DWF Labs Pumps Millions of JASMY and FET Tokens into This Major Exchange – But What’s The Real Reason?
DWF Labs, a cryptocurrency investment firm, has recently transferred significant amounts of Fetch.ai’s FET tokens and JASMY tokens according to data from on-chain analytics platform Spot On Chain.
Large FET Token Transfers
According to Spot On Chain, DWF Labs moved 329 million FET tokens worth $4.88 million to Binance over the past 15 hours. DWF Labs currently holds 271 million FET tokens valued at $4.31 million. Overall, DWF Labs has gained $6.44 million in profits from its FET token holdings and trades.
The large transfer of FET tokens comes amidst a surge in the token’s price. Over the last 7 days, FET has increased 68% in value. The token’s impressive rally is attributed to a Binance promotional campaign and bullish commentary from crypto analysts.
Massive Amount of JASMY Tokens Also On The Move
Along with FET, DWF Labs also deposited 1 million JASMY tokens worth $954,000 to Binance. DWF Labs currently holds 3.05 million JASMY tokens valued at $3.27 million, representing $4.55 million in total profits.
The movement of JASMY coincided with two whales transferring 665.655 million tokens worth $5.36 million from Coinbase. JASMY has also seen substantial gains lately, with a 193% surge in the last week. The rises are linked to growing interest from Japanese investors.
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Show more +Possible Explanations for the Token Transfers
While the reasons behind DWF Labs transferring such large amounts of FET and JASMY tokens are unclear, there are a few potential explanations:
- Taking profits – DWF may be selling some of its holdings to lock in profits from the recent rallies
- Portfolio rebalancing – The transfers could be part of a rebalancing to maintain target allocations
- Providing liquidity – DWF may be supplying tokens to exchanges to boost liquidity for trading
- Preparing for OTC trades – The tokens could be moved to facilitate large over-the-counter trades
Ultimately, the motivations behind the transfers are speculative. However, DWF Labs has likely capitalized on the substantial uptrends seen in both FET and JASMY recently. The firm’s profits underscore the potential opportunities in these momentum-driven cryptocurrency markets.
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