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- VeChain has established itself as a leader in blockchain applications for real-world assets.
- It currently holds a 35% market share in IoT, with the sector projected to grow significantly in the coming years.
VeChain has emerged as a leader in the application of blockchain for Real-World Assets (RWA), setting itself apart with practical and impactful solutions, according to RichBitLord. Being proactive, VeChain had already identified the potential of RWA even before many understood the significance of the concept. Therefore, through focusing on value-centric applications and high performance, VeChain has become an example of the blockchain industry.
This has led to the success of the company due to the provision of global projects where the application of blockchain in real-economic transformations has been demonstrated. He also points out that while most others in the blockchain industry are looking for future benefits, VeChain has consistently provided practical outcomes that shape the way blockchain adoption occurs within actual economies. VeChain’s approach exemplifies how blockchain can bridge traditional and digital economies, reinforcing its value and relevance.
VeChain Pioneers Blockchain Solutions for Real-World Assets
As previously reported by Crypto News Flash, VeChain is among the main pioneers within the blockchain market, with a concentrate on the IoT and actual world asset ownership. Currently, the company holds a 35% market share in IoT, the field that is expected to grow from $280M to $21B by 2032 with a CAGR of 54%.
The future of IoT largely depends on blockchain and its ability to offer better protection, manage device identity, and enable payments within devices. With the projected growth of IoT devices from the current 19 billion to 40 billion by the year 2020, the integration of blockchain is paramount in order to control this network of devices.
Transportation is well positioned to be one of the main IoT sectors, as it is already used for traffic light control and traffic data analysis. Smart cities and self-driving vehicles are becoming more popular, and VeChain’s early investment in IoT puts it in a good position to develop this quickly growing sector further.
Market Analysis Shows VeChain Price Movements
The price of VeChain (VET) has also recently suffered a significant drop, trading below $0.20. This change is in line with normal market volatility according to the analyst RichBitLord, however, he adds that VET is still in an upward trend. He backs up his opinion with a chart suggesting the support level is strong.
Historical trends indicate that VET once fell drastically in 2022 but then rose back to approximately $0.020. The current market situation also reflects this pattern, meaning that trading above the support level of $0.019 and $0.025 could enable a bullish rally.
Additionally, in a recent report, analyst EGRAG CRYPTO predicted the future price of VET and estimated that it could rise by 4,324%. If true, VET might reach $1 at the end of the current market cycle. The analyst notes that the lower end of Channel 1 is now tagged, a situation that is suggestive of a price rally that has been typical of previous cycles.
