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Market excitement is growing with VET price on the rise, as news of UFC partnerships and VeChainThor RWA token send shockwave through VeChain ecosystem.
In a stroke of genius combining MMA’s viral sensation with blockchain technology, UFC 300 is gearing up to unleash tokenized gloves in partnership with enterprise-grade L1 smart contract platform VeChain (VET).
Picture this: fighters, hands sheathed in NFC-chip-laden leather, stepping into the octagon.
These gloves aren’t ordinary; they’re ready to authenticate their existence and etch fight data into the VeChainThor network for UFC 300, scheduled on April 13.
VeChain’s VeChainThor smart contract network verifies glove authenticity to prevent fraud, making it one of the best RWA tokens in April 2024 – and markets are taking notice.
Post-fight, these gloves transformed into coveted collectibles to be listed later. Thanks to VeChainThor’s smart contracts, fans can own a piece of UFC history with guaranteed authenticity.
Here’s the lowdown on what’s shaping up to be a game-changer in sports memorabilia and fan engagement:
Is UFC Bullish for VeChain RWA Tokens? Or is it Not Needed?
The VeChain community is buzzing but divided. While some members are thrilled about this continued partnership with the UFC and using blockchain for tangible items, others question the impact on VET price, VTHO token usage, and genuine ecosystem value.
Despite the skeptics, the fusion of UFC’s global clout with blockchain’s promise for verifiable collectibles could make VeChain the best cryptocurrency for real-world assets.
Beyond the octagon, VeChain is no stranger to blockchain innovation. Since its inception in 2015, VeChain has been at the forefront of applying blockchain solutions to global tracking of commercial institutions, from healthcare to sustainability, aiming to tackle the world’s most pressing data challenges.
If you ever wondered if your t-shirt is actually from Indonesia, or wasn’t made in a sweatshop — VeChain solves this.
Amidst this groundbreaking collaboration, VeChain’s VET token enjoyed a +13% uptick over the past week before losing it all, taking a 14% haircut, currently trading at around $0.04.
VeChain RWA Tokens Take a Dive: VET Price Analysis
VeChain against the U.S. dollar (VETUSD) is playing a game of tug-of-war, with the current mood set to “corrective” on the Elliott Wave technical analysis.
(Source)
According to analysts at FXStreet, we’re currently chilling in Wave ((C)), which suggests we’re in for some counter-trend action. The next big move? We’re eyeing Wave II of an Impulse, suggesting a rally might be on the horizon after a corrective phase.
Keep your eyes peeled for the 0.0270 mark, where Wave II could potentially give Wave I a high-five, marking a 50% retracement.
Patience is your best friend if you’re looking to catch the wave. The forecast hints at a further dip as part of a short-term pullback, but the uptrend party isn’t over. Wait for the correction to wrap up before diving back in.
Moreover, remember that the macro trend among RWA tokens is still gaining popularity – positioning the coin for long-term value accrual.
The Bottom Line: VeChain Boom or Bust?
UFC 300 wasn’t just another event; it was the biggest sporting event of the year and blockchain just played a role in it.
Conversely, if you bought VeChain from the day it was first launched in 2018—years before anyone else —you’d only be up +159.57%.
This is because VeChain rocketed to well over 100x its initial prices during the bull run of 2021 but has never touched those peaks again. So, the VeChain token has a lot to prove in 2024 – and traders have VET in their crosshairs.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
