VeThor (VTHO) and VeChain (VET) experienced different price movements on Monday, deviating from the recent altcoin rally. VTHO saw a significant surge, reaching a daily high of $0.0030, its highest level since May 2022, representing a 76% increase from its lowest point. On the other hand, VET declined to $0.0248 before rebounding to $0.028. Despite this, VET has recorded a notable 97% rise from its lowest point in October.
Both VeChain and VeThor tokens exist within the same ecosystem. While VET functions as the primary token for the VeChain network, VTHO is utilized for gas payments within the ecosystem. With a market capitalization exceeding $2 billion, VET is larger than VTHO, which holds a value of $184 million.
The reason behind VTHO’s sudden surge on Monday remains unclear, particularly as Bitcoin and other cryptocurrencies faced a retreat. Bitcoin experienced a flash crash, dropping from $45,000 to $40,000, resulting in other altcoins such as Avalanche, Handy, and RabbitX also experiencing significant declines.
The most recent development involving VeChain is its implementation of transaction fee delegation, making it the first public blockchain to do so. This innovation enables individuals to utilize decentralized applications (dApps) without directly purchasing cryptocurrencies. Additionally, VeChain introduced its dApp Kit, aiming to revolutionize the dApp building industry.
On-chain data shows positive growth in both VET and VTHO user numbers. VET has accumulated over 900,000 token holders, while VTHO boasts more than 2.5 million. The majority of these new accounts were established during the ongoing altcoin bull run.
VTHO’s rally on Monday occurred within a low-volume environment, with only $1.6 million in volume over 24 hours compared to $2.2 million during the same period on Sunday. Consequently, it is plausible that the VeThor surge was merely the result of pump-and-dump activities orchestrated by social media traders. Similar instances have been observed in the past with tokens like Avalanche (AVAX), as well as smaller tokens such as BENQI, TrustSwap, and Hubble.
Please note that the content provided above has been generated with the help of AI and may not accurately reflect the current market situation.