current crypto price has slipped between the key exponential moving averages, indicating an uncertain short-term trend. The 200-day EMA slope is acting as a dynamic support for the current price.
VET price has been experiencing a bullish correction phase from the $0.0549 resistance level. The price has given a breakdown from the $0.0369 support level. The current price has gotten some bullish reactions from the $0.0330 bullish POI.
If the VET price gives a closing above the $0.0434 level, the price will likely reach the $0.0519 mark. On the flip side, a shortfall can be seen below the $0.0330 decisional POI.
The relative strength index (RSI) shows a weak bearish momentum at the current phase. The RSI and the SMA lines are on the verge of a golden crossover, indicating a shift in strength.
Summary
Since February 28, 2024, the Vechain (VET) crypto price has been experiencing a bullish correction phase. However, the sellers are showing weakness in leading the price downwards. The current price of the VET token is performing at $0.0370. If the VET price gives a closing above the $0.0434 level, the price will likely reach the $0.0519 mark. Conversely, a shortfall could be seen below the $0.0330 decisional POI.
Technical Levels
- Resistance Levels: $0.0433 and $0.0549
- Support Levels: $0.0330 and $0.0298
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.