Crypto Spotlight: VeChain (VET-USD)

Like many cryptocurrencies, the price of VeChain (VET-USD) has fallen dramatically over the past week, down more than -50% from its April high. Investors Mentions of VeChain are also pulling back from a recent high. Still, Mention volume has remained significantly elevated on the 30-day moving average: +72% QoQ and +392% YoY

What sets VeChain apart from the thousands of coins and tokens on the crypto market? And what makes it valuable? The simple answer (as with many cryptocurrencies) lies in the potential use-cases of the underlying blockchain. VeChain (VET) is the governance token portion of a proprietary blockchain called ‘VeChainThor.’ This blockchain was developed by the VeChain foundation for deployment by large businesses– It utilizes several techniques to help ensure speed, scalability, and ease of smart-contract deployment going forward (read more about it here).
It remains to be seen whether the VeChainThor blockchain will be adopted and utilized by any businesses, but the established partnership with Salesforce (CRM) serves as an early vote of confidence for this blockchain technology.