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Controversy Arises Over Spot and Contract Linkage as VELVET Token Surges and Faces Large Sell Pressure

On June 11, on-chain analyst Yu Jin reported that the DEX project Velvet Capital's token VELVET has recently experienced abnormal market fluctuations, soaring from approximately $0.09 to $0.90 in a short period, with a cumulative increase of 10 times. During this rapid price surge, associated addresses of the project transferred approximately 22 million VELVET tokens to trading platforms such as Bitget, Gate.io, and KuCoin in the past three days, valued at around $19.8 million, which the market interpreted as potential concentrated sell pressure. Additionally, market-making institution DWF Labs also transferred about 6.68 million VELVET tokens to the aforementioned exchanges in the past month, valued at approximately $6 million. The synchronous occurrence of on-chain fund flows and rapid price increases has sparked community discussions about the 'spot pump + contract harvesting' model.

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