Why is VeChain up 53% in a week and 12% today?

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For those of you who thought that VeChain was off our radar these past few months, think again. The small crypto may have experienced a pullback over the summer (ever since reaching $0,022 in August), but has been climbing steadily in November again, currently trading at $0,0175, reaching for $0,020.

In the past week alone, VeChain is up some 53%. The news that the provincial vice governor of Hubei met with VeChain officials to discuss post-pandemic cooperation for the Chinese healthcare system, a possible massive operation, has seen the coin skyrocket. You must be wondering why VeChain is up this time?

VeChain and Healthcare

Building key partnerships in the healthcare industry has been one of the major growth areas for the VeChain blockchain this year. There were reports of direct hospital cooperation in Cyprus, delivery of KN95 mouth masks to New York at the start of the pandemic and a partnership with an animal health agency in China.

Multiple local governments in China, including BJ, SH, are enforcing cold chain logistics track&trace solution for frozen products to ensure public health. #VeChain’s market-proven cold chain solution is ready to address this.

To read (in Chinese): https://t.co/5GkCZhRx6S

— Noah.VET (@noahSH15) November 16, 2020

Now, the provincial vice governor of Hubei, Zhao Haishan, met with executives from VeChain during a healthcare conference two weeks ago and the two discussed the possible development of a healthcare platform for post-pandemic operations. Ever since then, VeChain has seen an upward trend.

Oh, baby, when you chart like that
You make a woman go mad$VET / $BTC #Bitcoin pic.twitter.com/HiBkBBxNLE

— Uncle V (@UVtho) November 25, 2020

CEO Sunny Lu claimed that VeChain would be needed in post-Covid times:

The new environment requires an innovative management model. VeChain’s blockchain technology can ensure the transparency, security, and credibility of all critical information, increase the cost of data fraud to infinitely high, and minimize the cost of supervision.

Bigger than Ethereum

The VeChain CEO Sunny Lu earlier this year famously stated that he thought his coin would one day be bigger than Ethereum. As the latter is currently trading around $600 and remains the second biggest crypto behind Bitcoin, a very bullish statement. Time will tell whether or not he was dreaming.