VeChain (VET)
Enterprise supply chain blockchain with real business adoption but no DeFi moat and dual-token complexity
Ranked 135th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
VET scores 101 of 250 across the 25-variable framework, which places it 135th of 251 rated tokens and inside the lower half of the set. The framework verdict is WATCH.
The score rests on Regulatory Safety 7/10, 17th of 251, Institutional Adoption 5/10, 36th of 251, Exchange Depth 6/10, 37th of 251 and Insider Selling 5/10, 42nd of 251.
Against the same universe, VET sits in the bottom third on BTC Alpha Potential 2/10, 200th of 251 and TVL Trend 2/10, 189th of 251. These are the variables that would have to move for the verdict to change.
99.2% of eventual supply is already circulating, so vesting is not a live risk for VET. Price has to be justified by demand rather than absorbed against a cliff.
VET trades 98.3% below its all-time high of $0.2810. Recovering that level is a 58.8x move, not a 98.3% one, which is the arithmetic most drawdown charts hide.
The framework score gained 8 points against the previous pass (93 to 101). Revisions of this size follow a change in the underlying variables, not a change in price.
$8.0M sits in the protocol. Each dollar of value locked carries 50.31 dollars of token market cap.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 3 | 98th of 251 | |
| Revenue Trend | 3 | 117th of 251 | |
| P/S Multiple | 4 | 104th of 251 | |
| Real Staking Yield | 4 | 82nd of 251 |
Supply
| Supply Inflation | 5 | 61st of 251 | |
| Vesting Schedule | 6 | 59th of 251 | |
| Circulating / FDV Ratio | 6 | 88th of 251 | |
| Buyback and Burn | 3 | 63rd of 251 |
Ownership
| Smart Money Flows | 3 | 149th of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 2 | 189th of 251 | |
| Active Users | 3 | 149th of 251 | |
| Developer Activity | 4 | 158th of 251 | |
| Network Growth | 3 | 156th of 251 |
Position
| Market Share | 3 | 131st of 251 | |
| Competitive Moat | 4 | 114th of 251 | |
| Institutional Adoption | 5 | 36th of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 3 | 157th of 251 |
Risk
| Regulatory Safety | 7 | 17th of 251 | |
| Catalyst Calendar | 3 | 158th of 251 | |
| BTC Alpha Potential | 2 | 200th of 251 | |
| Team Execution | 5 | 74th of 251 | |
| Treasury Runway | 5 | 74th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
VeChain Thor VIP-220 fee model and Walmart China + DNV GL partnerships provide steady enterprise demand
Principal risk
Enterprise blockchain market shrinking vs. private chains; dual token (VET+VTHO) model adds complexity with minimal speculative upside
Market and supply
| Price | $0.004679 |
| Market cap | $402.5Mrank 107 |
| All-time high | $0.281019 Apr 2021 |
| Circulating supply | 85,985,041,177 |
| Eventual supply (max supply) | 86,712,634,466 |
| Dilution to full supply | 1.01x |
| Total value locked | $8.0M |
| Listed on | Binance, Bybit, KuCoin |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to VET measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [VeChain Foundation] VeChain partners include Walmart China, DNV GL, BMW for supply chain tracing
- [CoinGecko] VET ATH $0.2782 in April 2021; current price 97.6% below ATH
- [VeChain Stats] VTHO burn model creates some deflationary pressure but transaction volume remains modest
Common questions
- What is the Early Thunder score for VeChain (VET)?
- VET scores 101 out of 250 on the 25-variable framework, ranking 135th of 251 rated tokens (lower half). The framework verdict is WATCH.
- What are VET's strongest fundamentals?
- VET ranks highest on Regulatory Safety 7/10, 17th of 251, Institutional Adoption 5/10, 36th of 251, Exchange Depth 6/10, 37th of 251 and Insider Selling 5/10, 42nd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the VET thesis?
- VET scores in the bottom third of the universe on BTC Alpha Potential 2/10, 200th of 251 and TVL Trend 2/10, 189th of 251. The single risk carried on the scorecard is: Enterprise blockchain market shrinking vs. private chains; dual token (VET+VTHO) model adds complexity with minimal speculative upside
- How much VET supply is still to enter circulation?
- 99.2% of eventual VET supply is circulating today, leaving 1.01x the current float still to arrive. At a flat price per token that is 0.8% of fully diluted value ahead of current holders.
- How far is VET from its all-time high?
- VET trades 98.3% below its all-time high of $0.2810. Returning to that high requires a 58.8x move from the level used in this scoring pass.
- Which tokens have a similar profile to VET?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to VET are XTZ (88), ZIL (63), BAND (73) and FLOW (78). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for VET?
- VeChain Thor VIP-220 fee model and Walmart China + DNV GL partnerships provide steady enterprise demand
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.