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Velvet Capital’s VELVET Token Surges Tenfold as Large Transfers to CEXs Raise Selling Pressure Concerns
VELVET, the token of DEX project Velvet Capital, saw unusual volatility recently, jumping from about $0.09 to $0.9 in a short period, a tenfold increase. According to BlockBeats On-chain Detection, monitoring by EmberCN showed that during the rapid rise, addresses linked to the project transferred about 22 million VELVET to multiple platforms over the past three days, which market participants interpreted as potential concentrated selling pressure.
The transfers were sent to several CEXs (centralized exchanges). Separately, market maker DWF Labs also moved about 6.68 million VELVET to the same exchanges over the past month.
The synchronized on-chain flows and sharp price increase have prompted community discussion about a possible “spot pump plus derivatives liquidation” pattern.
The transfers were sent to several CEXs (centralized exchanges). Separately, market maker DWF Labs also moved about 6.68 million VELVET to the same exchanges over the past month.
The synchronized on-chain flows and sharp price increase have prompted community discussion about a possible “spot pump plus derivatives liquidation” pattern.
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