Keep in mind that this is just my opinion as a blogger who has followed the cryptocurrency market for some time – I don’t have any deeper insights into this particular blockchain project that other internet onlookers don’t have. I’ve just been paying attention, not only to this coin, but the market as a whole and how it has aligned with other big mainnet events in the industry.
The VeChain Thor mainnet launch is happening tomorrow, Saturday, June 29, but keep in mind that this is just when the snapshot is happening. The actual token swap won’t be completed until a couple of weeks later, midway through the month.
The current VEN ERC20 tokens will be swapped for the VET (Thor) tokens on a 1:100 ratio. Throughout the month of July, there will be other events lining up, like the wallet launch, ledger integration and X-Node status monitoring. If you want the full details of how exactly this will all play out, check out this article and this other article.
Whether it’s the lead-up to tomorrow’s launch, or when the full-blown VeChain Thor ecosystem is up and running in about a month, I have a pretty bleak prediction: this won’t really have much of an effect on this coin’s price.
Let’s face it: these days, big events like platform launches, token swaps, new listings, etc., aren’t a guaranteed boost to a coin’s price. In fact, tons of projects have tanked in value right after their mainnet launches, even after they already have client contracts and a useful product.
VeChain Thor clearly has a lot of potential in the supply chain sector, but we can’t seriously expect that to translate to crypto buyers in general lining up and purchasing more of these coins to drive the price up. The market seems to just keep following the BTC/ETH downward hurl toward new, increasingly deeper dips.
Maybe my prediction won’t come true, and – to be clear – I don’t own any VEN and won’t be purchasing any. But, as an onlooker who sees the high hopes that Reddit fans of this cryptocurrency are holding on to, it’s a little hard to watch.
This project is something that a lot of people really believed in and are putting their financial faith into, but the success of the VeChain Thor mainnet launch doesn’t directly correlate to how this new coin will perform on the exchanges.
With high-potential projects like this, I hope for the best – but reality typically brings us back to Earth pretty quickly.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.