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.
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.
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.
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.
Data Source: CoinMarketCap.com
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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