VeChain recorded an increase in activity on its testnet
Development activity picked up, but market indicators were bearish

VeChain [VET] revealed an interesting development that reflected the network’s increased adoption and popularity. According to VeChain Community Hun’s tweet on Dec. 12, the network witnessed a spike in unusual activity on its Testnet as the number of transactions surged.

Read VeChains [VET] Price prediction 2023-2024

The network went through a few more integrations and partnerships, giving it the potential to fuel another vocational education and training bull run. For example, Shanghai Tanlian developed a digital platform for CO2 reduction for lighting of public buildings based on the VeChain, in collaboration with Suzhou Fenghe Wulian.

However, at the time of writing, nothing could be found on VeChain’s map, as it was mostly painted red. According to CoinMarketCap, at the time of writing, VET was recording over 3% negative weekly gains and trading at $0.01859 with a market cap of over $1.3 billion.

Can the statistics help?

Over the past week, VeChain’s development activity has increased thanks to the new collaborations. This was a positive uptick as it reflected more efforts by the developers to improve the blockchain’s capabilities and offerings. Not only that, but VeChain also maintained consistency in terms of volume over the past week. This was also a green flag.

However, after registering a spike, the network’s positive sentiments plummeted. This indicated that the crypto community had little faith in VeChain. The blockchain also failed to receive much interest from the derivatives market as the Binance funding rate dropped.

Source: Sentiment

The VeChain winter will get colder

Take a look at VETERINARIAN‘s daily chart revealed that investors may have to wait longer to enjoy the results of the above developments. This was because most market indicators did not support a price increase. The Exponential Moving Average (EMA) ribbon revealed a bearish upside in the market as the 20-day EMA rested below the 55-day EMA.

The Chaikin Money Flow (CMF) and On Balance Volume (OBV) also registered downward movements, indicating a further downward trend in the coming days.

This post Will VeChain succumb to the crypto winter despite increased testnet activity

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