The VVV token, native to the Venice AI platform, reached a record high of $34.51. The asset has grown by approximately 3,000% since December, when its price was $0.92. Currently, the market capitalization of the token is near $1.6 billion, ranking it as the third-largest AI-focused cryptocurrency.
Venice AI, founded by Erik Voorhees, operates as a chatbot and image generator. Users can stake VVV to receive daily inference shares or mint a secondary token, DIEM, which provides daily API credits. The platform also burns VVV tokens using a portion of its revenue to reduce total supply.
In July, Venice raised $65 million in a Series A round led by Dragonfly at a valuation of $1 billion. The company reported an annualized revenue run rate of $100 million in August, compared to $70 million in the previous month.
The platform does not store user logs or require accounts, focusing on privacy. However, market data indicates that the 100 largest wallets control about 98% of the VVV supply. Annual token issuance is set to decrease from 2.5 million to 2 million VVV on October 1.
