$VEE Monthly Update - June 2024
Analyzing $VEE Token's June Performance: Price Surge and Increased Staking Yields
Token Metrics
Average is for January to May 2024.
Price: Increased by 23% in June, ending at $0.0104.
Volume: Down 43% from May.
Market Cap: $39 million, ranking 752 on CoinGecko.
Holders: Slight increase to 10,053.
Wallets: 224k created, up 10% from average.
SmartNFTs: 217k created, up 7.4% from average.
VEE Consumed: 1.6 million, up 830% from average.
Fees: Total of $13,255 paid.
VEE Rewards: 643k rewarded, totaling $5,209.
Percentage of VEE Staked: All-time high of 11.27%.
Yield: 1.87%, up 311% from average.
Price/Fee Ratio: 187, indicating improved value.
You don’t know about $VEE? » $VEE Token in a Nutshell
Price
$VEE began the month at $0.0084 and concluded at $0.0104, marking a 23% increase, slightly above the average price of $0.01035 since January 2024. Despite this rise, the price remains 97% below its all-time high (ATH) of $0.3424 and 61% below the local peak of $0.0265, achieved during the VISA partnership announcement. While Bitcoin's price fell by 6.7% in June, $VEE experienced a 10% increase, indicating positive momentum for the token.
Volume
Trading volume for $VEE was $898,525 in June, a 43% decrease from May and 79% below the average since January 2024. The majority of this volume was driven by the VISA announcement, and a decline six months later is expected. Volume is anticipated to rise again when the partnership activates, as discussed later in this article.
Market Cap
With the $VEE supply fully emitted and no new tokens entering the market, the market cap correlates directly with the price, standing at $39 million at the end of June. This places the token at rank 752 on CoinGecko.
Holders
The number of token holders slightly increased to 10,053 by the end of June, compared to 10,003 in May and 8,282 in January.
Wallets
In June, 224,000 wallets were created, a 10% increase compared to the average of 204,000 since January 2024.
SmartNFTs
June saw the creation of 217,000 SmartNFTs, a 7.4% increase from the average of 201,000 since January 2024.
VEE Consumed
A total of 1.6 million $VEE were consumed in June, an 830% increase from the average of 197,000 since January 2024.
Fees
Total fees paid in June amounted to $13,255, reflecting the $VEE consumed converted to their daily USD value.
VEE Rewards
In June, 643,000 $VEE were rewarded to stakers, a 376% increase compared to the average of 171,000 since January 2024.
Gains
Stakers received $5,209 in June, representing the $VEE rewards converted to their daily USD value.
Percentage of VEE Staked
The percentage of $VEE staked reached an all-time high (ATH) of 11.27%, a 17% increase from the average of 9.64% since January 2024.
Yield
The yield for stakers in June was 1.87%, a 311% increase from the average of 0.6% since January 2024.
Price/Fee Ratio
The Price/Fee Ratio in June was 187, an 89% decrease from the average of 1,611% since January 2024. A lower value is better for this metric.
Technical Analysis
Following a period of compression from January 2022 to January 2024, $VEE broke out of its previous price resistance of $0.0075, reaching a local top of $0.0265, just 11% below its 2022 high. Since the breakout, the token has been in a consolidation pattern with increased monthly trading volume.
The orange vertical bar mark the beginning of the 2024 Paris Olympics, where some community members speculate that $VEE will play a significant role, aligning with the end of the consolidation pattern.
RoadMap
Lukas Fluri, CEO of BLOCKv, announced on BLOCKv Telegram that the Q2 roadmap objectives will be delivered in the first week of July 2024.
These include:
New Tokenomics
Launch of BLOCKv Labs, formerly SmartNFT Labs
Whispered Insights
CryptoCanvas lays down research showing that $VEE will play a significant role in the 2024 Olympics through its partnership with VISA, the main sponsor of the event. What do you think? Tell us in the comments!
Monthly Curated Resources
Why You Never Heard of $VEE Before? by Kumaly
Who is Behind the SmartNFT and $VEE? by Kumaly
Visa's Secret Weapon for the Olympics Revealed! (And It's Blockchain) - BLOCKv $VEE & SmartNFT by CryptoCanvas
The Virtual Atom: $VEE, BlockV, & VATOM by CryptoCanvas
BLOCKv For Vendetta: $VEE & more by CryptoCanvas
BLOCKv $VEE & more by CryptoCanvas
You don’t know about $VEE? » $VEE Token in a Nutshell
Thank you for reading this article,
Cheers,
Kumaly.