According to reports from CoinGecko, Velvet (VELVET) price surged more than 125% on June 12, reaching an intraday high of $1.83 and bringing its weekly advance to over 1,400%. The rally has pushed the token's market capitalization to roughly $745 million even as the protocol holds less than $1 million in total value locked, indicating speculation rather than underlying usage. The platform offers leveraged exposure to private companies including OpenAI and Anthropic, tapping into a theme that has attracted significant attention from both crypto traders and traditional market investors, with traders now specifically using its synthetic pre-IPO markets to speculate on SpaceX's highly anticipated public debut.
Interest in the project accelerated after Velvet announced an integration with Trade.xyz on June 3. As reported by the company, the partnership allows users to access crypto, stocks, commodities, research tools, and trade execution through a single platform rather than separate applications. The announcement coincided with VELVET's breakout above a long-standing resistance zone near $0.20 and $0.22. Since then, traders have increasingly treated the token as a proxy bet on demand for tokenized market access and pre-IPO investing opportunities, with the integration significantly boosting access and trading volume across the platform.
According to the latest data, open interest surged to nearly $94 million within days as speculative activity intensified. Trading volumes exceeded $108 million, while a wave of short liquidations added further buying pressure. A liquidity squeeze was seen developing across spot markets, with a relatively small circulating supply available on exchanges and aggressive buying activity colliding with thin order books, creating the perfect environment for the token's explosive rally.
Velvet price action on the four-hour chart shows the token entering an overshoot zone after breaking above the Murrey Math 8/8 resistance level near $1.56. The token recently reached the +1/8 overshoot level around $1.76 before pulling back slightly. Based on the same framework, the next major resistance sits near the +2/8 extreme overshoot level at $1.95, placing the psychological $2 mark within reach if buying pressure continues. Technical indicators remain supportive with the four-hour MACD in bullish territory, suggesting potential to reach $2 if buying momentum continues amid growing interest in tokenized pre-IPO investing.
According to the project description, Velvet is a decentralized trading and asset management platform focused on bringing multiple financial markets into a single on-chain environment. The platform allows users to access cryptocurrency markets, tokenized assets, yield products, and leveraged perpetual contracts through one ecosystem. More recently, Velvet expanded into synthetic pre-IPO markets, enabling traders to gain exposure to private companies such as SpaceX, OpenAI, and Anthropic before traditional public listings, making it a key momentum play amid growing interest in tokenized pre-IPO investing.
