The leading enterprise-grade layer 1 blockchain Vechain, has continued to stay top of the leaderboard in terms of social engagement and market activity, increasing investor interest in VET.
In a recent development, the prominent social intelligence company LunarCrush took to X (Twitter) to update users on the performance of Vechain in the crypto market. The Tuesday update, which highlighted Vechain’s LunarCrush, social and trading metrics, indicated a maturing interest in VET.
“VeChain has hit the #1 LunarCrush AltRank on leading combined social and market activity,” the social intelligence company wrote. Notably, the LunarCrush AltRank was designed to access a cryptocurrency’s community and traction and compare that across the entire cryptocurrency market.
In other words, the metric shows whether an asset’s performance against the relative market is decent or poor. According to the LunarCrush website, an AltRank of 1 is the best. Therefore, Vechain reaching an AltRank of 1 suggests that the project is performing well from a social volume, market volume, and price perspective vs. the entire crypto market.
Vechain social and trading metrics
Particularly, LunarCrush data showed that Vechain’s social dominance rose by 32% on Tuesday, indicating that more users are creating and interacting with VET-related posts daily. While posts created increased by 20% on the same day, overall Vechain social interactions gained by over 30%.
VET’s trading metrics also showed significant growth with its Tuesday trading volume across all exchanges surging over 129% to surpass the $93 million mark. Likewise, the cryptocurrency’s market capitalization rose by 8.8% on April 9 to exceed $3.2 billion. Remarkably, its market cap has surpassed $3.3 billion at the time of writing.
These positive outcomes indicate that investors are shifting attention to VET, potentially putting the mid-cap crypto asset on an upward trajectory. It bears mentioning that over 357,000 users have added VET to their crypto watch lists on Coingecko.
VET price outlook
Trading at $0.0457 and boasting a 24 trading volume of $102,264,267 at the time of writing, VET is up over 5% and 11% in the past 24 hours and week, respectively. As indicated by several technical indicators, including the Relative Strength Index (RSI) and moving averages, the 42nd-largest cryptocurrency by market cap looks extremely bullish in the long term.
To this end, one top analyst has predicted VET to hit $1.8 after the fourth bitcoin halving. Recall that VET can now be used by individuals to pay for products in-store at over 100 million retailers across the globe where Visa and Mastercard are accepted following Vechain’s strategic partnership with Oobit.
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