Venice AIToken price is getting supercharged today, May 20th, helped by the recent Robinhood listing, upcoming NVIDIA earnings, growing usage, and increased VVV token burns. The token has jumped for four consecutive days and is now nearing its all-time high.
Venice AI users are growing
In an era when popular companies like ChatGPT and Anthropic are thriving, it is hard for a less-funded competitor to thrive. Yet, this is what Venice AI is doing.
For starters, Venice AI is a top player in the artificial intelligence industry, where it provides a privacy-focused platform. Its service is unique because it lets users search several models like ChatGPT, Grok, Claude, and DeepSeek in a single platform.
It uses a freemium model, where users can find answers for free, or pay to access more services. There are signs that this model is gaining traction as traffic to its website has surged to over 8 million per month. Also, the number of users has jumped to over 3 million.
This growth is important for Venice and the VVV token. For Venice, it means that it is making a higher volume than before. This, in turn, has led to more token burns as the company normally uses part of the fees, which it collects in dollars, to burn its tokens.
It recently increased the amount of dollars it uses to incinerate the tokens. For example, it now burns $2 for a basic subscription that costs about $14 a month.
Data shows that Venice is now burning tokens worth over $170k a month, making it one of the most deflationary tokens in the crypto industry. It has now burned 42% of the tokens in circulation. The remaining staked VVV coins are now earning an annual return of about 14%.
Robinhood listing boosted VVV token
The ongoing Venice token rally is also happening after Robinhood, the popular American company listed it on Tuesday. This listing now makes it available to millions of Americans who use the platform each day.
Robinhood joins other popular exchanges like Coinbase and UpBit that have listed the token this year. As a result, data shows that its daily traded volume has continued rising in the past few days as demand rose.
It is common for cryptocurrencies to surge after being listed by some of the biggest exchanges in the world. In some cases, however, these gains tend to be brief as investors then sell the news.
The Venice Token has also jumped because of the growing valuation of AI companies. Anthropic has now achieved a $900 billion valuation after raising $3o billion. Also, OpenAI is valued at over $800 billion.
The next key catalyst for the VVV price will be the upcoming NVIDIA earnings, which will provide more information about its business and the state of the AI business.
Venice Token price technical analysis
VVV price chart | Source: TradingView
The daily chart shows that the Venice AI token has rebounded after bottoming at $12.50 late last week. It has surged and is slowly approaching the all-time high of $19.
The coin has remained above the 50-day and 100-day Exponential Moving Averages (EMA). It has also moved above the Supertrend indicator, a sign that bulls are in control for now.
The risk, however, is that the coin is nearing the crucial resistance level at $19, where it is forming a double-top pattern. It will now need to jump above that level to invalidate this bearish pattern that often leads to a reversal. If this happens, it will raise the possibility of VVV price surging to over $25.
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