The VeChain lockdown period for nodes has started, but the asset's market price has been sliding in the past days, to around $3.50, down 4.5% in the past day and more than 15% in the past week. The opportunity to lock coins in nodes still exists, but the X Nodes period has ended, leaving users with the option to invest a minimum of 10,000 VEN/VET tokens.
At the moment, there are 7,707 wallets eligible for an X Node.
The X Node on-going seniority tracking has begun(block 5287109). We're happy to announce that an estimated 51.9% of 511M circulating supply are de facto locked up. Approx.7707 wallets will be granted X Node status, estimated 162M VET are being locked up by Authority and X Nodes. pic.twitter.com/cexb2J9SJP
For the longer term, the locked supply of VEN/VET tokens may have a positive effect on price, as the freely available amount of coins is much lower, with more than half the coins locked into nodes. But after the end of the node program, the asset's market price may have a few volatile days, as buying dries up. Even at the peak of node-related buying, the price still dropped, mostly due to the general slide of all coins.
12% of all VET has gone from the exchanges in the last 48 hours alone! $VET$VEN
After the coin withdrawals, VEN would trade with a different risk profile, relying more on speculation. Yet it is possible that node accumulation continues, especially if the team continues with the marketing efforts. An investment in a VEN node is not trivial, even at the lowest level, but may be more accessible if the price slides further.
The Future of VeChain
At the same time, VeChain remains a project with very active marketing efforts, and attempts at real-world usage on existing supply chains. Creating a form of Internet of Things for supply chain is the chief intended usage for VeChain. The potential applications are in food and agriculture, as well as luxury goods and anti-counterfeiting. Digital vehicle passports are another use case.
VeChain's CEO, Sunny Lu, was the former CIO of Louis Vuitton in China. For now, it is unknown how far VeChain would go in securing partnerships with luxury goods companies to trace and verify products.
Price predictions for VEN have been made in a wide range, with some seeing the asset rise to the $100 range, much like NEO. Others, however, believe VEN will be a long-term proposition, with the price of the VeThor digital asset generated by nodes still to be discovered.