The price of VeChain (VET), an altcoin project, experienced a sudden rise today. The reason for the rise was that he announced his collaboration with Amazon on his Medium account. However, soon after, a new explanation came about this claim. VET said the partnership news was untrue and the post was misunderstood. After that, the team apologized to the crypto community. Here are the details…
This altcoin announced that it has partnered with Amazon Web Services
VeChain Foundation published a blog post on its official Medium account on August 2, 2022. The blog post explained that VeCarbon, a subsidiary of VeChain, has made a collaboration. VeCarbon is VeChain’s subproject that provides carbon footprint management in the blockchain space. Accordingly, VeCarbon has partnered with Amazon, one of the world’s largest e-commerce platforms. The partnership with Amazon Web Services would give VeCarbon a lot of features like scalability, according to the blog post.
In VeChain’s statement, he mentions that the altcoin project will require much higher storage and scaling in the future. Then, he states that they are very happy with their cooperation with Amazon Web Services (AWS). The aforementioned partnership post talks about some of the products and features that AWS will offer to the cryptocurrency project. These include technical guidance, cloud services, scalability and security. Also, the post suggests that Amazon has researched and worked on VeCarbon before.
VeChain announces that the partnership is not real
However, not long after, the altcoin made another post on its Twitter account. In VeChain’s post, it was written that the partnership was not real and it was a mistake. Accordingly, the blog post shared on the Medium account was made entirely for archival purposes. The VeChain team said that the aforementioned post was shared on May 9. They then apologized to the entire crypto community and their investors. Upon this, many users who invested in the altcoin project began to criticize the project. In addition, some users even claimed that this was deliberate speculation.
VET price jumps
The altcoin project has had a good last 2 weeks. The VET price has attracted attention, gaining more than 20% in the past week alone. However, the rise of the coin was in line with the general market trend. Last week, leading cryptocurrencies Bitcoin and Ethereum gained over 18%. Today’s rise came at a time when the market lost value. While popular assets like BTC, ETH, and DOGE lost value, the price of VET rose. The altcoin moved up from the $0.026 band, where it was traded this morning. As a result, it made a sudden jump to $0.029. This means a proportional increase of 11%. However, the coin fell hard as it came out after VeChain denied the partnership. He lost most of his daily gains in a short period of time. At the time of writing, VET was changing hands at $0.0269. As we reported as Kriptokoin.com, VeChain was the 32nd largest asset by current market cap.
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