The Space ID token has experienced a significant downturn, with a staggering 60% decline over the past 30 days, followed by drops of 26% in the last 7 days and 9% today.
Amidst this downturn, on-chain reports reveal intriguing activity involving DWF Labs, a prominent entity in the cryptocurrency space.
According to the reports, DWF Labs made a notable move by depositing 10.8 million ID tokens ($7.67 million) to OKX at a price of $0.71.
However, just 20 hours prior to this deposit, the company had withdrawn the same tokens from Binance at a slightly higher price of $0.743, amounting to $8.2 million. Interestingly, this withdrawal allegedly contributed to a sudden surge in the token’s price by over 6.5% within minutes.
DWF Labs (@DWFLabs) deposited 10.8M $ID ($7.67M) to #OKX at $0.71 just now.
Notably, DWF Labs withdrew those tokens from #Binance at $0.743 ($8.2M) only 20 hours ago, allegedly hyping the price to surge over 6.5% within a short period! https://t.co/KWxpUroLOH pic.twitter.com/q5IQ91Qis9
— Spot On Chain (@spotonchain) April 16, 2024
11 Million ID Tokens Moved To Different Exchanges
Further analysis indicates that DWF Labs withdrew a total of 11.34 million ID tokens ($8.42 million) from various exchanges, including Binance, Gateio, and MEXC, at an average price of approximately $0.743. This move propelled the Space ID token to the top position in DWF Labs’ portfolio.
However, if the company were to engage in buying and selling activities, it would face an estimated loss of $356,000, representing a decrease of 4.4%.
Despite the potential loss, DWF Labs continues to hold a significant portion of Space ID tokens, with 1.13 million ID tokens ($802,000) still in its possession.
The company’s actions in the midst of the token’s decline highlight the complexities and risks associated with cryptocurrency trading, as well as the strategic maneuvers employed by market participants to navigate turbulent market conditions.
As Space ID token’s value fluctuates and DWF Labs adjusts its position, observers remain attentive to further developments in the cryptocurrency market and the implications for stakeholders involved.
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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