- VeChain attracts some social engagement as it tries to drive adoption of the network.
- VET statistics underline low activity supporting an expansion of the current range.
VeChain’s native crypto VET showed some promise as one of the cryptocurrencies that can deliver a strong move after exiting the current range. This is because it has seen robust activity over the past few days.
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According to the latest announcement, VeChain intends to boost development within its network. It aims to achieve this through a newly launched WEB3 workshop with a grant program. Blockchain networks usually host such workshops to attract more projects and facilitate organic growth.
@Vechainofficial launches #Web3 technology workshop and Micro Grant Program
VISIThttps://t.co/fvk1E2qU1S#SCN1 pic.twitter.com/eCGN6bVP5H
—
Smart Crypto News
Interestingly, the announcement came at a time when VeChain was experiencing a decline in development activity. The network’s development activity fell to its lowest monthly level on May 24.
Source: Sentiment
Despite the recent drop in development activity, VeChain managed to maintain a relatively stable level of social dominance over the past 30 days. Meanwhile, LunaCrush recently picked VeChain as the top social and market activity network. This suggested that the network had experienced remarkable levels of recognition across the investment landscape.
VeChain is coin of the day on LunarCrush! #Vechain was automatically selected based on leading social and market activity over time.
Galaxy Score™ 42/100
AltRank™ 25/5244Real time $vet statistics: https://t.co/IHkFNaQBZQ pic.twitter.com/a1gCUIx7wX
— LunarCrush (@LunarCrush) May 25, 2023
Will social and market activity increase the visibility and demand of vocational education and training?
The increased activity demonstrated by these metrics is one of the best ways to determine the level of visibility a cryptocurrency is exposed to. In this case, VET would benefit from a significant increase in investor attention, especially in its current position. Such an outcome would likely lead to an increase in demand.
VET was trading at $0.019 at press time, representing a 41% discount from its current 2023 high. The price action reflected a leveling off from the previous selling push, but also represented weak demand. This explained why it had not yet recovered from its current level. This was also in line with prevailing market sentiment.
Source: TradingView
How much are 1,10,100 VETs worth today
Vocational education and training statistics showed a state of uncertainty about the next step, despite hopes for remarkable changes thanks to social statistics. An assessment of the VET volume in the chain indicated that volumes have maintained their weekly level.
Market sentiment fell to a week low on May 23, but has since recovered, albeit not strongly enough to meet major expectations.
Source: Sentiment
Based on the above analysis, we can conclude that at press time, on-chain data showed no signs of growing change in favor of any direction. However, this does not necessarily discredit the chances of a breakout or failure of the current varying performance.
