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.
Who tf is selling all this #VeChain? Ill be able to afford to buy a node at this rate.— Z ₳ V ₳ K (@Zavakrayn) July 16, 2018
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.
VeChain #VEN price is very low at the moment. Great time to buy, thus is so strong, such a strong team, so many partners @BMW @PwC_China to name two! #omo #dyor #VET #VEN #crypto #investnow #dontmissout— Dr. Rick (@Dr__Rick) July 14, 2018