Venice Token ETP hits $1.45M AUM on first day – But VVV’s $34 push needs…
Venice’s usage is growing faster than its holder base. How much demand reaches VVV?
Venice Token [VVV] gained about 6% over the past 24 hours, extending its weekly gains beyond 11%.
Still, that uptick was modest compared with its performance since July, when the altcoin began a rally that more than doubled its price.
The gains came despite new supply outpacing token burns. Growing access and platform usage offered possible explanations for that resilience.
A look into VENC’s AUM, burns, users, and API calls!
First, 21Shares provided European investors with physically backed exposure by launching the Venice Token ETP under the ticker VENC. The ticker is live on the SIX Swiss exchange with annual fees of 2.50%.
On its first day of launch, VENC acquired over $1.45 million in assets under management (AUM). This indicated VVV was tapping into the $2.30 trillion EU market.
Additionally, a $10.40 million burn mechanism moderately reduced the supply. For instance, 41K VVV tokens have burned this month, but more have entered into circulation with 164K coins minted and 309K vested.
Moreover, the AI protocol saw its number of users hit a new peak level of 5 million. Its API Calls have also surged by 400% since July, according to the Costcode data.
Token holders have also increased by almost 2K since late September, growing from 154.74K to 156.69K. This shows investors are choosing the AI model. How about its price?
Bulls testing liquidity above $25—Will bears give up control?
On the charts, VVV bulls pushed above the $25 liquidity level but struggled to hold the advance.
That area had rejected two attempts to move higher in less than a month.
Since mid-September, buyers had also defended the $21 area, keeping a deeper decline in check.
Bull Bear Power (BBP) favored buyers, while the RSI Divergence indicator flashed three buy signals since September.
Those readings supported another attempt higher. However, the $30 supply zone stood between VVV and a potential return to $34.
For now, the hesitation around $25 left room for a false breakout.
Holding that level as support could strengthen the bullish case. Another rejection would leave the recovery vulnerable despite improving adoption metrics.
Final Summary
- 21Shares launched a Venice Token ETP for its EU clients, with $1.45 million in AUM on the first day.
- VVV was testing liquidity at $25, but the bears did not seem ready to relinquish control.
