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$VELVET — The AI narrative may not be enough to save the short-term structure. After the sharp run from the June lows toward $2, $VELVET has already retraced heavily and is now trading around the $0.45–$0.60 zone. Why I’m watching the short side: • Unlock pressure: A supply unlock around Aug 10 adds potential sell-side pressure. • Valuation vs usage: Market cap remains above $200M, while TVL has stayed relatively small. • Distribution risk: Large transfers to exchanges were seen during the June rally. • Airdrop-driven activity: Leaderboards, referrals and farming can create temporary volume that may fade when incentives disappear. • Trust concerns: Previous security incidents and early audit issues remain part of the project's history. The structure looks like: Narrative pump → heavy distribution → unlock pressure → hype fades AI + DeFAI can still create short-term volatility, so I wouldn’t blindly chase a short. But unless demand returns with real usage, $VELVET remains vulnerable to further downside. Short bias > spot buying for now. Manage risk and wait for confirmation before entering. $DOS