21Shares launched a physically backed Venice Token exchange-traded product (ETP) under the ticker VENC on the SIX Swiss exchange, with annual fees of 2.50%. On its first day, the ETP acquired over $1.45 million in assets under management (AUM), giving European investors exposure to VVV and tapping into the $2.30 trillion EU market.
Supply dynamics and adoption
A $10.40 million burn mechanism has moderately reduced VVV's supply, with 41,000 tokens burned this month. However, new supply has outpaced burns: 164,000 coins were minted and 309,000 vested, increasing the circulating supply.
Despite the supply increase, adoption metrics have strengthened. The AI protocol's user base reached a new peak of 5 million, while API calls have surged 400% since July, according to Costcode data. Token holders have also grown by nearly 2,000 since late September, rising from 154,740 to 156,690.
Price action
VVV gained about 6% over the past 24 hours, extending weekly gains beyond 11%. The uptick was modest compared with its performance since July, when the altcoin began a rally that more than doubled its price.
On the charts, bulls pushed above the $25 liquidity level but struggled to hold the advance. That area had rejected two attempts to move higher in less than a month. Since mid-September, buyers have also defended the $21 area, keeping a deeper decline in check.
The Bull Bear Power (BBP) indicator favored buyers, while the RSI Divergence indicator flashed three buy signals since September, supporting another attempt higher. However, the $30 supply zone stands between VVV and a potential return to $34.
Hesitation around $25 leaves room for a false breakout. Holding that level as support could strengthen the bullish case, while another rejection would leave the recovery vulnerable despite improving adoption metrics.
