VeChain’s total addresses known exceeded the 2 million mark. On-chain performance and market indicators looked pretty bearish. VeChain [VET] reached a new milestone on 10 February, as it crossed the 2-million mark in terms of addresses known. At the time of writing, the value stood at 2,000,435. To simplify, “addresses known” are the total number […]
, VET’s price declined by 5% in the last seven days, and at the time of writing, it was trading at $0.02345 with a market capitalization of over $1.7 billion.
A look at VeChain’s on-chain metrics revealed quite a few factors that might have restricted VeChain from climbing up the price ladder.While VET’s price rallied in January 2023, thanks to the bullish market, things on the metrics front were not as promising as many would have expected. For example, after a spike in demand from the derivatives market in early January, it then dropped, as evident from VET’s Binance funding rate.
Besides that, VET’s development activity has decreased in the last 30 days, which is a negative signal because it indicates fewer efforts by developers to improve the network. LunarCrush’s revealed that due to the decline in price, VET’s market dominance also fell by over 5% during the last week.’s chart pointed out that the increase came to a halt.Nonetheless, positive sentiments around VET remained relatively high throughout the last month, which reflects the crypto community’s trust in VET. Additionally, VET’s social engagement drastically increased by 83% last week, indicating VET’s increased popularity in the crypto space.
As per the Exponential Moving Average Ribbon, the bulls still had an edge in the market as the 20-day EMA was above the 55-day EMA. Furthermore, VET’s Chaikin Money Flow was still above the neutral mark, which was a development in the bulls’ favor.Subscribe to get it daily in your inbox.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hot Property for Thursday, February 9, 2023Hot Property aims to enlighten homeowners or potential buyers on the many facets of making a big purchase, or maintaining one.
Read more »
Your daily horoscope: February 10Discover more about yourself with Sally Brompton’s daily horoscope
Read more »