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Vechain adds 21k new wallets in one day – Can VET price follow?

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on Nov 3, 2023
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  • VeChain (VET) new wallets increased by more than 21,000 as daily transactions reached 1.1 million.
  • Vechain's network growth has come amid key partnerships.
  • The price of VET could rise to $0.02 before bulls target March 2022 highs of $0.09.

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VeChain has seen a massive uptick in daily active wallet addresses, with more than 21,000 new wallets added in 24 hours.

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The enterprise-grade smart contracts blockchain platform saw its daily active address count jump by 21,381 to bring the total wallet count to 2,275,590, according to details shared by the official VeChain account on X.

Per data from Vechainstats, the total address count for the platform stood at 2,282,873 on Friday, November 3 at 14:20pm ET. In the past week, new wallet addresses on the VechainThor blockchain have risen by 51,123 while active wallets with transactions for the period was over 17,600.

The stastistics show total address count has increased steadily since 2021.

VET price outlook

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VeChain price was hovering above $0.018 at the time of writing, down 0.9% in the past 24 hours but in the green over the past week and 30 days. VET tested resistance above $0.019 on Thursday, perhaps driven by the overall crypto sentiment that saw Bitcoin (BTC) surge to near $36,000.

While VET/USD is likely to pare gains in line with BTC’s drop to under $35k, an uptick in buy pressure similar to when VET prices spiked in September could potentially push the altcoin to the $0.02 area. If bulls break above $0.03, they could target March 2022 highs of $0.09 and the psychological $0.1.

It’s an outlook that could be supported by the spike in wallet addresses and network transactions that had VeChain doing an impressive 1.1 million today.

Crypto trader Apollo shared the milestone on X:

VeChain’s recent partnership with Venum Brazil

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The VeChain network’s significant bump in wallet addresses and transactions in the past 24 hours comes as the platform announced a new partnership with Venum Brazil. The collaboration involves Venum’s incorporation of VeChain’s blockchain technology, NFTs and NFC into its apparel collection.

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