True partnerships and integrations in thriving industries are some of the best validations for blockchain projects that seek long-term sustainability and broad adoption. They also have the potential to launch collections that will ultimately increase prices as brand awareness spreads.
Since its full-time launch in February and with a wide range of applications, it has been working with VeChain (VET), a blockchain-based supply chain platform that seeks to leverage distributed management technology and the Internet of Things (IoT) to improve supply. chain control systems.
4-hour VET / USDT chart. Source: TradingView
Data from Cointelegraph Markets and TradingView show that the price of veterinary medicines has risen more than 400% in the last two months, rising from a low of $ 0.0263 on February 8 to a new full-time level of $ 0.1334 on April 9. .
Major collaborations increase VeChain’s price
Browsing through the project’s Twitter feed reveals that the increase in TV prices in 2021 was largely driven by the introduction of supply chain tracking technology. On April 8, the team announced a partnership with software company Salesforce.
VeChain technology has also been used in several projects carried out by partner DNV. DNV uses blockchain solution VeChain to manage data from projects with the Danish company ReSea and the Norwegian manufacturer Hydro.
The VET price increase and approval since the beginning of February also increased the price of VeThor Token (VTHO) by 1000%, which is used to manage transactions and smart contract interactions in the network.
The NFT collaboration in early March with VIMworld helped to increase interest in VET and VTHO, followed by steady price growth.
The positive benefits of this partnership are reflected in data from Cointelegraph Markets Pro, which shows that the market conditions for TVET have been favorable for some time.
Exclusive to Cointelegraph, VORTECS ™ is a mathematical comparison of historical and current market conditions derived from a number of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS ™ -points (green) vs. VET. Source: Cointelegraph Markets Pro
As shown in the graph above, VORTECS’s performance in education and training was upbeats, peaking at 73 on 3 April, almost two days before the rise on 5 April. After this move, the VORTECS ™ ranking climbed to its highest level of 87 and remained in positive territory for the next three days as the price of VET rose 35%.
Now that institutional investors have shown serious interest in the crypto sector and ways to integrate blockchain technology into different sectors, VeChain’s real utility issues and a growing list of business partners indicate potential. for further growth.