As the cryptocurrency markets continue their upward trajectory following weeks of surge, the Artificial Intelligence token FET appears to be lagging behind in initiating its upward movement for the new trading week.
Despite experiencing a notable gain of over 71% in the past week, $FET has witnessed a slight 1% decline in its value today.
Recent on-chain reports have shed light on activity involving DWF Labs, which reportedly deposited all 2.05 million FET tokens, valued at $3.82 million, to Binance at a price of $1.862.
This move has sparked speculations among investors regarding the potential implications for $FET’s price trajectory.
DWF Labs (@DWFLabs) deposited the remaining 2.05M $FET ($3.82M) to #Binance ~25 mins ago.
If truly selling now, the market maker would close the current $FET trade with an estimated profit of $7.07M (+351%)!
The $FET price has risen by 64.7% (7D).
For more updates on DWF Labs,… https://t.co/tyNVlQT4Tq pic.twitter.com/IE3R7pq3JO
— Spot On Chain (@spotonchain) March 3, 2024
A Closer Look At DWF Labs’ Recent FET Activity Reveals A Pattern Of Transactions
– On August 25, 2023, DWF Labs withdrew 10 million FET from Binance at a price of $0.201, amounting to $2.01 million.
– Subsequently, between September 21, 2023, and March 3, 2024, DWF Labs gradually deposited all 10 million FET back to Binance and Bybit, averaging a price of $0.908, totaling $9.08 million. Notably, within the past 10 days leading up to the surge, 4.05 million FET, valued at $6.19 million, was deposited to Binance.
– Overall, DWF Labs realized an estimated total profit of $7.07 million, representing a remarkable gain of 351%.
Despite the recent sideways movement of $FET, the market remains dynamic and investors are closely monitoring developments surrounding DWF Labs’ activities and their potential impact on $FET’s price dynamics.
The market sentiment regarding $FET’s future trajectory is influenced by various factors, including investor speculation, on-chain analysis, and broader market trends.
As $FET navigates the current market landscape, stakeholders are poised to observe how ongoing developments, such as DWF Labs’ transactions, unfold and influence the token’s performance in the days ahead. With market conditions evolving rapidly, the coming days will provide valuable insights into the resilience and potential of $FET within the cryptocurrency ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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