Why is VeChain (VET) crypto gaining attention?

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 Why is VeChain (VET) crypto gaining attention?
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  • The VeChain Foundation has formed a marketing partnership with the Ultimate Fighting Championship (UFC).
  • The VeChain crypto is an enterprise-class layer one smart contract platform.
  • The VET token can be traded on exchanges like Binance, Huobi Global, etc.

The VeChain (VET) crypto gained traction on Friday after announcing a marketing partnership with the Ultimate Fighting Championship (UFC). The VET token price soared over 2%, while its volume skyrocketed more than 134% in the trailing 24 hours to Friday morning.

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What is VeChain (VET) crypto?

VeChain is an enterprise-class layer one smart contract platform created in 2015 as a private consortium chain. Initially, it worked with a host of enterprises to explore blockchain applications.

It transformed into a public blockchain in 2017 with the introduction of an ERC-20 token called VEN, followed by its mainnet launch in 2018 under the ticker VET.

VeChain aims to use distributed governance and Internet of Things (IoT) technologies to solve data-related issues for global industries like medical, energy, food, etc.

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The network aims to create a digital backbone focused on the fourth industrial revolution by leveraging real-time data-sharing solutions. The platform’s VET and VTHO tokens manage the VeChainThor public blockchain. The VET token can be traded on exchanges like Binance, Huobi Global, etc.

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VeChain has attracted attention after signing a multi-year marketing partnership with UFC. VeChain said that it became UFC's first layer 1 blockchain partner.

The network also created a LinkedIn page for the VeChain Foundation on Friday, where it would post job updates, news, and other relevant information from professional networks.

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VeChain (VET) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The VET coin was priced at US$0.03134 at 8:28 am ET on June 10, up 2.74%, while its volume for the last 24 hours skyrocketed 134.60% to US$242.40 million. It has a market cap of US$2.27 billion, and its fully diluted market cap is US$2.71.

The coin has a maximum and total supply of over 86.71 billion, and its current circulating supply is around 72.51 billion. It returned gains of 3.94% in the last seven days. The crypto saw the highest price of US$0.03456 and the lowest price of US$0.02412 in the last 30 days.

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