VeChain Thor is a blockchain platform that utilizes proof of authority consensus to provide low-cost and efficient services for global enterprises to achieve sustainable development goals. The VeChain platform offers a dual token system, including two tokens, Vechain (VET) and VeThor Token (VTHO). VET acts as a utility token while VeThor Token (VTHO) facilitates the cost of transactions in the network.
The VTHO token has shown a 128.69% up recently, what contributes to the growth, is it just the beginning or there is more to come? Continue reading the article to learn more about the VTHO’s recent price surge and underlying reasons.
What is VeThor Token (VTHO)?
VeThor is the token of the VeChain Thor blockchain used to facilitate transactions within the VeChain ecosystem. The VIP 180 standard token represents the cost of using the VeChain Thor network. These tokens are earned as rewards for holding VET tokens, the native token of the VeChain network. VeThor Token (VTHO) was introduced as part of the rebranding of the VeChain blockchain in 2018 to handle the cost of transactions and smart contracts.
VeThor Token (VTHO) Price Surge
VTHO’s market capitalization surged from $191.7 million to $746.56 million within the last 24 hours. Currently priced at $0.008751, the token has shown an immense soar from the previous days. Many analysts predict that the token has great potential for growth as it is the pillar of the promising blockchain platform, VeChain Thor, and anticipate that the coin may skyrocket around 350% from its current value. At the time of writing, VTHOR has a 24-hour trading volume of $3.13 billion, showing an increased demand. If the price surge continues, the coin will enter the top 100 list soon.
Reasons for the VeThor Price Surge
The price surge of VeThor is not accidental, there are many factors contributing to the recent soar of the promising token. The major reasons are listed below.
1. Upbit Announces VeThor Listing
Upbit is the largest exchange platform in South Korea. The platform announced the listing of the VTHO token on January 21, resulting in a huge increase in the price and trading volume of the token. With the announcement many investors started buying the token and the price soared by 230% reaching $0.01, marking the highest price after 2021.
2. Wider Acceptance of VeChain Thor Blockchain
VeChain Thor network helps enterprises and governments attain sustainable development goals. The platform is gaining traction from many organizations, as they provide cost-effective and high-performance blockchain solutions, supply management solutions, etc. The rise in popularity and adoption of the VeChain blockchain increases the value of the VeThor token, which is used for transaction fees and smart contract execution on the VeChain Thor network.
3. Speculative Trading
In speculative trading, traders utilize the market price movements to make profits. In the case of VeThor, the speculative interest of traders has increased the price.
4. The Rising Community of VET
VET is the native token of the VeChain Thor ecosystem, acting as the utility token of the network. The coin has recently skyrocketed with a trading volume of around $346.21 million. With the dual token model, holding a VET token will generate VTHO passively, allowing users to accumulate more VTHO over time. Resulting in an increase in demand and hence the price.
5. Donald Trump’s Victory in the US Election
The victory of Donald Trump and the associated changes in the US crypto ecosystem has boosted the value of all cryptocurrencies, including the VTHO tokens. Many believe that the Donald Trump government will bring a crypto-friendly environment in the US, which eventually increase the demand for crypto coins and with an early investment one can make maximum return.
Is VeThor Token (VTHO) a Good Investment?
VeChain Thor blockchain is a promising network, providing services efficiently at a low cost. With its strong fundamentals, the network can gain more investors, which will increase the value of the platform as well as its two tokens, VTHO and VET.
The VTHO token is necessary to make transactions in the VeChain Thor network and execute smart contracts. The coin’s low entry price and high growth potential make it a good investment for the future. Buying the coin before a massive price surge to gain a potential return later. However, it is important to make a self-research before investing to keep yourself safe from investment risks.