Although it seemed as if there was some positive momentum brewing yesterday, most markets are subdued once again. VeChain is no different in this regard, as its value is still heading own. In fact, there is a good chance VET will drop below $0.01 in the coming hours, unless something changes drastically.
VeChain Price Momentum Isn’t Impressive
It has become increasingly difficult to find any cryptocurrency which can sustain an uptrend for more than a few hours. The year 2018 has not been too kind in this regard, and it seems the woes will continue for some more time to come. That is never a good sign, but there is very little one can do about these things. For VeChain, things are not looking great by any means.
Over the past 24 hours, VeChain lost another 3.4% in USD value and nearly 3% compared to Bitcoin. Both of these trends are cause for concern, primarily because things have been looking bleak for an extended period of time now. This latest dip pushes the value into the $0.01 range and may end up causing VET to drop below this key level pretty quickly.
Looking across social media, there are some concerns regarding the alleged removal of a key partner of the VeChain Foundation. Kuehne + Nagel is no longer officially mentioned on the website, which seems to indicate this partnership has fallen through. A bit of clarification on this front will be needed to nip any rumors in the bud accordingly.
The #Vechain Foundation quietly removed the Kuehne + Nagel logo from their homepage! Why? They have been in "partnership" since 2016. The K+N logo is no longer visible on 'WHO TRUST US?' section. 😭🤧https://t.co/v9XT5qZBuL #vechainthor #cryptocurrenynews #cryptocurrency pic.twitter.com/isrnljUuV3
— Mike Rogers (@mikerogers121) October 30, 2018
In other news, there are some key fundamentals about VeChain which cannot be overlooked. It is an innovative blockchain project first and foremost, especially where its opt-in network fee payments are concerned. That is one aspect a lot of users tend to overlook, although it remains to be seen if this business model will truly set VeChain apart.
But the Q is; how many #crypto/#blockchain projects allow u to use/interact w their blockchain w/o knowing howto use it?#VeChain allows parties other than the sender involved in an onchain tx to opt to pay for the network fees of this tx to the blockchain https://t.co/aFFvuIaLVO
— bsc44 (not giving away VET) (@bsc44_x) October 31, 2018
Last but not least, no day goes by without some Coinbase listing speculation. In the case of VeChain, Crypto Enthusiast firmly believes Coinbase will add VET to its platform fairly soon. Until the exchange officially confirms such rumors, the information should be considered as fake first and foremost. Coinbase has thousands of currencies to choose from, and nothing has been made official at this time.
— Crypto Enthusiast (@HynerLukas) October 31, 2018
All of the warning signs point toward a further VeChain price dip in the coming hours. It is not impossible to expect the price to drop below $0.01 for a while, although it might rebound in quick succession afterward. Until Bitcoin picks up the pace again, altcoins will continue to struggle for the foreseeable future.