The deployer-linked address of VELVET transferred over $2.5 million worth of tokens to exchanges before the price crash.
Foresight News reported that the on-chain analytics platform Bubblemaps tweeted that the VELVET deployer-related address transferred a large number of tokens to centralized exchanges before the token price plummeted. The address associated with the token creator received 72 million VELVET (approximately $25 million) in March, and from June 6 to 9, about $2.5 million worth of tokens were transferred to exchanges. The project team has not explained these transfers to date, only describing the price fluctuations as "speculative behavior."
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.
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