Top US cryptocurrency exchange, Coinbase, has triggered a surge in the prices of VeChain (VET) and its associated token, VeThor (VTHO), following an unexpected listing announcement.
Read CRYPTONEWSLAND onIn a recent statement, Coinbase confirmed its decision to list VeChain and VeThor for trading on its platform. This move sent the prices of both tokens soaring as investors reacted to the news.
Specifically, VET experienced a remarkable surge. It jumped from its Monday low of $0.0146 to reach a high of $0.0165 just hours after Coinbase’s announcement. This impressive increase represented a 13% uptick in value, with the coin currently trading at $0.0163.
VeThor also witnessed a significant rally, starting from its Monday low of $0.000857 and surging to a high of $0.00115 on Wednesday. This remarkable rally equated to a more than 34% increase in value. As of the latest update, VeThor is trading at $0.00107.
The official trading of both altcoins on Coinbase commenced on Wednesday. This marks a significant development for these blockchain-based assets. VeChain employs a dual-token system, with VET serving as the utility token and VTHO as the token for payments and incentives.
VeChain operates a blockchain platform that specializes in managing supply chains by tracking products and combating counterfeiting. The network employs a Proof-of-Authenticity (PoA) consensus mechanism to maintain the integrity of its data.
One of VeChain’s distinctive features is its impressive lineup of partnerships with major companies, including retail giant Walmart China, automotive manufacturer BMW, and retail warehouse chain Sam’s Club.
The Coinbase listing has ignited enthusiasm within the VeChain community, as investors and enthusiasts anticipate the potential for increased network development and broader adoption in the cryptocurrency landscape. All in all, the project anticipates further developments and looks forward to advancing mass adoption in collaboration with the Coinbase team.
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