After some of you brought $VELVET to my attention, I conducted a deeper review and decided to open a position. The project appears to have backing from YZY Labs, similar to $LAB, which added further interest to my analysis.

Additionally, on-chain activity shows that over 70M $VELVET tokens have been transferred to exchanges such as Bitget and KuCoin, where they have subsequently been moved into cold storage wallets.

Based on these observations, I’ve taken a modest position and will continue to monitor its performance moving forward.