Venice Token (VVV), one of the projects that has recently attracted attention in the cryptocurrency market, experienced a sharp pullback due to whale activity. According to on-chain data, the VVV price lost over 8% in the last 24 hours as large investors began selling.
According to analysis, a prominent whale address has begun selling its staked VVV tokens gradually by unstaking them. It is reported that this address has sold approximately $600,000 worth of VVV and still holds around $600,000 worth.
On the other hand, it was also determined that a bot account active in the market sold approximately $200,000 worth of VVV. These additional sales were among the factors that increased downward pressure on the price.
Following all these developments, the VVV price fell to $5.63 at the time of writing, registering an 8.1% decrease on a daily basis. The token’s market capitalization is approximately $263 million.
*This is not investment advice.
