VeChainThor, also called VeThor, is a project based on the VeChain blockchain and the price of its VTHO token today is skyrocketing, which is attracting the attention of many traders.
Indeed, the price of VTHO has risen by 7% today and, according to CoinGecko‘s statistics, its token holders are quite optimistic, marking a 91% bullish sentiment.
It is not very clear why the price of VTHO has risen in the last 24 hours, what is certain is that in the crypto market it is not a particularly significant increase.
What is VeChainThor?
VeChainThor is a public blockchain, built with the aim of becoming a benchmark for companies. It is in fact a blockchain-as-a-service (BaaS) and it can be used to develop smart contracts.
Its consensus model is based on the Proof of Authority (PoA) and its governance is on-chain.
The project started in 2018, precisely during the month of June, when its mainnet was launched, whereas originally it was based on Ethereum.
The project was then moved to the mainnet and went on VeChain. This blockchain has therefore two tokens: VET which is the proprietary token, while VTHO is the token that is used to pay for tokenized transactions.
The VTHO token and the rising price
VeChain Thor conducted an ICO in the summer of 2017, raising about $20 million in ETH. In turn, other Initial Coin Offerings were also launched on this blockchain, such as that of Plair in August 2018.
However, compared to its all-time high reached in August 2018, when the token reached a value of $0.046, currently the price is down 97%.
Instead, as far as its all-time low is concerned, it is $0.00015238 and it was recorded during the famous crypto crash in March 2020. From those levels, the price of VTHO is currently up 50%.