In the last days, the price of VeChain (VET) has increased substantially thanks to recent announcements related to the project.
In particular, the one behind the price increase is the news of the agreement with the Chinese distribution chain Meijiada Fresh Food, comparable to that of Walmart in the United States in terms of national distribution capacity, which has decided to use VeChain to track the distribution of pork, with the possibility of using it in the coming months to also track other products.
Since June 6, when the price was below $ 0.0067, it has increased to the current $ 0.0077, an increase of almost 15% in just over two days.
It was since February that the VET price had not reached $ 0.008, while just under a year ago it peaked at more than $ 0.0099.
However, the current price is still lower than the starting price of $ 0.0134 in August 2018.
There has been important news about the project for months.
For example, in November of last year, platform was announced VeChain ToolChain to track Chinese Yunnan Pu’er tea, which, along with recent news on Meijiada Fresh Food, suggests that the project is expanding a lot in China, thanks to the use of its blockchain to trace the origin and supply chain of food products.
In December, they also announced associations with Blue Bite to use NFC to track the product chain.
This news had already generated a previous price increase Thanks to the expansion in China, with a view to the development of the blockchain sector in the country, also driven by the statements of President Xi Jinping, who gave a strong signal of support for all projects of this type.
In addition to this, VeChain is also active in other sectors, such as games, where in December he became a major player thanks to the announcement of a new game, "The Way of the Tiger", which will use NFT based on VeChain Thor blockchain.
But also more recently there has been news about the increasing use of this blockchain.
For example, in mid-May, an application to register COVID-19 cases in Cyprus was announced, jointly developed by I-Dante and E-HCert, and based on the VeChain blockchain.
The app provides a real-time recording solution for COVID-19 RT-PCR, i.e. rapid antibody tests based on a polymerase chain reaction.
A few days later, in late May, Bayer China revealed that it had chosen VeChain as its technology provider for a new blockchain-based solution to track clinical drugs throughout the supply chain.
In both cases, these are applications in the health sector, and in particular in the case of Bayer China, this is another Chinese project.
A few days ago another association was announced, this time with DNV GL, to develop a platform for the export of Norwegian products to the Chinese market.
Once again, this is a project for the traceability of food products, and again for the Chinese market.
The funny thing is that VeChain is a project that only has two years Despite this, he has been able to sign many different associations for the development of projects often related to product traceability, particularly in China.
To celebrate the anniversary, a competition was also launched that puts into play 3 million VET tokens, equivalent to approximately $ 23,000.
It is worth noting that in the last 30 days, the number of accounts with at least 1 VET has increased from less than 75,000 to more than 81,000, an increase of 8% in a single month, which shows that it is not only the attention of the media that generates interest in this technology.
However, it should also be noted that 81,000 accounts are few compared to, for example, over 14 million public addresses with at least 0.001 BTC.