The VeChain (VET) project is in a transition stage, and the VeThor (VTHO) reward asset for staking keeps crashing during its price discovery stage. VTHO lost around 20% net overnight on extremely volatile trading, sliding to $0.008. VTHO is paired against BTC and ETH, and only gets its liquidity through the LBank exchange.
The drop in prices to below one cent, for now, crashes the expectations that the VTHO token would be more valuable than VET. Some believed the VTHO asset would, in fact, appreciate fast because it is relatively difficult to generate by staking.... However, in reality, the VTHO token saw rapid selling of initial rewards, some of which were distributed as a bonus through Binance. The VeChain ecosystem has already bound various levels of nodes, and VTHO rewards are being distributed in wallets, as well as through regular monthly distributions on Binance.
However, both VET and VTHO seem to be tanking on the markets. This is despite the fact that VeChain has one of the strongest communities, as well as robust development. But the token migration period and the usage of wallets and tokens is creating turbulence for the ecosystem.
The VET market price also remains weak, down to $0.01 and threatening to go below a penny. The announced token swap has had a psychological effect and the VET asset entered a new stage of price movement.