VeChain Coin Price is Up 50% in 2019 While 20 Million VET Migrated
Till date in 2019, Vechain (VET) has surged nearly 50 percent while still being down 93 percent from its all-time high.
At the time of writing, VET has been trading at $0.006 with 24-hours gains of 1.58 percent, as per Coinmarketcap data.
VET/USD, Source: TradingView
In December 2018, VET had dropped to the yearly low of $0.0033 but as we have seen today it has gone up 81 percent since then.
According to a Reddit post, about 20 million VET has been burned. If the coins have actually been burned, it would cut down the VET supply that could boost its prices. However, it is also possible these 20 million VET aren’t burned rather are most likely be just a migration.
Slew Of Partnerships
Meanwhile, VeChain is gaining a lot of traction by adding new partners to its growing list. Recently at the VeChain Summit 2019 San Francisco, Cihan Albay, the IT leader at BMW Group Asia’ Tech Office in Singapore introduced the VerifyCar app of the firm.
Developed in collaboration with VeChain, BMW’s VerifyCar is a vehicle digital passport on the blockchain that aims to address the odometer fraud, a widespread issue in Germany. An estimated 33 percent second-hand cars in the country have manipulated odometers that has an average economic impact of 3,000 EUR per car, resulting in total damage of about 6 billion EUR yearly.
The app has been already tested with internal vehicles and now the company is determining how to roll out the product. BMW is keen to continue further but will be looking at its business strategy. The VerifyCar app has been one of the numerous blockchain initiatives of the company for which it chose VeChain, as part of its four-month collaboration program. It’s been a year now that both the companies are working together.
This month only, VeChain also collaborated with Adidas, HBO, and Singaporean shoe designer SBTG to celebrate the premiere of the eighth and final season of the Game of Thrones.
VeChain has been constantly adding big names to its growing list of partnerships as recently it also partnered up with Haier to integrate VeChain Thor’s blockchain into its Cosmoplast solution. Partnerships like these might not have any impact on price but in the long terms will drive its adoption and value.