VeChain Price Spikes after Binance’s surprise announcement, here’s why!
VeChain witnessed a sudden hike in the price within just a few hours after the surprise announcement made by the one of the largest cryptocurrency exchange Binance. The exchange announced on their official Twitter handle and airdrop of 100 million VTHO tokens to all its users.
The airdrop will happen for all users who hold VET on the exchange by August 1st, and the tokens will be distributed on August 5th. At present, $3 million is the overall market value of 100 million VTHO tokens.
On 26th July, VeChain was trading at a price of $1.99. The market cap of Vechain was $1.11 billion during the initial hours of the day, after which the price jumped to $1.630 billion. In less than 4 hours, there was an increase of $500 million, according to reports.
The VeChain completed its mainnet launch officially in June. VeChain majorly aims to build a decentralized business ecosystem with products that are fully tracked using a mix of hardware devices and blockchain accounting. The VeChain Thor main net launch was highly important for the network.
On July 19, cryptocurrency exchange Binance announced on their website about VEN/VET Mainnet Swap. Deposits and withdrawals of VEN were temporarily suspended from July 22. They informed, “Please ensure that you leave sufficient time for your VEN deposits to be fully processed prior to this time.”
Binance also mentioned that the trading will be stopped temporarily in all VEN trading pairs on July 23. Trading was resumed again for the new VET/BTC, VET/ETH, VET/BNB and VET/USDT trading pairs on July 25.
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