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Real-world usage cases and enterprise-level alliances are only a couple of the reasons driving VeChain to a new all-time peak.
Real-world collaborations and integrations into thriving markets are among the most effective ways of validation for blockchain ventures targeting long-term longevity and universal acceptance. They may also fuel rallies that lead to long-term price appreciation as brand recognition spreads.
Since February enterprise-level adoption and a wide array of use cases have worked in favor of VeChain (VET), a blockchain-powered supply chain platform that seeks to use distributed governance and Internet of Things (IoT) technology to optimize supply chain management systems.
Data from Cointelegraph Markets and TradingView shows that the price of VET has increased more than 400% over the past two months, climbing from a low of $0.0263 on Feb. 8 to a new record high at $0.1344 on April 9
Major collaborations ignite VeChain price
A scroll through the project’s Twitter feed shows that VET’s price growth in 2021 has largely been stimulated by the adoption of its supply chain tracking technology. On April 8 the team announced a collaboration with the software company Salesforce.
We’re pleased to have worked with Daniel Nortje, Director of Strategy & Architecture at @Salesforce.
— VeChain Foundation (@vechainofficial) April 8, 2021
VeChain’s platform has already been used on a number of ventures run by its affiliate DNV. DNV manages data from collaborations with the Danish firm ReSea and the Norwegian industrial company Hydro using VeChain’s blockchain solution.
The surge in VET price and acceptance since early February has also resulted in a 1,000% rise in the price of VeThor Token (VTHO), which is used to pay for network transfers and smart contract interactions.
An early March NFT-related partnership with VIMworld has contributed to increased interest in VET and VTHO, which was accompanied by a steady price rise.
VeChain’s real-world usage cases and the list of enterprise-level collaborators suggest that there is room for more payoff now that global investors are taking a significant interest in the crypto market and the forms that blockchain technologies can be incorporated across different industries.