Data: During the 10-fold surge of VELVET, the project team and market makers transferred 28.68 million tokens to the exchange

According to on-chain analyst Yu Jin's monitoring, VELVET has surged 10 times in the past few days (from $0.09 to $0.9). During the price surge, addresses associated with the project transferred 22 million VELVET (worth $19.8 million) to exchanges such as Bitget, Gate, and Kucoin in the past 3 days.

In addition, VELVET's market maker DWF Labs has also transferred 6.68 million VELVET (worth $6 million) to the aforementioned exchanges in the past month.