- Venice Token price has gone parabolic and is sitting at a record high today.
- The coin has jumped by nearly 1,000% this year and 135% this month.
- VVV has boosted the token burns this year as AI demand has jumped.
Venice Token price continued its strong surge this week, reaching its all-time high of $18. VVV has jumped by nearly 1,000% this year and 135% in the last 30 days, making it the hottest AI crypto coin at the moment.
Venice Token Price Surge Gains Momentum Amid Strong AI Demand
VVV has moved from nowhere to becoming the hottest AI crypto coin in the world today. This surge has continued this month as demand for the coin has soared, with daily volume rising to over $100 million. This is notable because the token had minimal volume over the past few months, when it was little known.
Venice Token has also seen more activity in the futures market as the Fear of Missing Out (FOMO) accelerated. The daily volume in the futures market jumped to over $390 million, its highest level on record. Its futures open interest has also jumped to over $118 million.
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Venice has also jumped because of its strong fundamentals. For example, SimilarWeb data shows that traffic to its website has surged to over 8 million a month.
This surge has led to higher revenues. While the numbers are not public, one way to look at it is through the token burns. Data on its website shows that the network has burned 33.73 million tokens, which is equivalent to 42% of the supply. It burned tokens worth over $170k this month, higher than $70k in February.
The burn rate has continued to rise after the developers announced they were doubling the number of token burns through subscription packages. It also slashed the annual emissions by 25% in February, making it a relatively deflationary token.
Venice has also benefited from the ongoing AI boom, which has pushed stocks like Micron, SanDisk, and Seagate to go parabolic this year. NVIDIA, which releases its financial results on Wednesday, has also jumped to a record high this year. Other AI companies, such as OpenAI and Anthropic, have also seen their valuations rise substantially.
VVV Token Price Prediction: Technical Analysis
The daily timeframe chart shows that the VVV token has gone parabolic over the past few weeks and is now hovering at its all-time high. It has jumped by over 1,500% from its lowest level in December last year.
The token’s surge has happened as it moved from the accumulation phase of the Wyckoff Theory into the current markup. It has soared above all moving averages and other trend indicators, such as the Ichimoku cloud and the Supertrend indicators.
The challenge, however, is that the Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the extremely overbought level. This means the token may crash in the coming days as investors start booking profits and it moves into the distribution and markdown phases of Wyckoff Theory.
If this happens, the token may crash to the psychological level of $10. The alternative scenario is that the token continues its uptrend and hits the $20 resistance level.
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