Venice Token Surges Ahead of DIEM Launch
Venice Token (VVV) has soared for six straight days, hitting its peak since May 12.The surge comes as whales and savvy investors pile in ahead of the tokenized DIEM launch on August 20.
The VVV price spiked to $4.25, marking an 80% jump from its monthly low. Consequently, Venice Token’s market cap surged past $130 million.
Whales and clever investors are keenly scooping up VVV tokens. Data from Nansen shows that whale holdings have climbed from 66,000 to 80,000 tokens within a month. Simultaneously occurring, smart money stakes have ballooned by 306%, reaching over 127,000 tokens.
There’s another significant factor driving this rally: falling exchange reserves. The number of VVV tokens on exchanges has plummeted to 2.2 million, down from 4 million in July. This decline suggests strong investor interest.
Venice is gaining traction as an AI platform offering a privacy-focused choice to giants like chatgpt. It stores user data on local browsers,ensuring no censorship.
The upcoming DIEM token launch is also revamping VVV’s tokenomics. Stakers can now mint DIEM tokens rather of receiving daily allocations. This change stabilizes API capacity and allows open-market sales.
Technically,VVV has broken out of a double-bottom pattern at $2.45 and breached the crucial $3.85 resistance. With a bullish trend, the price could aim for $5.33, its May 1 high.
