Can New Partnerships Drive Vectorspace AI Price?
Vectorspace AI (VXV) is the native asset of Vector Space Biosciences, a project that aims to detect the hidden relationships in data to power and speed up novel discoveries, hypotheses, interpretations, and new insights in space to benefit humanity.
Launched in 2018, the company comprises a network of bioscience and computational laboratories in addition to advisors from the extensive scientific field, including capital markets, general life sciences, and space biosciences. These experts share a common interest in the growing Machine Learning (ML) and AI sectors.
VXV is the cryptocurrency that reflects the image of the company in the decentralized finance (DeFi) space. Over the past two years, the digital currency has not fared well compared to other crypto assets, and it is not in good standing compared to other AI-powered tokens.
Let us examine the possibilities of the asset and whether new partnerships can reflect positively on its value.
Is Vectorspace AI benefitting from partnerships?
Yes, the digital currency has been benefitting from partnerships in 2023, although the gains have been short term.
VXV has been on a downward spiral since it reached an all-time high (ATH) price of $35.93 during the peak of the markets in November 2021.
VXV followed the rebounding of AI tokens in February after it rose to a yearly peak of $1.2627 on 7 February. At the time, the token had risen by 338% from its opening day price of $0.2884 on 1 January.
Unfortunately, the digital asset is down by more than 70% from the year's high and up by 6% year-to-date (YTD).
The decline in value YTD has come despite partnerships with some mainstream corporations.
On 23 May 2023, Vector Space Biosciences announced that it has partnered with Oracle, a computer technology company that specializes in cloud applications and cloud platform services, to develop what it called a large language modeling and visualization application as part of its mission of advancing space biosciences.
VXV opened the day at $0.3522, reached an intraday high price of $0.3652, tested an intraday low price of $0.3521, and closed the day at $0.3646.
The crypto token closed the fifth month of the year with a relatively higher price of $0.4149. Overall, VXV went up by 10% in May.
Vectorspace AI: What is the latest?
On 16 August, 2023, its parent company announced that it had begun a filing process for licensing and registering biological CubeStats.
This will play a valuable role in enabling pharmaceutical, biological, and advanced materials companies to contribute to the advancement of the space industry.
While the token did not respond strongly to the announcement, disclosure of the company obtaining the full license could lead to a spike in its price.
VXV, unlike AGIX, Fetch.ai (FET), and other tokens under AI, has not seen the same levels of investor interest (trading volume).
The token saw a daily trading volume between $20,000 and $165,000 in August. This cannot be compared to the millions of dollars its direct competitors have seen on cryptocurrency exchanges.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.