- A crypto analyst highlights some crucial achievements and developments of VeChain (VET) in August, with much focus on Real World Assets (RWAs) and IoT trends.
- According to his post, the VeBetterDAO platform recorded about 800k transfers of VOT3 and 1.5 million transfers of B3TR.
VeChain (VET) had an incredible run last month, as the price witnessed fair growth in the first half of the period until the broad market headwind “forced” a general correction by a significant margin. According to the market data at press time, the asset was struggling to return to its bullish ways as it was still down by 6% in the last seven days and trading at $0.021. However, its trading volume was up by 36% with $18.6 million changing hands.
Outside the circumference of market behavior, VeChain has sealed its dominance in Real-World Assets (RWA), most specifically, tokenization, the Internet of Things (IoT), and sustainability.
To subject the overall VeChain network to a comprehensive analysis, technical analyst CryptoBusy highlighted multiple integrations and milestones recorded in August, justifying its fast-growing adoption.
One notable achievement recorded last month was VeChain’s Inclusion in the “Blockchain 2030: Revolutionizing the future of digital trust” article published by the International Research Journal of Scientific Studies. As we comprehensively reported, the authors highlighted VeChain’s incredible role in supply chain management.
Within the period, the U.S. Patent 12,058,252 B2, attributed to the increasing VeChain operation in China, got approval.
More on the VeChain (VET) August Recaps
Another notable mention is the activation of on-chain sustainability proofs for dApps, VeBetterDAO. Fascinatingly, this platform recorded a whopping 800k transfers of VOT3 in just 10 weeks since going live. On top of that, over 1.5 million transfers of B3TR were recorded, resulting in a cumulative number of more than 2 million transfers.
#VeChain WINS for the month of August! 🔥
There’s a reason why @vechainofficial stays on top of the #RWA and #IoT trend, focusing on tokenization, sustainability, and internet of things!! August Recap:🔸 New Update on #VeBetterDAO – OnChain sustainability proofs for dApps has… pic.twitter.com/RkwKo5oXFr— CryptoBusy (@CryptoBusy) September 3, 2024
CryptoBusy further highlighted the activation of the dApp templates which ensures that projects on VeChain easily create a dApp tool. In addition to this, the new SDK was said to have hit 1,100 downloads within a week, while dApp kits also witnessed more than 490 downloads within the same margin.
In August, the VeChainThor DAO platform recorded impressive numbers as daily transactions surpassed 1 million. Most importantly, VET and VTHO attained Coinbase support for New York users coupled with the announcement of a strategic partnership with the Crypto Carbon Rating Institute.
Within the month, multiple partnerships were sealed with the likes of Solarwise, Oobit, etc. while Upgradable Galaxy Membership NFTs upgraded to VeBetterDAO.
According to analysts, more partnerships and upgrades are expected in September and could be a catalyst to the realization of the $1.6 price point as predicted by popular trader EGRAG CRYPTO.
I have applied the cloning technique to a previous cycle’s blue arrow pattern, and the current price action suggests that VET may be gearing up for some exciting moves. The pattern indicates a potential rise to 0.115c.
Similarly, another analyst identified as Crypto Yapper believes that a successful breach above the $0.03 area could set VET up for a bullish run.
