After being listed on Upbit, VeThor Token (VTHO) is witnessing a substantial surge. We explore the reasons behind this phenomenon and its future potential.
VTHO's Strong Growth Following Upbit Listing
On January 21, Upbit launched trading support for VeThor Token (VTHO) in both the Korean Won (KRW) and Tether (USDT) markets. Consequently, VTHO's trading volume has surged by over 88,000% in the past 24 hours. According to CoinMarketCap, Upbit accounts for more than 66% of VTHO’s trading volume, with over $2.1 billion traded in just 24 hours. As of this writing, VTHO is priced at $0.008981, reflecting over a 300% increase in its value over the last 24 hours, yet remains roughly 80% below its all-time high of $0.042, reached in August 2018.
History and Functions of VeThor Token
VTHO was launched in July 2018 as part of the first phase of the VeChainThor blockchain, following its initial release as an ERC-20 token in 2015. This token is used to power transactions and smart contract executions on the VeChainThor network. VTHO is generated by holding VeChain Tokens (VET) and is consumed during blockchain operations, ensuring efficiency and scalability within the ecosystem.
Technical Analysis and VTHO Prospects
Technical analysis using the MACD indicator shows a recent crossover into bullish territory, indicating an increase in bullish pressure. The widening histogram indicator between the MACD and signal lines suggests growing interest in VTHO. If the current trend holds and the market remains bullish, the token may attempt to retest resistances in the $0.01–$0.015 range, which often represent psychological barriers for tokens priced under one cent.
The listing on Upbit has opened new opportunities for VeThor Token, leading to a sharp increase in its trading activity. Technical analysis indicates potential areas of interest and resistance; however, future dynamics require attention to market conditions and trend shifts.
