Recently, the price of the Virtuals Protocol altcoin (VIRTUAL) temporarily exceeded $5, drawing market interest and prompting actions by key investors.
The Rise of VIRTUAL's Price and Market Impact
The cryptocurrency market witnessed an impressive jump: the price of Virtuals Protocol (VIRTUAL) temporarily exceeded $5, while its market capitalization surpassed the $5 billion mark.
Actions Taken by DeFiance Capital
Following the price surge, investment firm DeFiance Capital placed 500,000 VIRTUAL tokens on the Bybit cryptocurrency exchange. The firm is known as the largest investor in Virtuals Protocol and received 10 million VIRTUAL tokens as a result of the investments made in February 2024. The company started its token sale in May 2024 and has sold 7.2 million VIRTUAL tokens to date. The average sale price was $1.48. Of these, 2.2 million tokens were sold on-chain, and 5 million were transferred to the Bybit exchange.
Market Consequences and Future Perspectives
Although the exact amount invested by DeFiance Capital in VIRTUAL is unknown, the token began trading at $0.01, indicating the firm's successful strategy. Currently, DeFiance Capital holds 3.3 million VIRTUAL tokens, valued at $15.68 million.
The sale of VIRTUAL tokens by its largest investor, DeFiance Capital, marks a significant event for the market, highlighting the importance of risk assessment and strategic planning in the crypto world.
