Two Altcoins Surge Following Coinbase Listing Announcement
Coinbase, the leading US cryptocurrency exchange, has made a surprise announcement that it will be listing VeChain (VET) and its associated token VeThor (VTHO) for trading. This news has caused a surge in the price of both altcoins.
VET experienced a 13% increase, rising from $0.0146 to a high of $0.0165 following Coinbase’s announcement. At the time of writing, VET is trading at $0.0163.
VeThor also saw significant gains, with a more than 34% increase from its Monday low of $0.000857 to a high of $0.00115 on Wednesday. The token has since retraced to $0.00107.
About VeChain and its Tokens
VeChain is a blockchain-based supply chain project that aims to assist in managing supply chains by tracing products and preventing counterfeits. The platform operates using a “Proof-of-Authenticity” (PoA) consensus mechanism.
The project utilizes two tokens: VET and VTHO. VET serves as the utility token, while VTHO is used for payment and incentives.
VeChain has established partnerships with major companies such as Walmart China, BMW, and Sam’s Club.
The Impact of Coinbase Listing
Vechain expressed excitement about the Coinbase listing, stating that it will help increase network development and streamline infrastructure building for professional partners.
This listing on Coinbase is expected to contribute to the mass adoption of VeChain’s technology in the future.
Hot Take: Coinbase Listing Drives Rally for Two Altcoins
The recent listing announcement by Coinbase has sparked significant rallies for VeChain (VET) and VeThor (VTHO). Both altcoins experienced substantial price increases following the news. This listing on Coinbase provides increased accessibility and infrastructure development opportunities for VeChain, paving the way for wider adoption. The partnership between Coinbase and VeChain is poised to have a positive impact on the growth and development of these blockchain-based supply chain projects.
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