Can Inferno Ignite VeChain’s (VET) Surge? Discover the New DApp That’s Sparking VTHO
VET, the native cryptocurrency of the VeChain platform, has witnessed an impressive 35% surge in the past week, as reported by CoinMarketCap data. This rebound comes after a recent price dip and includes an 8.17% rally in the past 24 hours, accompanied by a corresponding increase in market cap.
Remarkably, VET’s recovery follows a bearish trend lasting four months, which saw the native crypto of the enterprise-grade L1 smart contract platform plummet from its yearly high of $0.05500 on February 24 to $0.02016, marking a significant 63.26% decline.
This downward movement pushed VET below multiple support levels, establishing a new low price for the year 2024. The drop to $0.02016 brought the price of the L1 platform token to a level last observed in November 2023.
The revival of VET began on July 5 after the VeChain network’s cryptocurrency formed a classic downtrend rejection candle on the daily chart. Subsequently, the token’s price continued to rise, closing above its opening value for seven consecutive days.
Meanwhile, a promising new DApp called FUEGO was launched on the VeChain network on July 14. FUEGO offers users the opportunity to burn VTHO tokens and receive B3TR tokens in return. The creators of the DApp emphasized that it would facilitate user contributions to the sustainability and research initiatives of the VeChain network.
The incentivized model of FUEGO has the potential to attract a greater number of users to the VeChain ecosystem, thereby fostering adoption of the parent project and contributing to the upward price momentum of VET.
Current data from TradingView reveals VET trading at $0.0315 at the time of writing, with bullish momentum evident on both daily and weekly charts. Given the ongoing market-wide recovery after a recent setback, users are optimistic that the upward movement will persist.
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