- Venice Token price has soared from $0.9 in December to $9.5 today.
- The token’s inflation has dropped and analysts expect it to continue this year.
- Technical analysis points to more gains in the near term.
The Venice Token price held relatively steady on Saturday and is now hovering near its highest point on record. VVV token was trading at $9.2260, slightly lower than the record high of $9.9380. It remains much higher than the December low of $0.90.
Venice Token Inflation is Falling
The VVV token price has held steady in the past few months, making it one of the best-performing coins in the crypto industry.
This rally may continue as the number of users in its platform continues rising. Many people love its platform because it helps them access the most popular models in one platform and in a secure manner. Data shows that the Venice API token usage is rocketing higher.
Another reason is that the network has continued to tweak its tokenomics, a move that will benefit its holders. For example, the developers reduced emissions from 6 million tokens to 5 million per year. The goal is to have net deflationary VVV tokens, where token burns exceed emissions.
When the VVV token launched, the supply was 100 million tokens with a 14% annual inflation rate. Today, the supply has dropped to 80 million with the inflation rate falling to 6.25%. More cuts in June and July will drop it to 3.75%.
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As we wrote recently, the developers recently announced that they were increasing the programmatic VVV burns. Each new pro subscription will now burn $2 in VVV, up from $1, while each new Pro+ and Max will burn $5 and $10, respectively.
The most recent data on its website shows that the over 33 million VVV tokens worth over $311 million, with the rate per day soaring to $7.37k. 42% of the supply has been burned, while millions more have been staked.
Meanwhile, the futures open interest has jumped to $60 million, a sign that demand is rising. The open interest has soared from $37 million in March this year.
VVV Price Technical Analysis
Venice Token price chart | Source: TradingView
The daily timeframe chart shows that the VVV token has soared from a low of $0.90 in December to $9.5 today. It recently crossed the important resistance level at $8.3650, its highest point on March 2nd this year.
Venice Token has constantly remained above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that investors are still bullish. The coin is now forming a bullish flag pattern, which is made up of a vertical line and an horizontal channel.
Therefore, the most likely scenario is where the token continues rising in the near term. This view will be confirmed when the pair jumps above the crucial resistance level at $9.9380. A move above that level will point to more gains, potentially to the psychological level of $10.
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