The VET social metrics skyrocketed by more than 78% as all of the interactions were quite bullish. The Vechain price followed right after as the chatter is focused on a partnership between the VeChain Foundation and one of the biggest pharmaceutical companies in the world as we are reading in the upcoming Vechain VET price news.
If the hype continues, the VET price could break above the overhead resistance and could march to $0.009. VeChain is into the spotlight again after proving the utility in a wide range of industries. The company behind the token scored a new partnership and the price of the token seems ready to increase higher again.
The VET Social metrics increased over the past two months according to the data from LunarCRUSH. The company recorded multiple spikes in price on the fundamental metric that the asset manifested in the higher prices. LunarCrush took into consideration the social media interaction depth by using multiple metrics such as comments, likes, replies, retweets, and shares. By analyzing the data, the analytics company can see how engaged the community really is for the asset.
The first significant spike in VET’s social engagement metrics happened on April 7 with more than 2.2 million engagements on one day. The social activity for Vechain increased on May 28, registering 4.4 million engagements. About 78% of all social interactions were bullish over the past 24 hours. Another data provider revealed that the higher level of engagement around the VeChain community seems to be related to one major point. Bayer, one of the biggest pharma companies, announced that its Chinese subsidiary is developing a drug tracing and security powered by the Vechain Thor blockchain.
Due to the immutability of blockchain technology, the new platform aims to tackle multiple scandals related to the falsely documented vaccines that influenced China. Sunny Lu, the CEO, and co-founder of Vechain commented:
“We’ve experienced the rigorousness of the medical industry by working with Bayer China. I feel Bayer’s professionalism and superb work ethic towards medicine and healthcare causes as a whole.’’
While the Vechain Foundation continues to expand the utility of the token by getting into a wider range of industries with the traceability solution, the VET price increased. VET is up by 100% in the last month and the on-chain metrics suggest it could have even more gas in the tank.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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