VeChain (VET) Soared 31% on the Day; What’s behind this?

VeChain (VET), the native token of the VeChain blockchain, has soared almost 35% in the last 24 hours, reaching intraday highs of $0.049 in today’s trading session.

At the time of writing, FP was up 31.57% in the last 24 hours to $0.045. The token has also gained 57% weekly. This notable rally has made FP the biggest gainer among the top 100 cryptocurrencies by market cap.

Aside from the price jump, VeChain is seeing a notable 473% increase in trading volume, with over $500 million ($560 million), or 12.5 billion VET, traded in the last 24 hours, which suggests renewed interest and activity.

FP’s recent price and volume surge could be attributed to several factors, including positive sentiment in the overall cryptocurrency market, which saw Bitcoin cross $52,000 for the first time since December 2021.

Earlier in the week, crypto analyst Ali predicted a possible bull run for VeChain: “It looks like it will be a big week for VeChain. If history repeats itself, VET could be looking at a move to $0.054 this week, a brief correction until June, and then a bull run towards $0.70 for November.”

VeChain welcomes account abstraction

He VeChain Network has reached a major milestone, which could have contributed to the positivity surrounding the blockchain.

Account Abstraction (AA) is now available on the network, opening up a whole new world for VeChain. In addition to making interoperability seamless, account abstraction also unlocks programmable smart contract wallets for a better user experience and greater security.

EOAs, which are wallets owned by users and operated manually from outside the blockchain, have been the standard for blockchain interactions, requiring manual operation and management via a public-private key pair.

Meanwhile, interactions on VeChain were initiated through an externally owned account (EOA).

Account abstraction moves away from traditional externally owned accounts (EOA) toward a more flexible and programmable approach.