On-chain analytics platform Bubblemaps said an address linked to the VELVET deployer transferred a large amount of tokens to centralized exchanges before the token’s sharp decline.

According to Foresight News, Bubblemaps said an address associated with the token creator received 72 million VELVET in March and later moved tokens to exchanges.

Bubblemaps reported that between June 6 and 9, the creator-linked address transferred tokens worth about $2.5 million to exchanges.

The project team has not provided an explanation for the transfers, and has described the price volatility as “speculative behavior,” Bubblemaps said.