VeChain's VEN sudden plummet

16 Jul, 2018
by Arthur Sillers
VeChain's VEN sudden plummet

VeChain's VEN token has seen a large decline in price, and is currently seeing its lowest low in about seven months.

This sudden drop in value follows the release of its independent blockchain, Thor, just over a week ago.

The entire market has seen declining prices, but VeChain in particular saw an 11% loss in just 24 hours, and its ratio against ETH shows it is experiencing a particularly hard hit.

Speculation points to LBank, the exchange which backs up the majority of VeChain trades having gone down somewhat mysteriously as the origin of the sudden and violent downtrend. LBank is apparently experiencing API issues and is being excluded by CoinMarketCap, according to NullTX. Any outages spook investors, and traders have been apparently rushing to sell off the token.

It is not clear if there is any sign of a reversal but some speculate that this is in fact a good time to buy, given VeChain's recent technological improvements. Commentators are excited about Thor's mainnet and the VeChain platform, and if indeed the price plummet isn't for any particular reason, VEN should bounce back in a large way.

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Read more about: VeChain (VET)

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