An Altcoin Soars After Coinbase Listing
An altcoin focused on enterprise solutions is experiencing a surge in value following its listing on Coinbase, one of the leading crypto exchanges in the United States. VeChain (VET), a blockchain project that offers logistical solutions, was added to Coinbase’s listing roadmap in June.
Earlier this week, Coinbase announced that VET and its gas token VeThor (VTHO) were available for trading. As a result, VeChain’s price skyrocketed from $0.0146 to $0.0172 within a day, marking a 17.8% increase. The digital asset has since retraced slightly and is currently trading at $0.0170.
About VeChain and VeThor
VET was founded by Sunny Lu, a former executive of Louis Vuitton China, in 2015. Its primary goal is to manage supply chains and trace products. The project has notable partnerships with companies like Walmart and BMW.
VeThor (VTHO) is the token associated with VeChain’s gas fees. It is automatically generated and distributed to holders of VET, powering the network’s smart contracts. Following the Coinbase announcement, VTHO experienced a significant spike in value, increasing by 85% from $0.000869 to $0.001607.
Hot Take: VeChain Gains Momentum Through Coinbase Listing
The addition of VeChain to Coinbase’s listing roadmap has had a positive impact on the altcoin’s price. With its focus on enterprise solutions and partnerships with major businesses, VeChain has attracted attention from investors. The surge in value following the Coinbase listing demonstrates the market’s confidence in the project’s potential for growth and adoption.
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