The market price of VeChain (VEN) slid to $3.11, remaining flat in Bitcoin-denominated prices, as the X Nodes program was completed. Now, the coin sees a latency period, in which the price may take a new direction.
VEN is down more than 16% in the past week, following the X Nodes snapshot on March 20. The VEN price has also easily slid below $3 in the past months, and with the generally negative mood of the market prevailing, VEN may see further slides.
The locked coins right now serve only to mark the coin age, and will only begin to produce VeThor rewards after the main net launches in about three months. Meanwhile, the VeChain project relies on information about its business development and partnerships. However, that may not be enough to sustain interest in the digital asset.
Volumes for VEN have not disappeared, and in fact the market price has picked up and has a net growth of 100% since the levels in January. However, VEN remains volatile and buying at lower prices is no guarantee of a bounce coming soon.
VeChain relies mostly on Asian trading, and only a slim fraction of that belongs to Binance, where the international community has exposure to VEN. In the end, the community of VEN node holders and traders may prove to be different, choosing this project for very different reasons.
At the moment, more than 51% of coins are locked away from the market, and the rest would have to make up the market price. Moving coins out of an X Node would lead to losses in the future, so the ratio of traded coins is expected to remain the same.
The distribution of nodes is as follows:
- Authority Nodes (A): 25,250,000 VET
- Mjolnir X Nodes (M): 69,450,000 VET
- Thunder X Nodes (T): 24,250,000 VET
- Strength X Nodes (S): 19,970,000 VET
- Vethor X Nodes (X): 27,348,000 VET
The ratio of locked coins may change, and the rewards of VeThor may also differ, depending on how many nodes still keep their status until the main net launch.
This article appeared first on Cryptovest