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VeChain Price Plummets as Binance Suspends Deposits Ahead of Network Upgrade

Guavy AI Editorial Team
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The price of VeChain's VET token has fallen by 8.06% to $0.007211, marking its lowest point in recent days.

This downturn is largely attributed to Binance's decision to temporarily halt VET token deposits and withdrawals on September 16 for a network upgrade and hard fork, known as InterStellar (VIP-255).

The hard fork aims to modernize VeChainThor's EVM by aligning it with recent Ethereum standards, and will also see 15.5 billion VET staked and new validators joining the network.

However, despite this upgrade, VET/USD prices remain below both the MA-20 and MA-50 moving averages, indicating persistent short-term selling pressure.

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