On Friday, May 6, VeChain’s (VET) price fell drastically after a short reprieve with cryptocurrencies witnessing a brief market come back a day earlier before prices in the broader market crashed.
As things stand VET is down by more the 10% in the last 24 hours leaving many cryptocurrency traders to speculate where the DeFi asset will trade come to the end of the month given the volatile nature of the market.
In particular, the cryptocurrency community at CoinMarketCap is expressing a great deal of confidence in the price of the token, predicting that VeChain will trade at $0.06589 by the end of May 2022.
Specifically, the forecast price indicates a $0.01906 or 40.72% increase from the asset’s current value based on 2,295 votes.
Elsewhere, the votes from 1,042 community members for the end of June have set a slightly lower forecast than May’s, estimating that the coin which offers a tracking solution that integrates blockchain and smart chip technology for monitoring individual products would trade at $0.06524 +$0.01831(+39.01%) to the current price.
VeChain price analysis
Currently, VeChain is trading at$0.04688, down 11% on the day and 8.31% in the last week, with a total market cap of $3 billion, according to CoinMarketCap statistics.
The supply chain-focused cryptocurrency, partnered with Alchemy Pay on April 27, a crypto payments system, to accept payments at more than two million retail locations worldwide.
VET tokens may now be used to pay for real-world products and services using Alchemy Pay’s platform, where transactions cost less than a cent and can be completed instantly.
In a March, Vechain CEO and founder Sunny Lu said in a press release that VET’s partnership with Alchemy Pay aims to enhance its utility as a means of payment and the rate of its adoption.
“The integration of VET into Alchemy Pay’s crypto payment system is important in further expanding the real-world use cases for VET as a form of payment.
“By enabling mainstream payment standards like Visa, Mastercard, and Paypal using Alchemy Pay, the mainstream adoption of VET will increase by making direct access possible, bypassing the complications of crypto exchanges that can be a barrier for many new users.”
In the end, whether or not these developments will have any impact on the asset’s price, as the crypto community believes, and how they will play out by the end of the month will depend a great deal on the rest of the market and if Bitcoin bulls can reclaim their footing.
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