So today I opened up binanace to find that the key had gone bananas.
This was super exciting for me, but not for the reason you expect.
With the current supply and starting price this was prime bait for those who like to have large amounts of coin for cheap no matter the supply. This has proven to be very effective in getting people to buy large amounts and push up the price. Why? Because everyone is hunting the next ripple moon shot and hoping it goes to $1. This leads to wild price action.
So here we have Vechain. Current sitting at $2.65 and just initiated their mainnet. Along with this mainnet comes a 100:1 swap. That mean for every 1 Ven you have you will receive 100 vet. This increases the supply by 100x but also cuts the price by 100 as well.
Well you ask why would I want this? Well psychologically buyers will now see this coin as cheap, and rush to buy as many as they can pushing the price upward. Add in the fact that they are a legitimate company and you have a recipe for moon in a bottle.
These next coming months will be interesting as the bulls return and folk have extra money to spend. So keep a close eye on it.
If anyone is looking for a space to talk Vechain/crypto. Check out this telegram