DWF Labs has recently made a significant move in the market by depositing around 24 million JASMY tokens to Binance, the leading exchange. This action was brought to light by SpotOnChain, a well-known platform for on-chain analytics, on the social media platform X.
According to SpotOnChain, the value of the deposited JASMY tokens is approximately $731,000. It is worth noting that DWF Labs has been operating under a one-year market-making contract for JasmyCoin, which is set to expire in August.
SpotOnChain also revealed that on June 26, 2023, DWF Labs withdrew 700 million JASMY tokens from Gate.io at a rate of $0.004384 per token. This withdrawal was followed closely by a deposit of the same amount by the Jasmy Deployer to the centralized exchange. Over the past year, DWF Labs has been consistently depositing these tokens to Binance at an average price of $0.01788, resulting in a significant increase in their value by 308%.
In a previous transaction on June 3, DWF Labs deposited 97 million JASMY tokens, valued at $3.3 million, to Binance over a span of three days. SpotOnChain noted that DWF Labs strategically unloaded JASMY tokens daily during this period, with the most recent transaction occurring just 12 hours before the report was published. Each deposit had a temporary impact on the market, causing a drop in prices.
During this time, DWF Labs held 24 million tokens, valued at $841,000, with an estimated total profit of $9.49 million, reflecting a 307% increase.
Furthermore, on May 31, DWF Labs made another significant deposit of 50 million JASMY tokens, worth $1.57 million, to Binance. This brought DWF Labs’ total holdings to 71 million JASMY tokens, valued at $2.24 million, with an estimated total profit of $9.21 million, representing a 298% increase.
These strategic moves made by DWF Labs highlight their active involvement in the JASMY token market and the potential impact on the token’s price. Currently, JASMY is being traded at $0.03008, showing a 4% surge in the past 24 hours. Simultaneously, trading volume has increased by 31% in the same timeframe.
In other news, there has been a surge in SHIB whale activity amidst the highly volatile crypto market.