VeChain Ecosystem Flourishes with Decentralized Governance via VeBetterDAO
The VeChain ecosystem has seen significant growth in recent years, now incorporating decentralized community governance through the VeBetterDAO.
As the broader cryptocurrency market experiences a bullish resurgence, led by Bitcoin (BTC), VeChain (VET) appears poised for a breakout towards its all-time high. The mid-cap altcoin, boasting a fully diluted market cap of approximately $2.1 billion and an average daily trading volume around $24 million, surged over 10% last week, suggesting a bullish trend may be on the horizon.
VeChain Price Outlook and Strategic Targets
From a technical analysis perspective, VET has been forming a double bottom on the weekly chart, alongside a bullish divergence on the Relative Strength Index (RSI), with key support around $0.022.
Having been caught in a bearish trend for the last six months, VET now appears ready to reverse course towards its all-time high. Additionally, the daily chart reveals a potential head and shoulders (H&S) pattern, coupled with bullish RSI divergence.
Should Bitcoin’s bullish momentum persist in the coming weeks, VET is well-positioned for continued upward movement. Moreover, Bitcoin’s dominance suggests a likely macro reversal, signaling the onset of the much-anticipated altseason in the near future.
As the 2024-2025 bull cycle approaches its peak, the flow of capital from Bitcoin to altcoins is expected to intensify.
Given these conditions, VET could rapidly rebound to its all-time high, setting the stage for a parabolic rally into price discovery territory. Over the past six months, VET has been forming a bullish flag—a pattern often followed by significant upward price movement.
Expanding Web3 Ecosystem
As an established layer-one blockchain, with a team experienced in previous crypto bull cycles, VeChain has evolved into a dynamic Web3 ecosystem. The VeChainThor blockchain now supports over 4.1 million known addresses.
Recent on-chain data reveals that the VeChain network hosts more than 28,000 known contracts and operates with 101 authority nodes.
VeChain has solidified its position as a leader in global supply chain innovation, aiming to reduce friction and eliminate points of failure. The network has already partnered with industry giants such as PWC, Walmart China, Bayer, BMW, BYD, DHL, DIG, and Haier, among others, to enhance their supply chains.
Advancing Decentralized Community Governance
To ensure sustained growth and development, VeChain has engaged closely with its community. Recently, Sunny Lu, VeChain’s founder and CEO, introduced the VeBetterDAO to accelerate the ecosystem’s democratization.
To foster sustainable growth for the VeBetterDAO, Lu proposed temporarily suspending quadratic funding and voting until a solution to the Sybil attack issue is found. This proposal received strong community backing, with over 8.2 million votes in favor.
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