According to cryptocurrency onchain data, a token sale by one of the project's largest investors was detected in an altcoin.
Today, the Virtuals Protocol (VIRTUAL) altcoin price temporarily surpassed $5, and at the same time, its total market cap rose above the $5 billion level.
Following the rise, investment firm DeFiance Capital sent 500,000 VIRTUAL tokens worth $2.33 million to cryptocurrency exchange Bybit.
DeFiance Capital is known as the largest investor in Virtuals Protocol and received 10 million VIRTUAL tokens from the developers as a result of the investment it made in February 2024. The company started its token sale in May 2024 and has sold 7.2 million VIRTUAL tokens to date. The average sale price of these was $1.48. 2.2 million VIRTUAL tokens were sold onchain and 5 million VIRTUAL tokens were transferred to the cryptocurrency exchange Bybit.
However, the company still holds 3.3 million VIRTUAL tokens worth $15.68 million.
It is not known how much the company invested in the tokens it received, but VIRTUAL opened trading at $0.01 and it is unlikely to be much higher than that price. So DeFiance Capital seems to have made a smart move.
*This is not investment advice.
