VVV crypto hits a fresh new all-time high as Venice executes its biggest token burn to date!
The Venice Token peaked just over $25 before slipping back to about $22.77, but it was still up nearly 24% for the day.
Venice completes its largest VVV burn
Venice said that it had carried out a discretionary burn of about $391,000 at the time of execution, which it has claimed to be its largest burn to date.
Burning removes some of the assets from circulation permanently, but burning does not guarantee a better price, as this depends on the number burnt, the remaining number in circulation, and if buyers are still willing to enter the market.
The amount of VVV that was burnt was not stated in the announcement, and it chose the amount, as well as the timing for the burning, instead of following a schedule and fixed amounts.
Can VVV crypto sustain its momentum?
VVV saw a new high of $25.49 on September 8, reaching a high of around $25.67 during that session, but it later moved to just above $22.77, suggesting some short-term profit-taking. Although it appears buyers were keeping it above where it started out the week at around $18.42.
Recently, it has also moved back through the old highs formed around $20 to $21, and this area will face the first test.
If it is able to stay above $20.00, the trend will represent a fresh breakout, presenting an opportunity for buyers to maintain the level. If it is able to trade above $25.50, it would mark a new level for the asset.
But a drop back below the $20 handle could take the rally away again and shift the focus back toward the $18 price level.
Final Summary
- VVV gained nearly 24% and reached a new record above $25.
- Venice said its latest $391,000 token burn was its largest to date.