Is VET Coin Worth $1? VeChain Price Forecast 2024–2034

Now that VeChain is once again blowing up, it is high time for a VeChain price prediction that takes current circumstances into account. Is VeChain coin’s fair value anywhere near a dollar? The ChangeHero team will try to answer this by recapping the recent VET news and analyzing the price of the VeChain coin.

VeChain Price Forecast for 2024–2034

• The further you advance, the more bullish and moderate VeChain predictions get different. In any case, the consensus is VET’s price will grow steadily going forward.
• In a bullish scenario, VET is expected to beat its current price record soon. Since the most likely catalyst for it is the next BTC bull run, a new record is expected in late 2024 or 2025.
• Moderate VET predictions see its price approaching the ATH for ten years. The 10-cent threshold is much closer, according to this point of view, sometime in 2029.

What is VeChain (VET)?

VeChain is a blockchain platform that aims to transform supply chain management and enhance business processes using distributed ledger technology. It was launched in 2015 by Sunny Lu, a former CIO of Louis Vuitton China. The VeChain platform enables businesses to track and authenticate products throughout their entire lifecycle, ensuring transparency, efficiency, and trust.

VeChain uses its native cryptocurrency, VET, to facilitate transactions and incentivize participants. VET holders can generate VeThor (VTHO) tokens, which are used to pay for network fees and services. This dual-token system ensures that the network remains secure and self-sustaining.

The VeChainThor blockchain offers a range of solutions tailored to various industries, including luxury goods, agriculture, pharmaceuticals, and logistics. By leveraging blockchain technology, businesses can enhance supply chain traceability, improve product quality control, reduce counterfeiting, and enable more efficient inventory management.

VeChain has established partnerships with major companies, including Walmart China, PwC, and BMW Group. These collaborations demonstrate the potential for the VeChain network’s technology to revolutionize traditional supply chains and bring about greater transparency and trust in various industries.

For more information on VeChain’s origins and use cases, we recommend reading our Beginner’s Guide to VET prior to this article.

VET Price History

VET Price in 2018–2020

     
Source: CoinMarketCap

Most (41%) of the initially released VET tokens were distributed in a crowdsale with a price tag of about $0.0007. In September 2018, shortly after the mainnet release and an initial selloff, VET surged to $0.0019, marking a high degree of interest in the new project.

Throughout 2019, VET remained relatively stable, with an average trading price between $0.003 and $0.007. In 2020, VET experienced a significant price surge, reaching a high of around $0.023 in August, fueled by positive news, partnerships, and increased adoption.

VET Price in 2021–2024

     
Source: CoinMarketCap

The price history of VET in 2021, as is often the case with cryptocurrencies, is characterized by volatility. Starting the year at around $0.018, VET surged to an all-time high of $0.2782 on April 17, 2021, during the crypto bull run. However, it experienced a subsequent correction, and by October 2021, VET was trading at around $0.09. Soon it would follow BTC on a second leg up of a bullish rally and surge to $0.16.

However, 2022 was a period of a major downturn for most cryptocurrencies, VET included. During the year, it went from a relative high of $0.08 to the bottom between $0.01–0.02 where it stayed for 2023 as well.

2024 so far, on the other hand, promises a turn to a higher price range. At the moment of writing, the VET price is $0.04544 and it ranks 35th by market capitalization on CoinMarketCap.

What Influences the Price of VeChain (VET)?

Market Sentiment

As we have ascertained in the previous section, the overall sentiment in the cryptocurrency market can heavily influence the price movements of VET. Positive news about technological advancements, partnerships, and increased adoption even for other cryptocurrencies can create a bullish sentiment, leading to an increase in demand and subsequently driving up the price. Conversely, negative news or market downturns can create a bearish sentiment, leading to a decrease in demand and a price decline.

     
What is the market sentiment on the crypto market today? Check the fear and greed index.

Protocol Updates

When the VeChain team announces updated or successful implementations of its blockchain technology, it can generate excitement and confidence in the project, attracting more investors and potentially increasing the price of VET.

And there have been quite a lot of updates lately! Last December, they released a DApp kit for developers and teased fee delegation implementation. The news caused VET to surge 45% on a daily scale. Another 35% in a week this month was carried by the news about account abstraction to replace externally owned accounts.

Market Supply and Demand

The basic economic principle of supply and demand plays a significant role in determining the price of VET. If the demand for VET exceeds the available supply, the price will likely increase.

The factors that generate demand are partnerships and new adoption outlets. The high-profile partnerships that the VeChain ecosystem secured in its early days carry a lot of user demand to this day.

