Venice AI token stunned the investors with a bull-supported launch and a price rally to $19.38. Not only that, many crypto exchanges listed the token almost immediately after the launch, providing additional visibility and credibility. However, even before this buzz, a crypto trader identified this opportunity and earned $3.16M within just a few hours. Let’s discuss how this happened and whether the token will rebound.
Trader’s Profits $3.16M Profit With Venice AI Token Price Rally
The VVV token is the native token of the Artificial Intelligence crypto platform, Venice, which is quite popular among crypto enthusiasts. After much anticipation, the token entered the market with a massive Venice AI token airdrop and rally, filling the early adopters with gains. One such benefiter is this crypto trader, which turned their $115K investment into $3.32M, making a profit of over $3.16M.
According to the Lookonchain post, this happened as the trader bought 414,845 VVV at an average price of $0.37. This took place on January 28, and the trader spent 48.6ETH ($115K) to purchase these tokens. Within a few hours, the Venice AI token price surged, increasing the holdings’ worth. However, the trader did not hold till the end and began selling a significant portion with the peak, earning $3.16M. With that, the trader spent its holdings at an average price of $8, but the price reached as high as $19.38.
This is why the profits would have been even higher, as the VVV price surged by 2000%. However, the surge did not last long, and the token struggles today.
Bears Take Over VVV Token, What’s Next?
After hitting an ATH at $19.38, the Venice AI Token price has followed the downtrend, resulting in a 45% drop. At present, it trades at $10.21 with a market capitalization of $261.78M. Although the price has declined, the trading volume is $131.8M after a 90% surge, showing high investor interest.
Additionally, things are likely to turn with the Binaane listing of the VVVUSDT Perpetual Contract. Such crypto exchange listings often increase demand among investors, building bullish sentiments.
The VVV/WETH price has a descending trendline, which explains the ongoing downtrend. However, the price has entered the demand zone of $7.23 and $9.74, which acts as a potential buying zone, explaining the high trading volume. With that, the key Venice AI token price target is at the 0.5 Fibonacci retracement near $15.04 and the 0.618 retracement at $32.48.
As a result, the buyer’s activity could propel this AI crypto towards $15 before pushing the price to $22.84 and higher. However, a decline past the demand zone could result in a continuous downtrend.
Bottom Line
This crypto trader’s experience matches the crypto market’s image, making a $3.16M profit in just a few hours. The trader became a millionaire after turning a $115k investment into a million. Regardless, the Venice AI token price dropped soon after, as the investors lacked bullish sentiments. However, with the building momentum amid the demand zone, the VVV token price may hit $32 in the bullish situation, but the decline past the demand zone would invite more bearish performance.
The post Explainer: How this Crypto Trader Earns $3.16M as Venice AI Token Price Soars 2000% appeared first on CoinGape.
