- VeChain saw an increase in traffic to its testnet
- While development activity was up in the last quarter, market indicators were bearish.
VeChain [VET] The network’s popularity and increased adoption revealed an interesting trend. As per VeChain Community Hun’s tweet on 12 December, the network witnessed a spike of unusual activity on its Testnet, as its number of transactions went up sharply.
Testnet is experiencing a huge spike in unusual activity today. This has been happening for the past week.
Always cool to look at! $VEThttps://t.co/h2fgvIaBXM pic.twitter.com/kK0Mvi7Wr5
— VeChain Community Hub (@VechainThorCom) December 12, 2022
Read VeChain’s [VET] Price Prediction 2023-2024
This network has undergone a few more integrations, partnerships, and could be a catalyst for a new bull run in VET. Shanghai Tanlian is one example. Developped A digital carbon emission reduction platform to reduce public lighting costs, based on VeChain in collaboration with Suzhou Fuenghe Wulian.
VeCarbon and Suzhou Fenghe Wulian🌱
“Shanghai Tanlian along with Suzhou Fenghe Wulian created a digital platform to reduce carbon emissions for lighting public buildings. It was based on VeChain #blockchain.” 💡#VeChain $VET #VeFam #Sustainability #Technology #Business #Tech pic.twitter.com/oo87MnAKsP
— eisenreich (@eisenreich) December 12, 2022
However, at the time of writing, nothing reflected on VeChain’s chart, as it was mostly painted red. CoinMarketCap reported that VET recorded a negative weekly gain of over 3% and was trading at $0.01859, with a market cap of more than $1.3 million.
Are the metrics helpful?
Over the last week, VeChain’s development activity went up, thanks to the new collaborations. This positive increase was due to developers putting more effort into improving the capabilities and offering of the blockchain. This was not all. VeChain Also, volume has remained consistent over the last week. This was also a good sign.
However, after registering a spike, the network’s positive sentiments went down. This showed that VeChain was not trusted by the crypto community. Due to its lower Binance funding rate, the blockchain did not attract much interest from derivatives markets.
Source: Santiment
The VeChain winter will be colder
A look at VET’s daily chart revealed that the investors might have to wait longer to enjoy the results of the aforementioned developments. Because most market indicators were not supportive of a price increase, this was evident. The Exponential moving average (EMA), Ribbon indicated a bearish market advantage, as the 20 day EMA was still below the 55-day EMA.
Also, the Chaikin Money Flow and On Balance Volume both showed downticks. This suggests a continued downtrend for the days ahead.