During VELVET’s 10x price surge, the project team’s affiliated addresses transferred 22 million tokens to multiple exchanges within three days.

TechFlow reports that, on June 11, according to on-chain analyst Yujin (@EmberCN), the price of VELVET—the native token of DEX platform Velvet Capital—rose from $0.09 to $0.90 over the past few days, representing a roughly tenfold increase. During this period, project-associated addresses transferred 22 million VELVET tokens—valued at approximately $19.8 million—to exchanges including Bitget, Gate, and KuCoin over the past three days.

Additionally, market maker DWF Labs transferred 6.68 million VELVET tokens—valued at approximately $6 million—to the same exchanges over the past month.