VeChain VET/USD is a cryptocurrency network designed to enhance the process of supply chain management and streamline its complexity through the usage of blockchain technology.
The public blockchain network behind this project is known as the VeChainThor blockchain, which runs two tokens, including the VeChain token VET and the VeThor token, VTHO/USD.
The $100 million UFC sponsorship as a catalyst for growth
Through an official announcement made on June 9, 2022, UFC and VeChain conducted a historic global marketing partnership.
Here, VeChain became the first official layer-1 blockchain partner of The Ultimate Fighting Championship (UFC).
The deal is worth $100 million, making it one of the Mixed Martial Arts (MMA) circuit’s biggest sponsorships ever.
What this means is that the blockchain platform will have promotional opportunities, such as branding into the Octagon, broadcast and social media integrations, and sponsorships of UFC’s fighter rankings, starting at the UFC 275 event in Singapore.
VeChain has been expanding in other areas as well, as they recently opened a new HQ in Europe.
Should you buy VeChain (VET)?
On June 10, 2022, VeChain (VET) had a value of $0.031236.
To get a better perspective as to what kind of value point this is for the VET cryptocurrency, we will be going over its all-time high point of value, alongside its performance throughout the previous month.
When we look at the cryptocurrency’s all-time high point of value, VeChain (VET) reached a value of $0.280991 on April 19, 2021.
When we look at the performance of the token throughout the previous month, VeChain (VET) had its highest point of value on May 5 at $0.05437.
Its lowest point of value, however, was on May 12, when the token decreased to a value of $0.02506.
What this essentially means is that the cryptocurrency decreased in value by $0.02931 or by 54%.
However, from May 12 to June 10, the cryptocurrency has increased in value by $0.006176 or by 24%.
With this in mind, and at this rate, VeChain (VET) can reach a value of $0.05 by the end of June 2022, making it a solid token to buy.
The post How can VET grow after a $100M multi-year sponsorship with UFC? appeared first on Invezz.
from Market Analysis – Invezz
