While most of the crypto market struggles, one small token is doing the opposite. VELVET gained 306% over the past seven days, making it last week’s top-performing altcoin. It now trades above $1.80 with buyers pushing toward $2.
That’s quite a comeback. The token had crashed to around $0.30 earlier in June. Two developments brought buyers back.
Velvet migrated 100% of its protocol-owned liquidity on Base to Aerodrome Finance, the chain’s leading DEX. Concentrating depth into one venue gives traders tighter spreads. The project also launched synthetic pre-IPO markets, letting users trade exposure to private companies before public listings. The SpaceX feature drew a wave of speculative interest.
Trading volume surged alongside the price, which suggests real buying conviction rather than thin-market drift.
But there’s a problem. VELVET’s market cap sits around $800 million while its total value locked is only about $770,000. That gap points to speculation driving the rally, not actual platform usage.
Bitcoin remains below $60,000, weighed down by macro uncertainty. Most large-cap altcoins can’t gain traction. Money rotating into low-cap tokens during a broad slump is a pattern you’ve seen before. It rarely signals any wider recovery.
