VeChain’s Utility Expands Through China, Indicators Flash Buy

Key Takeaways

  • VeChain social engagement metrics skyrocketed over 600% with most interactions being bullish.
  • The hype around it seems to be related to its incorporation into China’s Animal Health And Food Safety Alliance.
  • A further spike in the buying pressure behind VET could see it rise towards new yearly highs.

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VeChain made headlines following a strategic partnership in China that could help them onboard thousands of businesses to its traceability solutions platform, VeChainThor.

The Crowd Goes Wild as VeChain Aims for Mass Adoption

The number of VET-related posts on different social media networks exploded over the past few hours, according to data from LunarCRUSH. Roughly 6.7 million social engagements were recorded in the last 24 hours, representing a 600% increase. More importantly, more than 69% of all the social interactions have been bullish about VeChain.

VeChain Social Engagement by LunarCRUSH
VeChain Social Engagement by LunarCRUSH

The rising chatter around VET across different social media networks appears to be related to one focal point: The blockchain startup announced that it has officially joined China’s Animal Health and Food Safety Alliance (CAFA) as a council member.

VeChain is set to be the only public blockchain technology provider in the alliance, providing technical and infrastructural support for the creation of a “from-farm-to-table traceability system” across the country.

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“By using VeChain ToolChain, all enterprise members of the alliance will be capable of logging key processes of food products onto the blockchain in an immutable and secured way, bridging trust between consumers and the enterprises. Traceability can start from cultivation, processing, packaging, logistics, to retail and more, which perfectly assists CAFA’s vision of providing consumers with safe, high-quality and healthy food of animal origin,” reads the announcement.

By adding more organizations to its traceability solutions platform, the VeChain Foundation seems to…

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