VeChain has had a busy week ranging from the upcoming MWC2024 in Spain to the recently renewed partnership between Renji Hospital and DNV.
Just as expected, its native token, VET, has reacted with an 11% surge in the last 24 hours to trade at $0.038297.
VeChain (VET) seizes the opportunity of the ongoing rally, making a huge presence in the broad market with a whopping 11% surge in just 24 hours as of press time. With a bullish market sentiment, the asset extends its weekly run to 33% to trade at $0.038297.
Analysts link the upward trend of VET to Ripple effects of the ongoing Bitcoin price action, however, the rate of growth is said to have a lot to do with the upcoming Mobile World Congress (MWC2024) set to happen from February 26 to February 29. VeChain announced that its CEO Sunny Lu would speak at the event, and would be joined by Nobel Laureate Sir Konstantin. While the subject of his speech is unknown, crypto commentator Marcel Knobloch aka Collin Brown expects something about supply chain, tracking, or anything unexpected.
The Congress became a big deal in the VeChain community due to the brands involved and the 90,000 people projected to attend. Prominent figures, decision-makers, innovators, etc across different areas of telecommunication are usually attracted to the event.
For this reason, some community members expect a partnership to be sealed in the near term with any of the potential brands present.
VET’s Price Impacted by the Busy Week of VeChain
VeChain’s (VET) price action has also been linked to the recent report that one of the biggest hospitals in China, Renji Hospital, and independent assurance and risk management provider DNV GL have renewed their partnership. VeChain got involved in their collaboration in 2020 to launch the world’s first blockchain-powered Intelligent Tumor Treatment Center.
It was reportedly charged to make the treatment center a transparent, efficient, and traceable medical management solution. The renewed partnership was also a commitment to the effort to enable patients to have control over medical record management.
VeChain has also been featured in an article titled “MWC: Driving Collective Action on Sustainability With the Power of Web3” as the missing piece to achieving the 17 Sustainable Development Goals (SDGs) created by the UN in 2015 to enable “peace and prosperity for people and the planet.”
Blockchain is known for its seamless, trustless, and transparent information-sharing abilities. The report disclosed that about 90% of Fortune 100 are now exploring blockchain solutions. According to the author, enterprises play a crucial role in the sustainability challenge, however, blockchain technology could be the most important piece of the puzzle.
Blockchain is making sustainability a rewarding endeavor, helping businesses meet their obligations, supporting individuals across supply chains, and by helping to shift consumer behavior through carrots, not sticks. 8 billion people across the globe have immense potential to drive change in pursuit of this common goal. By building circular economies that involve both enterprises AND people, blockchain will facilitate meaningful, productive change, and steer the global economy towards a viable long-term vector.
It is important to note that VeChain’s use cases have been said to, directly and indirectly, play roles in sustainability, setting it up for a potential integration by more companies, while its price reacts positively.
