Leading cryptocurrency investment firm DWF Labs has made a massive purchase of BEAM (BEAM) tokens worth around $4.75 million, according to on-chain data from SpotOnChain. The firm withdrew 130.8 million BEAM tokens, currently valued at $0.036 each, from the cryptocurrency exchange Binance in two separate transactions.
The first transaction of 0x09b052553d140a885c7c86a68ba43b31b6279cb8fd346ed233b815165ebc88a7 moved a significant sum to DWF Labs’ wallet address 0x53c902a9ef069f3b85e5e71f918c4d582f3063fa.
This was followed shortly after by a second transaction 0x05845698adfe2f99fbabc1a624b5aea639f45181a90f4f83949c78f6056cf234 adding to DWF’s BEAM holdings.
With this purchase, BEAM now ranks as the fourth largest position in DWF Labs’ cryptocurrency portfolio. The investment firm is also holding major positions in cryptocurrencies like Axle (AXL), Curve (CRV), Orbs (ORBS), and Jasmy (JASMY) among their top 5 picks.
BEAM is a privacy-focused cryptocurrency that utilizes BlindedPaths and ProbabilisticFilter protocols to obfuscate transaction information on its blockchain. Following the news of DWF’s accumulation, the BEAM token price is down around 4% on the day and is currently trading at $0.036 with a circulating market cap of $1.8 billion.
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Show more +The strategic purchase by the prominent crypto fund indicates they likely have high conviction in the BEAM project and its fundamentals. DWF Labs’ massive accumulation could also catalyze further investor interest and price appreciation in BEAM going forward.
It remains to be seen how DWF Labs will construct the rest of its portfolio positions, but their significant backing of BEAM is certainly an intriguing development for this coin’s holders.
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