VeChain VEN Leads Losers After Mainnet swap to VET on Binance: The markets ended Wednesday’s trading session mixed, with most major cryptocurrencies continuing their losing streak from Tuesday.
But we also had a bunch of winners including Populous (PPT), ranking 53 on coin market cap which saw a 13% jump at the end of the day. Monero (XMR) and KuCoin Shares’ (KCS) follow suit with above 3% gains.
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Among the losers where VeChain (VEN) and WanChain (WAN) with 9% and 8% loss respectively. On its third consecutive losing day, VeChain is approaching a 3-week low and important support level at around $1.6 as calculated by TradingView.com. VEN/USD continues to travel below the daily Ichimoku cloud with no apparent medium-term bullish reversal indication as of yet. The losses are despite some positive coverage from the platform released in the previous weeks.
For one, last week Binance announced that it had completed the VEN Mainnet swap to VET, based on the promised ratio of 1 VEN = 100 VET. An airdrop of 100 million VTHO tokens have been announced to be distributed to all Binance users holding VET. The final stage of VeChain Thor MainNet shift was successfully completed on July 29th, and it’s been on a choppy ride ever since.
Data from coinmarketcap shows VET’s price has been swinging between $0.04 and $0.02 since its launch. Regardless, VeChain intends to grow along with its MainNet expansion, and this should cause VET to gain more value in the future.
Don’t forget to complete your risk management due-diligence before developing your investment strategy.