At 1:00 PM UTC, VeChain [VEN] was seen to be trading at $4.41 with a market capitalization of $2.3 billion. In the past 7 days, the VEN prices declined by 2.51%, before beginning its downside correction when VEN had reached $5.19 on 15th May. Further, the value of VEN declined to as low as $4.04 on 18th May indicating a strong bear pull for the coin.
However, the coin is showing a gain of 2.62% in the past 24 hours, which shows a start to the bullish trend. VEN is currently being traded on exchange platforms like Lbank and Binance against BTC. It is also being traded on Bithumb, Huobi, and Kucoin.
A few weeks ago, the Founder of VeChain, Sunny Lu tweeted about the release of new VeChainThor [VET] testing schedule. The official Mainnet is scheduled during the last week of June.
The VeChain team recently tweeted that VET would be initially calculated using fractionals in smart payments because of the rate of adoption. They have decided to conduct a 1:100 coin split along with the mainnet launch’s token swap. Every 1 VET owned will be exchanged for 100.
VeChain recently tweeted:
“As a result of the coin split, the requirements for VET allocation in all nodes will also increase by a factor of 100.”
The tweets by VeChain team has raised a lot of dilemma among the users. The token holders are waiting for more information from the team regarding where to store their existing coin for the swap. The users are confused whether to move their coins to wallets or if the swap takes place for the coins that are on the exchange platforms.
A Twitterati says:
“For anyone wondering, the ratio of your holdings to total supply, remains unchanged. Circulation goes up by 100x but so does the amount of tokens you hold.”
Lilli Green, a VeChain supporter says:
“Still a little confused. Does @binance support the split? Are we receiving $thor or $vet at a ratio of 100 to 1 $ven owned now? Similar to $neo & $ont or $gas? Any action needed as an investor? Will air drops be consistent?”
Another Twitterati name Guru says:
“mainnet/split around 30 june.. wait till mid june to get clear picture….patience”
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