VeChain (VET) prices surged after Binance distributed the first airdrop of VTHO, which was promotional and not connected to regular monthly airdrops. But VeChain also came up with an announcement that has been a critical factor for the price appreciation - another node program requiring a snapshot of token balances. The smallest nodes for staking VET may contain 600,000 or 1,000,000 new coins, with Authority Nodes containing millions of VET and receiving larger VTHO rewards.
https://twitter.com/vechainofficial/status/1022692704881278976
The monitoring of the X Nodes program was paused, leading to a sell-off of VEN holdings, but the situation improved after the mainnet launch and the ticker swap. VET continued to appreciate despite being perceived as a near-defunct project that would sink even lower.
Additionally, a token swap through the mobile wallet is coming on August 10, possibly giving an additional boost to VET. Some staking is already happening in the official wallet, but for now, the ecosystem is still getting built:
https://twitter.com/Soleshot/status/1021791710567981056
The VeThor (VTHO) reward asset is already trading on the LBank exchange and may see increased activity. It could become the more actively traded asset, while VET coins are reserved for rewards, boosting their price:
https://twitter.com/CryptoBlubber/status/1021438312547053568
The information about VET and VTHO remains incomplete, and the assets may attract attention in the coming days. VeChain is also boosting further its presence by establishing a daily lucky draw based on address letters.
VET, still listed as VEN on CoinMarketCap, has recovered by about 35% in 24 hours, standing at $2.50 as of 06:15 UTC. Binance has been excluded from the reporting since the token swap is underway, but the old price is still active on some markets as trading continues. The rise has been almost vertical after the recent stagnation, causing prices to spike more than 54% on a weekly basis.
!veChain!
Since exchange listing bots have noticed the VET ticker added to Binance, trading may see an anomaly as the new asset has to pick up activity. At the moment, during the swap, VEN trading on OKEX is extremely active, with more than 60% of volumes against Tether (USDT).
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.
This article appeared first on Cryptovest
