Vechain was perhaps one of the most legitimate and well thought of blockchain projects over the last year, however it has seen its price decline from an all time high of $8.46 on 20 January 2018 (For the token VEN before the exchange to VET) and now trades at $0.004312, which an equivalent value for the VEN token price would be $0.4312 VET (1 VEN = 100).
Purchasing at the top would have resulted today in a net loss of -94.9%. A virtual wipe out.
In fact, comparing the loss to others blockchain projects, Vechain has had one of the worst crashes of all and in the shortest period of time.
Source: Coin Gecko
Despite this though, the project marches on. The current list of partnerships for Vechain is staggering. The clothing giant H & M were recently added to the ever expanding list of companies who are using Vechain’s technology to add parts of their supply chain onto the blockchain.
These companies include:
- DNV GL
- PriceWaterhouseCoopers (PwC)
- National Research Consulting Center (NRCC)
- Yida China Holdings Limited
- China National Level partnership
- Direct Imported Goods (D.I.G)H
- China Unicom
- Kuehne & Nagel
- DB Schenker
- BMW Group
- Groupe Renault
- Bright Food
- Shanghai eGrid Consulting Co. LTD
- NTT Docomo
- People’s Insurance Company of China (PICC)
- SBTG Surplus & Co
- ENN Energy Holdings Limited
- Republic of Cyprus National Level partnership
Source: VeChain Insider
The Japanese telecoms giant NTT Docomo is expected to join the already highly respectable list of global businesses who are banking on blockchain with Vechain.
Vechain also has a working use case, already tracking wines, luxury bags and clothing:
— Dimitrios Neocleous (@_DiNeocleous) November 2, 2018
While this is not investment advice, it seems clear at least to this writer that the fundamentals of this project have not changed. This bear market is going to cull most of the current blockchain projects in the space, but I don’t believe VeChain will be one of them. A phoenix like rise similar to Amazon after the dot com boom is more likely. There’s just too much going on and too many big players invested.
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Who you’re reading:
David Black is a staff writer at The Decentral, living and writing in Chiang Mai, Thailand. He’s also the author of both fiction and non fiction books and likes to debate the finer parts of crypto currency and politics to anyone who will listen.
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Disclaimer: Any and all opinions expressed here are those of David Black alone. The article is for educational and/or entertainment purposes only, so please use it at your own risk.