How a meeting in China helped VeChain (VET) reach a solid week of gains

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Nov 12, 2020
  • Chinese meeting regarding the post-COVID period led VeChain to a continuation of its price surge.
  • Over the past week, VET was the 3rd-best performing asset, only behind NEM and Chainlink.
  • VET grew by 23% last week, as it continues to be praised as the best supply chain platform on the blockchain.

Recently, Chinese government officials decided to organize a meeting focused on post-epidemic health response. However, the meeting had significant consequences on the crypto industry, as VeChain price managed to continue growing, securing an entire week of gains for the project.

Chinese officials discuss the post-pandemic world

The meeting, as explained by Chainnews report, centered on the use of digital tools in the country. The goal was to use these tools to revamp the public health system, following the COVID-19 pandemic.

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Chinese officials estimated that things like supply chain logistics will be crucial for the post-pandemic response.

Apart from the high-ranking officials, the meeting was also attended by DNV GL Global, and VeChain.

DNV GL proposed one solution for approaching the public health management post-pandemic, based on the international blockchain-based self-risk management platform. The firm’s VPN believes that a coordinated approach is necessary to take control of pandemics, or prevent them from happening.

He also praised VeChain, calling it one of the best candidates for improving the current models. He praised the project’s security, transparency, and credibility of the information.

VET price surges due to the Chinese government’s appreciation

The meeting led the VeChain (VET) price to continue surging, The coin saw 2% growth yesterday, which increased its weekly growth to 23%. On a weekly basis, VET was surpassed by only two other coins ranked among the top 30, and those are NEM (XEM) and Chainlink (LINK).

Currently, VET has a market cap of over $751 million. The project has been widely regarded as the best supply chain management platform built on the blockchain. The platform has also received a lot of popularity in China. Not only was it backed by the state government, but it was also promoted by the local media, making it one of the most appreciated projects in China.

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