Cryptovest
Published Jul 20, 2018 06:04AM ET
Updated Jul 20, 2018 06:20AM ET
VeChain Drops 13% After Binance Announces Support for Swap
VeChain (VEN) touched on Friday its lowest point since December 27, 2017, losing over 13% in the last 24 hours. The slide seems to be the result of investors worrying about the ongoing drastic changes.
On Thursday, Binance announced it was supporting VeChain’s token swap as the cryptocurrency rebrands by leaving the Ethereum blockchain and shirting to a new distributed ledger system called VeChain Thor. Also, the ticker will change from VEN to VET. VeChain holders are invited to exchange the old tokens for the new ones within three months.
In a blog post published on Thursday, Binance said it would support the mainnet swap by taking the following steps:
According to Coinmarketcap data, Binance has accounted for over 80% of VEN trading in the last 24 hours, so the announcement had a massive impact on the community.
The same measures were announced on Thursday by Gate.io, the only difference being that VET trading will be open on Tuesday, July 24, at 4:00 am UTC.
VeChain is in free fall as investors are afraid of the unknown. They are likely to wait for a while to see how the new mainnet works. The cryptocurrency has lost 50% from its monthly peak of $2.80.
Written By: Cryptovest
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