In recent market developments, Spell Token (SPELL), the native cryptocurrency of Abracadabra Money, has witnessed a notable surge in its value, marking a remarkable 13% increase in the last 24 hours and an impressive 59% surge over the past seven days.
This surge in price follows a series of significant transactions orchestrated by DWF Labs, a prominent player in the decentralized finance (DeFi) space.
According to insights from spotonchain, DWF Labs recently executed several strategic moves involving SPELL tokens.
Notably, the market maker deposited an additional 500 million SPELL tokens, valued at $539,000, into Binance amidst the ongoing price surge. This move comes in the wake of SPELL’s remarkable performance in the market.
DWF Labs (@DWFLabs) deposited 500M $SPELL ($539K) to #Binance at $0.001079 ~10 hours ago as the price surged over 20%.
Overall, in the past rally week, DWF Labs unloaded a total of $8.64M in 4 assets $JASMY, $FET, $SPELL and $FET at good prices (pic 👇).
For more updates on DWF… pic.twitter.com/LR0F4N3mXv
— Spot On Chain (@spotonchain) February 26, 2024
Furthermore, DWF Labs made a substantial deposit of 1 billion SPELL tokens to Binance at an average price of $0.001034, totaling approximately $1.03 million.
This strategic deposit occurred following a notable 65% surge in SPELL’s price over the past three days, indicating DWF Labs’ confidence in the token’s upward momentum.
Previous DWF Labs’ Engagement With SPELL Tokens
It’s worth noting DWF Labs’ previous engagements with SPELL tokens. The market maker received 3.3 billion SPELL tokens from Abracadabra Money on September 19, 2023, when the price stood at $0.0004879. Shortly after, DWF Labs deposited the tokens to Binance at a higher price of $0.0005667, realizing a 16.1% profit.
Similarly, DWF Labs received 1.32 billion SPELL tokens from Abracadabra Money on October 19, 2023, at a price of $0.0004182. The market maker has since deposited 1 billion SPELL tokens to Binance at an average price of $0.001034, marking a significant 147% increase in value.
As of now, DWF Labs retains 320 million SPELL tokens, underscoring its continued interest and involvement in the SPELL ecosystem.
The strategic maneuvers by DWF Labs and the bullish performance of SPELL reflect the dynamic nature of the DeFi landscape and investor sentiment towards innovative projects like Abracadabra Money.
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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