- 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 steady on Saturday and is now hovering near its all-time high. The VVV token was trading at $9.2260, slightly below its record high of $9.9380. It remains well above 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 on its platform continues rising. Many people love its platform because it lets them access the most popular models in one place, securely. 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 achieve net deflationary VVV tokens, with token burns exceeding 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%.
READ MORE: PayPal Stock in Focus as New CEO Reshapes Venmo Ahead of Earnings
As we wrote recently, the developers announced they would increase programmatic VVV burns. Each new Pro subscription will now burn $2 in VVV, up from $1, while each new Pro+ and Max subscription will burn $5 and $10, respectively.
The most recent data on its website shows that over 33 million VVV tokens are worth over $311 million, with the daily rate soaring to $7.37k. 42% of the supply has been burned, while millions more have been staked.
Meanwhile, futures open interest has jumped to $60 million, a sign of rising demand. The open interest has soared from $37 million in March this year.
VVV Price Technical Analysis
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 consistently traded above its 50-day and 100-day Exponential Moving Averages (EMAs), a sign that investors remain bullish. The coin is now forming a bullish flag pattern, consisting of a vertical line and a horizontal channel.
Therefore, the most likely scenario is that the token continues to rise 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.
READ MORE: PayPal Stock in Focus as New CEO Reshapes Venmo Ahead of Earnings
