VELVET surges 10x, flagged by on-chain alerts; the project team and market makers move 28.68 million tokens

On June 11, on-chain analyst Yujin disclosed that as the VELVET token rose from $0.09 to $0.9, the project-related addresses transferred 22 million VELVET to crypto exchanges over the past three days; over the past month, market maker DWF Labs transferred 6.68 million VELVET, for a total of 28.68 million VELVET (about $25.8 million).

Transfer Data Breakdown: On-Chain Records from Two Sources

Based on the on-chain data disclosed by Yujin, the transfer details for the two categories of entities are as follows:

Project-related address (past 3 days, as of June 11):

Transfer quantity: 22 million VELVET

Converted value: about $19.8 million

Target exchanges: Bitget, Gate, KuCoin

DWF Labs (market maker, past one month, as of June 11):

Transfer quantity: 6.68 million VELVET

Converted value: about $6 million

Target exchanges: Bitget, Gate, KuCoin

As of the time of reporting, DWF Labs has not issued a public statement regarding the above transfers.

June 3 Integrated Announcement: Official Statement from Velvet x Trade.xyz

On June 3, 2026, Velvet’s official announcement stated that it had reached an integration with Trade.xyz. The goal is to let users access cryptocurrencies, stocks, and commodities in global markets through the Velvet platform within the same interface, without needing to use a separate trading application. The official announcement did not provide a specific launch date or additional timelines for the integrated features.

VELVET Price Trend Record

According to Yujin’s on-chain monitoring disclosures, before this rally VELVET was trading at around $0.09, and in recent days it rose to about $0.9. Yujin’s public disclosure did not specify the exact start date of this rally or provide complete trade volume data.

FAQ

Do the 28.68 million VELVET transfers all come from the same party?

No. The total 28.68 million VELVET is split across two independent sources: the project-related address transferred 22 million VELVET within 3 days, and the market maker DWF Labs transferred 6.68 million VELVET within one month. Both flowed to Bitget, Gate, and KuCoin. The above data all comes from Yujin’s June 11, 2026 public monitoring report.

What is the time relationship between the VELVET boost and the Trade.xyz integration announcement?

The integration announcement was released on June 3, 2026, and the 10x price increase in VELVET occurred within a few days after the announcement. In its June 11 disclosure, Yujin noted that the timings align, but did not provide a direct on-chain causal analysis between the two.

Is it an abnormal operation for market maker DWF Labs to transfer tokens to exchanges?

Transferring tokens to exchanges is a routine process for liquidity management. As of the time of reporting on June 11, 2026, DWF Labs has not made any public explanation of the specific purpose or background of the 6.68 million token transfer.