Venice Token price is rising today, helped by the rising demand for AI tokens and the ongoing crypto market rally. The VVV token jumped to a high of $14.80, up from this week’s low of $12.83. So, will it continue soaring amid the growing popularity and the upcoming AI IPOs?
Venice Token price jumps amid growing usage
There are signs that Venice AI is becoming highly popular among users. Data compiled by SimilarWeb shows that its website had over 12.13 million visitors last month, up by 22% from the previous month. Most of these visitors are from the United States, followed by India, Mexico, and Indonesia.
For starters, Venice AI is a fast-growing platform that makes it easier for people to search popular models like ChatGPT, Claude, and Grok in a single interface. It emphasises on privacy and data protection as it does not save user data in its servers.
The platform has become popular this year, with the number of visitors on its platform continuing to rise. It is estimated that the number of paid users has continued rising this year, and this trend may escalate. This growth has helped to fuel its performance.
Venice AI has continued to boost the performance of its tokens through token burns. It achieves this by taking a portion of the fees and incinerating them. Most recently, the company increased the portion of the fees it uses to burn the VVV tokens.
Data on its website shows that Venice has incinerated tokens worth over $191k this month. This means that the final amount for the month will be much higher than the $237k it burned last month. The monthly burns have been in a strong uptrend in the past few months after bottoming at $70k earlier this year. It has now burned about 42% of the total supply.
VVV price jumping amid the AI boom
In addition to its tokenomics, the Venice AI token is soaring because of the ongoing artificial intelligence boom. This boom will be put to the test today as SpaceX IPO goes live, with the company raising $75 billion at a $1.78 trillion valuation. The stock has attracted so much demand that the valuation may double.
Other large names in the AI space are also expected to go public soon. OpenAI made its confidential filing earlier this week, and Anthropic made its two weeks ago. Perplexity, a smaller AI company valued at over $20 billion, is also expected to go public this year.
These public offerings may boost the performance of AI coins, including popular names like Venice. VVV token has also jumped because of the rising staking demand, with it offering a staking yield of 12%.
Still, there are concerns in the industry after this week’s collapse of Humanity Protocol.Often seen as an AI coin, it collapsed after hackers accessed one of the private keys, stealing over $30 million and opening minting. Some analysts believe that its insiders had a role in this process.
Venice Token price technical analysis
VVV price chart | Source: TradingView
The daily chart shows that the VVV price soared and peaked at $21.41 earlier this month and then retreated to a low of $12.83. Its lowest point was its lowest point on May 16.
The coin has remained above the 50-day Exponential Moving Average (EMA), a sign that bulls remain in control. However, there is a risk that it is slowly forming a head-and-shoulders pattern. It has also moved below the Supertrend indicator.
Therefore, there is a risk that the coin will remain under pressure now that it has moved to the distribution section of the Wyckoff Theory. If this happens, it may retreat to $10.
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