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- VeChain has experienced a remarkable surge of nearly 35% within the past 24 hours accompanied by a 473% increase in trading volume, totaling over $560 million.
- The launch of Account Abstraction (AA) by the VeChain team has opened up new possibilities for the platform, introducing programmable smart contract wallets.
The native token of the VeChain blockchain, VeChain (VET), has surged by almost 35% within the last 24 hours, hitting intraday highs of $0.049 in today’s trading session.
As of the current writing, VET stands at $0.0484, marking a notable 29.3% increase in the last 24 hours. Additionally, the token has witnessed a weekly gain of 57%. This impressive surge has positioned VET as the top gainer among the top 100 cryptocurrencies by market capitalization.
In addition to the significant price increase, VeChain is experiencing an impressive surge of 473% in trading volume. Over the past 24 hours, more than half a billion dollars ($560 million) worth of transactions, equivalent to 12.5 billion VET, have been conducted. This surge indicates a revitalized interest and heightened activity surrounding VeChain.
The recent uptick in both the price and volume of VET may be linked to several factors, including positive sentiment within the broader cryptocurrency market. Notably, Bitcoin surpassed the $52,000 mark for the first time since December 2021, potentially contributing to the momentum observed in VeChain.
Renowned cryptocurrency analyst Ali Martinez has made a bullish prediction regarding VeChain’s potential in the upcoming weeks! Based on historical trends, Martinez sees a favorable trajectory ahead for VeChain’s price movement in the near term. Martinez anticipates a significant upward shift for $VET, potentially hitting $0.054 within the current week.
Afterward, a short correction phase is likely until June, paving the way for a strong bullish trend that could drive VeChain’s valuation to $0.70 by November. This implies a remarkable 13x price surge for VET from its current position, according to the analyst’s forecast.
What Led to the VeChain (VET) Price Rally?
The Vechain team recently launched Account Abstraction (AA) opening up new possibilities for the platform. Not only does AA ensure seamless interoperability, but it also unlocks programmable smart contract wallets, enhancing user experience and bolstering security.
This innovation in account abstraction is fundamentally changing the landscape of blockchain accounts by enabling programmability through smart contract wallets. The primary focus of account abstraction is to improve user experience and security within the blockchain ecosystem.
AA diverges from the traditional externally owned accounts (EOAs) towards a more adaptable, programmable model. EOAs, which have long been the standard for blockchain interactions, require manual operation and management through a public-private key pair. They are rigid and susceptible to numerous vulnerabilities.
In contrast, smart contract wallets, facilitated by AA, revolutionize the transaction signing process, enhancing user experience and reducing potential risks associated with poor private key management procedures. This abstraction simplifies blockchain interactions, making them more intuitive and seamless.
Moreover, smart contract wallets offer enhanced security features such as multisig authorization, account recovery mechanisms, and transaction whitelists. This shift towards smart contract wallets signifies a critical advancement in bridging the gap between Web2 and Web3, making blockchain technology accessible and secure for all users.
