Why is VeChain (VET) price rising?

VeChain (VET) price has been on the rise for the past three months where it has gained over 90%. Today, VeChain’s (VET) price is up by 9.42% to trade at $0.08501 having hit a daily high of $0.08906.

The VET coin has a trading volume of $1,622,938,311, a market cap of $5,401,485,145 and a circulating supply of 64,315,576,989 VET coins with a maximum supply of 86,712,634,466 VET coins.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

This article interrogates the factors behind the current surge in the price of VeChain (VET). Continue reading to find out more.

Why Is VET Skyrocketing?

Before going into what is fuelling the current VeChain (VET) Bull Run, it is important to explain what VeChain (VET) is.

In a nutshell, VeChain (VET), commonly just referred to as VET, is the native cryptocurrency of the VeChain blockchain, a versatile enterprise-grade L1 smart contract blockchain platform.

Now let’s look into the reasons contributing to the current price surge.

There are three main factors attributed to the current rise of the VET price. These include multiple news releases from VeChain developers, VeChain joining the Consumer Goods Forum (CGF), and VeChain’s partnership with the Draper University accelerator.

• Multiple news releases from VeChain developers

There have been numerous news releases from VeChain projects developers which have positively impacted VeChain price performance since it has attracted considerable attention.

VeChain Foundations wants to strongly establish its collaboration and presence in the European countries with its co-founder Sunny Lu saying that it’s working on a new technology team with 100 developers to meet the growing demand in the continent.

Another reason for the price surge is VeChain becoming a member of the Consumer Goods Forum (CGF), a forum that brings together all the CEOs and senior management from over 400 manufacturers, stakeholders, and retailers from almost 70 countries.

• Partnership with Draper University accelerator

Last but not least, the price surge has also been influenced by the partnership deal that was penned by VeChain and Draper University accelerator last week to increase VeChain adoption and collaboration for future start-ups and web 3.0 projects.