$VELVET dumped 73% from the top.

It pumped over 10x on the SpaceX and pre-IPO narrative after the Trade.xyz integration.

Big red flag: market cap hit around $745M while TVL was under $1M.

Then team-linked wallets and DWF Labs moved over $25M worth of VELVET to exchanges near the top.

Now price is below EMA 7, 20, and 40. RSI is oversold, so a bounce is possible, but sellers are still stacked.

My take: trade the bounce only with tight risk. Long-term buying here is dangerous until the chart rebuilds.

When hype is high, usage is low, and insiders move coins to exchanges, retail becomes the exit.