2023-12-12 16:28 |
VeChain (VET) and VeThor (VTHO) prices went separate ways on Monday as the recent altcoin rally paused. VTHO went parabolic and reached an intraday high of $0.0030, its highest point since May 2022. It was up by over 76% from its lowest point to its highest level during the day.
VeChain, on the other hand, went in the other direction as it slumped to $0.0248 and then rebounded to $0.028. Still, the coin, which was a top-twenty cryptocurrency at its peak, has risen by over 97% from its lowest point in October.
VeChain and VeThor are tokens in the same ecosystem. VET is the main token for the VeChain network while VTHO is used to pay gas in the ecosystem. VET, with a market cap of over $2 billion is bigger that VTHO, which is valued at $184 million.
It was not clear why VTHO jumped sharply on Monday even as Bitcoin and other cryptocurrencies retreated. Bitcoin had a flash crash, which pushed its price to $40,000, down from last week’s high of $45,000. Similarly, other altcoins like Avalanche, Handy, RabbitX retreated sharply too.
The most recent VeChain news came out recently as it became the first public blockchain to implement a transaction fee delegation. This news allowed ordinary people to use dApps without having to purchase crypto directly. This news came as VeChain unveiled its dApp kit that aims to transform the dApp building industry.
Meanwhile, on-chain data shows that VET and VTHO have continued to add users. Data shows that VET has reached over 900k token holders while VTHO has over 2.5 million. Most of these new account additions happened during the ongoing altcoin bull run.
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rVTHO’s rally on Monday happened in a low-volume environment. Data compiled by CoinGecko shows that the volume in the 24 hours stood at over $1.6 million, down from over $2.2 million in the same period on Sunday. Therefore, there is a possibility that this VeThor rally is just a pump among social media traders. In the past, we have seen these traders pump some big tokens like Avalanche (AVAX) and smaller ones like BENQI, TrustSwap, and Hubble.
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