Conversely, if the supply outweighs the demand, the price may decrease. Factors such as token circulation, staking rewards, and token burn events can influence the supply and demand dynamics and live price of VET.

ChangeHero’s VET Price Analysis and Forecast

     
Source: TradingView

On a yearly scale, it is evident that VET is on fire. It is reaching price levels unseen since 2022 and to many of our fellow traders and experts, it seems the slump is over.

Nevertheless, we’d like to watch out for the trend change. The bullish flag that could or could not be forming is yet to be validated. A decline in trading volumes and the overbought signal from the relative strength index indicator suggest that a pullback is more likely than a continuation.

Therefore, in the short term, VET can find footing at the support levels: $0.039 or $0.0341.

VeChain Price Prediction 2024

In the wake of Bitcoin halving, CoinCodex paints a bullish picture of VeChain’s price. They see VET trading for $ 0.046339–0.078515 by May.

     
Source: Coin Edition

Coin Edition technical analysts are even more optimistic. They consider the current VET price trajectory to be in line with the Wyckoff pattern. If this is valid, it means that VET can go as high as $0.085, or at least to $0.06 if the bears put up some fight.

YouTuber Cheeky Crypto agrees with this opinion and notes that in the short term, traders should watch the $0.058 level. This is a long-term trend line, which currently acts as a resistance level. Whether or not VET runs against this level successfully will determine if it will carry on to the next resistance level at $0.086.

VeChain Price Prediction 2025

     
Source: PrimeXBT

PrimeXBT’s trader experts estimate that VET in 2025 will fare slightly worse than this year. It can experience a pullback from a 2024 rally, similar to the mid-2021 price action. Should this happen, it will decline in price to $0.28. Keep in mind that this chart projects a bullish scenario; the potential minimum price of VET in 2025 can reach $0.1.

Not all crypto analysts agree on the timing of the upcoming bull market. Assuming the crypto bull market will be in full swing by 2025, Techopedia expects VET to reach a maximum price of $0.27820 and a minimum price near $0.05388.

The price-history-based simulation by CoinDataFlow warns that now is not a good time to buy VeChain. Despite that, they still see the VeChain price grow in 2025: the maximum price they expect is $0.341118, and the minimum price will not go lower than $0.080492.

VeChain Price Prediction 2026–2029

What’s the predicted range between the minimum and maximum prices of VeChain (VET) from 2026 to 2029? The further the prediction time frame moves, the more conservative the price targets get.

VeChain (VET) Price Prediction 2030–2034

Compared to some other crypto assets, VeChain and VET have been around for a while. However, if we compare it to conventional assets, it has too little history to work with reliably, from the historical analysis point of view. This explains why the sources that look so far in advance as ten years are so moderate in their VeChain price prediction.

BeInCrypto places the target for VeChain tokens (VET) price in 2030 between $0.242–0.365. In ten years, VeChain’s price is expected to hover between $0.51 and $0.6832.

Another source, Coin Price Forecast pinpoints the average price of VeChain in 2030 near $0.1971–0.2098. Their estimated VET price by 2034 is a bit higher, between $0.2720–0.2831.

Last but not least, using a similar method, Traders Union got the following results. Throughout 2030, VET’s average price is expected to rise from $0.29248–0.33917. As you can probably tell, their current VeChain price prediction is moderate, so by 2034, this range will have moved higher to $0.95679–1.10958.

How to get VET on ChangeHero?

If you already have other cryptocurrencies, you can them to buy VET on ChangeHero. It’s very easy:

1. Choose the currencies on the home page, amounts, and the type of exchange. Provide your wallet address in the next step, and check the amounts;
2. Double-check the provided information, read and accept the Terms of Use and Privacy Policy;
3. Send a single transaction in the cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
4. All done? Now we are doing all the work: confirming the incoming transaction and performing the exchange as soon as it arrives;
5. Once the exchange has been processed, your VET is immediately on the way to your wallet.

ChangeHero’s customer support is available 24/7 in the chat on our website or through the email: [email protected].

Conclusion

By 2024, the VeChain network seems to have landed in a curious position with crypto enthusiasts. On the one hand, it is certainly one of the few legitimate projects that keep up the good work on their platform. At the same time, it rarely creates any buzz in the news, which so often happens to coins that are around for more than one market cycle.

What do you think about our VeChain price prediction? Let us know in the comments on our social media: Twitter, Facebook, and Telegram. Find even more insights into the crypto world on our blog!