The price of ORBS (ORBS) has seen a significant pump today, surging nearly 30% to reach $0.0374 at the time of writing. This price surge appears to be driven by major players accumulating and moving the coin.
According to reports from Data Nerd, DWF Labs recently deposited another 30 million ORBS worth $1.19 million to Bithumb exchange. Over the past 5 days, DWF Labs has deposited a total of 92.4 million ORBS worth $3.123 million to centralized exchanges. Their current ORBS balance sits at 57.6 million worth $2.3 million.
So in summary, a major ORBS holder is moving large portions of their supply to exchanges. This likely signals they are looking to sell or trade these tokens on the exchanges.
Large deposits like this can sometimes precede increased trading volume and volatility in a token’s price, as the market absorbs the sudden influx of coins. This context helps explain the recent pump in ORBS price as this holder offloads portions of its holdings.
This follows previous large deposits of ORBS to exchanges like Upbit and Bithumb by DWF Labs over the past few months. For example, in March-May 2023, DWF deposited nearly 194 million ORBS worth $5.85 million to Upbit and Bithumb. The ORBS price subsequently dropped 27%.
The difference this time is that after DWF’s recent big deposits, the ORBS price spiked over 40% within 1 day. Upbit also remains a top 3 ORBS holder with 1.63 billion worth $49.8 million, making up 16% of total supply.
The large accumulation and deposits by major holders like DWF Labs and Upbit appear to be driving significant positive price action for ORBS lately. It remains to be seen whether this pump will be sustained long-term or faces a similar price drop as before. But in the short term, ORBS is seeing substantial gains as big players make their moves.
What is ORBS Coin?
Orbs provides a scalable, low-cost, secure, and easy-to-use public blockchain infrastructure optimized for mass adoption.
Unlike other blockchain platforms, Orbs is tailored for wide-scale consumer and enterprise adoption. It offers a complete blockchain stack with features that enable real-world applications, including robust security, fast performance, and low transaction fees.
At the heart of Orbs is a decentralized, open-source network governed by ORBS token holders. The ORBS token powers the Orbs ecosystem by being used for paying commissions and incentivizing validators who secure the network.
By combining the strengths of blockchain with a focus on usability and practical solutions, Orbs unlocks the potential of blockchain for businesses and consumer apps seeking to leverage the benefits of a decentralized ledger on a large scale.
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