VeChain’s pending trademark signals crypto trading possibilities

VeChain – The power to shape the future is in your hands

San Marino-based blockchain platform VeChain (VET) filed a financial services trademark in July this year, a source said, which covers a range of various cutting-edge offerings, including crypto trading, digital token issuance and the acquisition of virtual coins. The pending application ignited anticipation in the crypto community as to what it may bring to the table.

A tweet from the Bitcoin Whales crypto news account highlighted the significance of this pending trademark, saying, “#VeChain has a pending trademark that covers a wide range of cutting-edge financial services, from digital currency transfers to crypto trading. If this gets approved, #VET and the entire ecosystem can become ISO 20022 compliant and conquer the trillion-dollar payments market.”

Founded in 2015 by CEO and co-founder Sunny Lu, VeChain is a blockchain platform with an enterprise focus, striving to facilitate global business management and tracking using its distributed ledger technology (DLT).

VeChain’s growing ecosystem

The growing number of new wallets joining the network reflects VeChain’s optimistic ecosystem. Last month alone, on-chain data showed 226,634 new wallets joined the network, bringing total wallets to $2.28 million. On November 2, the platform registered its highest number of new wallets a day, hitting 22,004 new wallets created.

The pending trademark is expected to help VeChain establish dominance in the digital payments market. As of now, the live application tracker indicates that the trademark application has been accepted by the office as it meets the minimum filing requirements. However, the application has not yet been assigned to an examiner.

VET price prediction

VeChain’s native coin, VET’s price, has experienced fluctuations that mirror the general market volatility of crypto assets this year. After a price spike that resulted in 101 percent growth early in the year and reached $0.03186 in February, VET underwent a decline to a 2023 low of $0.01477.

However, a shift in October brought about a bullish sentiment in the entire crypto industry, resulting in an 80 percent increase from its October low. The coin itself jumped over 45 percent within November, with analysts predicting this growth to continue in the coming months.

Analyst Ali Martinez suggests that VET is in a consolidation phase, with more to come. “#VeChain, the forgotten Chinese #Ethereum, appears to mirror the consolidation phase we saw in 2018-2020!” Martinez said from his X account.

This could push VET past its resistance level of $0.033 during the next two weeks. “The upswing could send #VET to $0.077 by late January. That’s a 150% price increase!” Martinez continued.

Chartist EGRAG predicts an even more substantial rally, expecting VET to skyrocket by 7,500 percent to $2.3. EGRAG emphasizes the altcoin’s prolonged downtrend, resembling the journey to the 2021 record highs.

In a recent tweet, EGRAG outlined three upcoming price targets for VET, with the most optimistic target suggesting a potential return on investment of 7,000 percent.

According to EGRAG, the first price target of $0.11642 could signify an approximate increase of 289.4 percent from its current trading price, with the expectation that this target could be realized in 2024. The second and third price targets for VET, expected to be achieved between 2024 and 2025, are $1.05737 (an increase of approximately 3,436.4 percent) and $2.3 (an increase of 7,592 percent relative to its current price), respectively.

“Amidst the uncertainty, remember: #VET holds the potential to shatter your financial constraints,” Egrag concluded in one of his tweets.