VeChain (VET) Quickly Recovers After Crash, According to Cryptovest

VeChain (VET) Sees Significant Price Recovery Post-Market Crash

VeChain (VET) has emerged as one of the notable gainers following the recent downturn in the market, witnessing a 35% increase in its price and surpassing the $0.01 threshold once again. Prior to this latest sell-off, VET had already experienced a substantial decline, leading some to consider it a nonviable asset.

The upward movement in VET’s price commenced around 6:00 EST, accompanied by a modest increase in trading volume, registering approximately $34 million or 5,276 BTC. The associated token, VeThor (VTHO), also saw an uptick of about 13%. However, VTHO remains significantly down, over 82% for the week, as it is still navigating through its initial pricing phase.

The valuation of VTHO plays a crucial role in determining the worth of VET and influences the return on investment for operating a VeChain node. Currently, both the costs associated with purchasing starter nodes and the value of the rewards have decreased.

The new VET tokens have been adopted by various exchanges, with KuCoin recently reintroducing withdrawal services for them.