VeChain expands its utility while the price of VET aims for new yearly highs.
- VeChain social engagement metrics exploded with roughly 78% of all interactions being bullish.
- The chatter seems to be focused on a partnership the VeChain Foundation scored with one of the largest pharmaceutical companies in the world.
- If the hype continues, VET could break above the overhead resistance and march towards $0.009.
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VeChain is back in the spotlight after proving its utility in a wide range of industries. As the company behind the token scored a new partnership, the price of this token seems poised for a further upward advance.
The Chatter Around VeChain Explodes
VeChain’s social engagement activity has been steadily increasing over the past two months, according to data from LunarCRUSH. The firm recorded a series of spikes on this fundamental metric that has manifested in equally into higher prices.
LunarCRUSH takes into consideration social media interaction depth using a variety of metrics.
These include favorites, likes, comments, replies, retweets, quotes, and shares to name a few. By analyzing this data, the analytics firm can determine how engaged a community is around a particular digital asset.
The first significant spike in VET’s social engagement metrics took place on Apr. 7, with over 2.2 million engagements on that day alone. But on May 28, social activity around the altcoin skyrocketed, registering over 4.4 million engagements.
More importantly, roughly 78% of all the social interactions have been bullish over the last 24 hours.
The TIE, another data provider, revealed that the high levels of engagement around the VeChain community appear to be related to one focal point.
Bayer, one of the world’s largest pharmaceutical companies, announced that its subsidiary in China is developing a drug traceability, monitoring, security, and auditing solution dubbed “CSecure”…