Spot and Futures Linkage Sparks Controversy, VELVET Token Faces Significant Selling Pressure Following Short-Term Surge
BlockBeats News, June 11, according to EmberCN monitoring, the DEX project Velvet Capital's token VELVET recently experienced abnormal price fluctuations, soaring from around $0.09 to $0.9 in a short period of time, with a cumulative increase of 10x.
During the rapid price increase, the project's associated address transferred approximately 22 million VELVET to Bitget and an exchange within the past 3 days, totaling about $19.8 million, interpreted by the market as potential concentrated selling pressure.
In addition, the liquidity provider DWF Labs also moved around 6.68 million VELVET to the aforementioned exchanges in the past month, worth approximately $6 million.
The on-chain fund flow coincided with the rapid price surge, sparking community discussion on the "spot price ramp-up + contract harvesting" model.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Lockheed Martin wins $114 million in US Space Force orders to modernize GPS ground systems
El.En. posts 1H EBIT up 37.6% to EUR 43.4 million
Joby Aviation autonomous J208 logs 400 flights, 800 automated hours in cross-country tour launch
Klea Holding unit Klea Pharmaceuticals logs first UAE order
Crypto prices
More
