- VeChain social engagement metrics exploded by 78%
- The chatter is focused on VeChain’s partnership with Bayer
- VET could break its the overhead resistance and reach $0.009
VeChain News Today – VeChain has made the headlines again after the coin successfully proved its utility in a broad range of industries. The company behind the VeChain token scored a fresh partnership. This has triggered a rise in the price of the token as it is poised for further upward movement.
The chatter around VeChain helped to explode the network’s social engagement activity. This metric has been steadily increasing in the last two months. Now LunarCRUSH has given data that backs this. The data shows that VeChain recorded a series of increases in this fundamental metric which has manifested in higher prices for the coin.
First Spike in VeChain’s Engagement Metrics Happened on April 7
LunarCRUSH considers social media interaction depth with a broad range of metrics. These metrics include favorites, comments, likes, replies, quotes, retweets, and shares to name, etc. By analyzing this data, the firm was able to determine how engaged the community is around the digital asset. The first serious spike in VeChain’s social engagement metrics happened on Apr. 7, with 2.2 million engagements. On May 28, social activity around VeChain skyrocketed to 4.4 million.
Roughly 78% of VeChain’s social interactions have been bullish in the past 24-hours. Another analytics fine called the TIE said the high amount of engagement in the VeChain community is related to a single focal point. Bayer, one of the largest pharmaceutical firms around the globe announced that its Chinese branch is working on drug traceability, security, monitoring, and auditing solution called “CSecure” which will run on VeChainThor.
VeChain’s Price is Up by 100% in the Last 30 Days
This digital currency is trading up by 100% in the past month. Meanwhile, its on-chain metrics show that it may have extra gas left in the tank. The future is bright for the asset despite the recent market crash. VeChain was just one of few altcoins to quickly recover from those losses. The sharp rebound exhibited by VET is extremely positive and will be behind the continuation of the current uptrend. This gauge has increased along with VET’s price and has supported the rally posted in the last few weeks.
If the network’s on-chain volume continues to increase, VeChain could be set for further upward movement. Moving past the mentioned price point will increase VeChain’s odds to reach the upside near the next resistance at $0.009. Now, that the VeChain network has so much hype around it and the VeChain Foundation is more determined than ever to meet China’s demand for Blockchain technology, VeChain’s future seems bright from a technical and fundamental point of view.