VeChain and the tokens that make up its ecosystem have enjoyed a fantastic week following the project’s presence and announcements during Blockshow Asia 2019 which has seen them reveal new partnerships, feature in China’s People’s Daily, and share stages with representatives from Microsoft Azure and PwC. As a result, the three tokens most closely associated with the project, VET, VTHOR, and OCE have all jumped significantly following months of suppression.
Quality Shining Through
VeChain has always been one of the few projects in the crypto space with genuine long-term potential, having had huge partners like PwC, DNVGL and LVMH for some time, but this hasn’t meant it avoided the perils of the bear market, falling just as much as other less reputable tokens in 2018 and into 2019. There have been many tweets and posts devoted to showing the huge amounts of accumulation and price suppression that has been going on with the VET token, and the past three weeks might just have done some justice to those opinions – with little fanfare, the VET token has pumped over 150%, largely thanks to the announcement of Foodgates, the seafood tracking platform; a feature about the company in the Chinese state-owned People’s Daily newspaper; co-hosting the Blockshow Asia conference in Singapore; and another announcement regarding a government-endorsed traceability platform for specialty tea. This isn’t including the bounce received on the back of president Xi Jinping’s public endorsement of blockchain. Likewise, the VTHO token, the ‘fuel’ for the VeChain engine, has also shot up 130% in the last three weeks, while OCE, the token associated with the VeChain-powered OceanEx exchange, has also managed a 33% pump during that time.
More to Come From VeChain?
There is also a good chance that VeChain will not stop here. In 2018 VeChain, as the only state-approved blockchain traceability provider, announced that it was developing a drug and vaccine traceability program following the Chinese baby formula scandal that resulted in the deaths of six babies in 2008. China Daily yesterday reported that China is expected to launch its nationwide vaccine tracking system by March 2020. According to the report, the solution will “enable improved visibility into order status, shipment status, and provider inventory of vaccines, for authorities to better supervise.” Now if that doesn’t sound like a blockchain-based solution then we don’t know what does.