VeChain (VEN) Unveils New Blockchain Automotive Project Cahrenheit
Until recently, VEN was a somewhat promising project, but since doesn’t seem to offer support since the launch of mainnet.
The VeChain VEN token project is brand-new, called a Cahrenheit, a blockchain-based automotive sphere built on the VeThor blockchin. The VeChain foundation has participated in a private fund-raising campaign, becoming part of the technical and financial backing group for the project. The project claims to provide a decentralized store that is searchable, containing information for clients and enterprises who want to a free resource for information in the car marketplace.
“I am extremely excited to be working with Cahrenheit to further develop VeChain’s already strong presence within the automotive industry though its partnership with BMW and Renault,” said the founder and CEO of VeChain, Sunny Lu.
But, the secret success of the blockchain’s new launch and release of its mobile application wallet did little to stem the sudden drop in VEN costs. Just as VEN powered through the market in recent months, the coin lost most of their backers. Despite the hugely growing community, trading volumes have dropped significantly.
Some see the price of the VEN as a serious freefall, even to point of not being able to recover. The company has continued to drop, falling to an all-time on Friday, in a continued unraveling in the previous week. The prices dropping below $2 has caused somewhat of a panic in the community.
One of the explanation given for the slide in VeChain prices was that after July 1st, the requirement made for the company to hold onto 6,000 VEN to meet qualifications that would give them X Node Status was taken off. Meaning the X Node Status, satisfied that their node status was secured, they then went on to sell off or trade all of their assets.
The new question is on how many of the X Node holders would buy bank the VEN coins, so they can start staking them and receiving rewards for themselves.
The other reason for selling the tokens is the swap, had an extremely long deadline, and the new blockchain was released on the first of July, and isn’t taking any responsible for handling transactions or handing out rewards. Users have observed there are little to no tokens that can run on the network. Jackson Rockwood, analyst has also mentioned in a recent blog that anyone who is looking to stake or get immediate rewards will be sorely disappointed, and eventually have to sell them off.
Until now, the VEN marketplace price was said to be exact because of the huge number of tokens locked away in holding. Still, VEN is looked upon as one of the world’s largest cryptocurrency projects, meaning the price could potentially increase at any time – especially in the long run of the token.
Will VEN stick around and bounce back to become a profitable cryptocurrency? Or will they fade away and die out as some people predict?
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