Last month, VeChain hosted the first round of awards giveaways for the VeBetterDAO eco-friendly app marketplace. In total, 160,000 B3TR tokens were distributed among 411 stake holders, who had previously invested a total of 63,500 B3TR. Thus, their wealth has almost tripled. And on June 28, another significant event occurred, which served to further distribute the awards — the implementation of VeBetterDAO on the main network.
Environmental awards
In the VeChain ecosystem, there is a growing interest in platforms whose purpose is to protect the environment. One of them was the Plumb platform, which will reward its users for "eco-friendly" purchases in stores. Rewards will be awarded in B3TR utility tokens. In the future, they can be exchanged for VOT3 management tokens, and use them to participate in decision-making in VeBetterDAO. Tokens can also be exchanged for gift cards or other rewards.
In addition, Plumb has launched its Point of Sale (POS) application, through which users can accept and make payments. It supports not only cryptocurrencies, but also fiat currency.
Continuing the environmental agenda, on July 11 it became known about the conclusion of a partnership between GreenCart — an application on VeChain — and the Italian flour milling company Molino Bruno. It is assumed that as a result of such collaboration, users will have more opportunities to purchase environmentally friendly products, and residents of Europe will have access to awards. GreenCart works like Plumb: you can also get B3TR tokens for purchases here.
Development of electronic commerce
Back in the first quarter of 2024, VeChain launched the Marketplace-as-a-Service (MaaS, "marketplace as a service") e-commerce promotion platform. And in July, it became known that agreements had been reached with the Gresini Racing motorcycle racing team and the EXplusnft NFT platform regarding the use of this site.
Thanks to this partnership, VeChain will be able to prove its worth in the field of tokenization and connecting real assets with digital ones. In turn, Gresini Racing will be able to manage data more efficiently and conduct more transparent analysis, and EXplusnft will be able to conduct fast and secure transactions on the VeChain blockchain.
Technical analysis
For the VET token, 2024 is not going too well so far — on January 1, the coin fell in price by more than 8%. At the same time, if you look at the overall dynamics, it resembles a roller coaster. So, in January VET fell in price by 16.59%, but in February its cost increased by 67%. Then there was a correction of almost 64%, and only in July VET began to grow again.
In general, the picture is now favorable to the bulls. This is supported by the price exceeding the 50-day moving average (indicated in blue), as well as the growth of the RSI indicator above the 50 mark, while it has not yet entered the overbought zone. The growth may well continue to the resistance level of about $ 0.4. The support is around $ 0.02.
Source: tradingview.com
The successes of July helped VeChain climb to the 35th place in terms of market capitalization among all cryptocurrencies with an indicator of almost $2.6 billion.
Conclusion
VeChain is trying to develop in several directions at once. The platform cooperates with various companies, and an additional plus from investors is given to it by an environmental focus, which is a strong marketing move. All this, as well as strong technical analysis signals, have led VeChain to rise in recent days.
This material and the information in it do not constitute an individual or other investment recommendation. The editorial board's opinion may not coincide with the opinions of the author, analytical portals and experts.