Barely a day after Chinese President Xi Jinping’s iconic speech on blockchain technology, VeChain (VET) embarked on a new upward journey. Over the next few weeks, the coin has gained more than 100 percent.
VeChain’s current momentum could gain a further boost from the fact that it was featured in the Nov 12 edition of People’s Daily, the official mouthpiece of China’s ruling dispensation.
The VeChain community indeed has a point to be elated considering that People’s Daily didn’t just mention the blockchain platform in the passing. Rather, it was called a “world leader” in the blockchain industry.
China’s Full-Throttle Blockchain Push
The timing is also crucial given that the Chinese state machinery is currently on full-throttle with the adoption, integration, and development of blockchain technology — as BeInCrypto has previously reported.
The publication’s observation came against the backdrop of the launch of the first blockchain-powered system that aims to enhance the Chinese import process for food products and beverages produced by France.
The article painting VeChain in a positive light can be found in the French edition of People’s Daily. It also highlighted how blockchain is an ideal solution to ensure the qualitative integrity of products through the whole production-to-consumption cycle.
VeChain’s homegrown blockchain platform may have an important role to play in that vision as its very purpose is to enhance supply chain management and business processing using distributed ledger technology (DLT).
VeChain Keeps Rallying
VeChain (VET) gained quite some attention in the broader cryptocurrency community earlier this week after breaking the 200-day exponential moving average (EMA) for the first time since its listing. It also recently broke away from a lingering downward trend that lasted for around 14-15 months.
There is, however, a rising wedge pattern in the making that has caused some worries among traders.
In any case, it remains to be seen how impactful People’s Daily coverage turns out to be for VET in the short-to-medium haul. At the time of this writing, VET is trading at $0.00637228.
Meanwhile, VeChain is not the only Chinese-origin altcoin to be faring well. A host of its peers, including NEO (NEO) and Ontology (ONT), have made it among the best-performing altcoins of the past few weeks.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
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