- Top Market analyst maintains a bullish stance on VeChain with a $2 price target by 2025.
- Upcoming Bitcoin ETF approval is projected to have a positive impact on VET.
Raidenx, a crypto analyst recently made a bold prediction that VeChain (VET) could climb 5,334%, reaching the $2 mark by 2025. Raidenx, in a recent post on X, challenges prevailing sentiment, stating,
Vechain is unlike 99% of altcoins which never hit new highs or fade away to nothing after its first cycle.
VeChain’s Historical Performance and Analyst’s Projections
Raidenx’s argument centers around VeChain’s historical performance, particularly during its early days when it operated under the name “VEN.” According to the analyst, VEN experienced an extraordinary 18,800% growth rate between 2017 and 2018. While there may be some debate about the exact figures, there is a consensus that VeChain demonstrated remarkable growth during its initial bullish cycles.
Contrary to the prevailing sentiment dismissing VeChain as an outdated digital asset, Raidenx contends that the upcoming bull season is particularly promising for VET. The analyst draws attention to VeChain’s ability to defy expectations and outperform 99% of its peers during the last cycle, growing by an impressive 16,450% from 2020 to 2021.
Raidenx highlights VeChain’s transition from the Ethereum ERC-20 network to its blockchain, which prompted the rebranding from “VEN” to “VET” between 2017 and 2018. Despite facing skepticism and “old coin” propaganda during the last cycle, VeChain not only weathered the storm but also strengthened its position in the market.
CoinMarketCap data verifies VET’s growth from a low of $0.001678 in 2020 to a peak of $0.2782 in 2021. However, as of the latest update, VET is trading at $0.03585, down by 4.14% with a market cap of $2.5 billion and a 24-hour trading volume of $63.2 million.
VeChain’s Strategic Partnerships and Developments
The analyst highlights VeChain’s strategic partnerships with prominent entities such as UFC and the Boston Consulting Group (BCG). Designed to enhance supply chain processes through traceability, transparency, and carbon management solutions, VeChain has collaborated with over 300 enterprise allies to address supply chain challenges.
Furthermore, Raidenx noted that VeChain’s team is actively working on enhancing its tokenomics, with plans to release an updated version of VET by February 2024. This suggests a commitment to continuous improvement and adaptability in response to market demands. The analyst concluded his analysis by suggesting that VET is poised for a positive impact from the potential approval of a spot Bitcoin Exchange-Traded Fund (ETF).
In his words, “All the above plus a potentially never-before-seen parabolic run for all of crypto due to BTC ETF and ETH ETF means I see VET going on another insane rally, which many will not expect.”
While ambitious projections in the crypto space should be regarded with skepticism, Raidenx’s analysis sheds light on VeChain’s core capabilities and huge growth potential. VeChain’s historical performance, strategic partnerships, and ongoing developments position it as a project to watch in the coming years.
As the crypto market continues to evolve, VeChain’s journey toward the $2 mark will undoubtedly be closely monitored by investors and enthusiasts alike.
