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📈 $VELVET Price Surges 10 Times, Raising Concerns Over Selling Pressure From Project-Related Addresses
The VELVET token of the DEX project Velvet Capital has experienced significant volatility, rising from around $0.09 to $0.9 in a short period, nearly a 1,000% increase.
However, on-chain data shared by EmberCN and reported by BlockBeats shows that during the sharp price increase, addresses believed to be linked to the project have continuously transferred large amounts of VELVET to centralized exchanges (CEX), raising concerns about profit-taking pressure or token distribution.
🔍 Notable Data
* Project-related addresses have transferred approximately 22 million VELVET to various trading platforms over the past 3 days.
* Market maker DWF Labs has also transferred about 6.68 million VELVET to exchanges in recent months.
* These fund flows occurred simultaneously with the token's sudden price surge.
#VELVET #VelvetCapital #DWFLabs