Venice VVV token hits new all-time high after record $391K burn

The Venice native token, VVV, reached new all-time highs on Wednesday, climbing past $25 and briefly hitting approximately $29. The price surge follows Venice’s announcement of its largest discretionary token burn to date, valued at roughly $391,000 at the time of execution.

Venice utilizes two types of burns: programmatic burns for purchased tokens and monthly discretionary burns funded by project revenue. The team did not disclose the specific number of tokens removed from circulation during this latest round.

In addition to the burn, the project is reducing its annual token emissions. Emissions were cut to 2.5 million tokens per year starting September 1, with a further reduction to 2 million scheduled for October 1. The price rally saw VVV gain over 45% in a single day, though it experienced some volatility and profit-taking following its peak.