VeChain News and Price Analysis: VET +60%. Blockchain Vaccine Tracing Solution For China Crisis. Friday, August 17
Important VeChain Cryptocurrency News
Blockchain Vaccine Tracing
Last month, China faced an enormous scandal, when it turned out that hundreds of thousands of children had received faulty vaccines. Chinese government wasn't aware of the situation and didn't knowingly allow the distribution of unsafe vaccines. In a recent blog post, VeChain talked about the China situation and how the technology could help prevent such events.
"VeChain, in partnership with DNV GL, is leveraging public blockchain technology to rapidly advance drug traceability, monitoring, security, and auditing. In 2016, the State Council issued the National Informatization Plan for the Thirteenth Five-Year Plan, in which blockchain technology was included. Now two years later, blockchain technology has developed under the support and guidance of state-provided resources and policy. VeChain’s traceability solution is being developed and tested in Shanghai, and will soon be rolled out across China."
Even though there hasn't been any official announcement that VeChain is directly cooperating with Chinese government to help solve this problem, some media outlets and community members started speculating that there is a possibility that the government reached out to VeChain for help. These ideas appear mostly because VeChain has got an official endorsement by Chinese government agencies as a "provider of blockchain solutions", which is a status very hard to obtain in China.
VeChain is performing very well on the cryptocurrency market in past days with +60% in last 24 hours.
VET Price Analysis
In last two days we have been reporting about amazing market performance of VeChain token - VET, which has been going up for couple of days despite the whole cryptocurrency market heading down. Now, with top coins like Bitcoin and Ethereum slowly recovering from their lows, many altcoins get price boost.
On August 16th, VET token was trading around $0.008 mark, staying there quite confidently and stable, when a sudden price increase happened. VET jumped above $0.01 and remained there for the rest of the day. Early in the day of August 17th, one could notice a slight upward going trend, with price exceeding $0.011 and then jumping to $0.013. Currently it is trading very close to $0.015 and it seems that it may either stay around this mark or even try to go further up.
However, as it is with any cryptocurrency that gets an unexpected and sudden positive price change, there is a possibility of some kind of correction or sudden fall, but the amount of positive VeChain news suggests that it may raise in next days, especially as Bitcoin is currently recovering and bringing the rest of the market up also.
VET/USD Price Chart, Friday August 17th:
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