VET’s social volume and development activity spiked, but TVL declined However, a few metrics and market indicators did show some bullish signs for VET VeChain [VET] has been witnessing a price pump for over a week as it increased by more than 4%. The growth did not seem to have stopped, as according to CoinMarketCap, […]
For starters, fee delegation has allowed leading global enterprises to use the VechainThor public blockchain without paying transaction fees or managing crypto assets directly.has implemented fee delegation in its official web wallet called VeWorld. This would eliminate the need for users to manage their own transaction fees. Furthermore, as per VeChain, the new development would help increase the blockchain’s adoption.
’s social volume was drastically up, proving its popularity. Not only that, but the latest fee delegation update also helped VET’s increase its development activity, which by and large is a positive signal for a network.However, it was surprising to see a decline in the network’s value while its price was pumping. As per DeFiLlama’s, VET’s TVL registered a downtrend over the last few days, which was concerning for the token’s bullish price movement.
Nevertheless, the drop in TVL did not seem to have much of an impact on VET as positive sentiments around the token remained high. VET’s Binance funding rate was also relatively high, indicating a positive demand in the derivatives market.The good days might as well continue, as most of the market indicators were in the buyers’ favor. For example, the Moving Average Convergence Divergence displayed a bullish crossover.
’s Money Flow Index registered a sharp uptick, which looked bullish. The Chaikin Money Flow also was above the neutral zone, further increasing the chances of a continued uptrend in the coming days.Subscribe to get it daily in your inbox.
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