During VELVET's tenfold surge, the project team and market makers transferred 28.68 million tokens to exchanges.

CoinFeed reported on June 11 that, according to on-chain analyst Yu Jin, VELVET has surged tenfold in recent days (from $0.09 to $0.9). During this surge, project-related addresses transferred 22 million VELVET ($19.8 million) to exchanges such as Bitget, Gate, and Kucoin in the past three days. Furthermore, VELVET's market maker, DWF Labs, has also transferred 6.68 million VELVET ($6 million) to the aforementioned exchanges in the past month.