A new week has dawned upon the cryptocurrency industry. While some of the top markets show signs of weakness, the VeChain price is firing on all cylinders.
Some very impressive growth has been noted. Most of the enthusiasm is seemingly fueled by a new partnership, as well as the ongoing token buybacks.
The VeChain Price Action
After what can only be described as a rough year for altcoins to date, it is refreshing to see some positive price movement. In the case of VeChain – or VET – its value has gone up by nearly 24% in the past 24 hours. Given how all of the other markets are performing today, this momentum stands out among everything else.
One aspect affecting the current uptrend is how the bids and asks shape up across exchange order books. According to LiveCoinWatch, the bids are three-to-one in favor of the asks. In layman terms, that indicates more people are willing to buy VET compared to selling it.
One has to keep in mind this only represents order book-based bids and asks. If someone were to dump a deposit of VET on an open order book, it would not be included in these numbers per se. As the VeChain price rises higher, there is always a chance someone will try to cash out profits. It seems unlikely that person would effectively place a sell order and wait patiently for it to be bought up.
A New Partnership
The VeChain blockchain can be utilized for many different purposes. While it does record VET transactions, companies and developers have explored numerous other options. One specific use case comes in the form of tracking the origin of products in an effort to fight counterfeit goods. Theoretically, most public blockchains can be used for that purpose, yet it appears VeChain is well-praised for these capabilities.
Stay tuned for the Mars Yard Off White AJ1 by Chase Shiel which will be powered by @vechainofficial. 🔥#VeChain #vechainthor #anticonterfeit #thekickzstand #sneakers #VeChainToolChain #CreatingValuableTXs pic.twitter.com/M4CkxiSZYh
— The Kickz Stand (@TheKickzStand) November 28, 2019
So much even that a new product will be launched by Chase Shiel. It is a new model of sneaker that goes by the name of Mars Yard off White AJ1. It will have its origin and production tracked on the VeChain blockchain, further complementing this blockchain ecosystem. For supporters of this ecosystem, it is another notch in the belt as far as real-world use cases are concerned.
Ongoing VET Buybacks
Similar to some other major blockchain and crypto ecosystems, VeChain has its own official Foundation. One of the activities the VeChain Foundation engages in is how they buy back VET tokens on the open market. This process has been ongoing since June of 2019m when the Foundation announced it would buy back up to $25m in tokens.
— b (@bsc44_x) December 2, 2019
Judging by the recent activity documented on Twitter, it appears the current VeChain price increase may be driven by this buyback program. Several million tokens have been bought back, adding up to over 100 million VET being bought just today. If this process continues, there is a chance the VET value will rise a bit further, albeit that is never a guarantee.