DWF Labs, a cutting-edge market maker and Web3 investor, has recently made a significant deposit to Binance. As per the SpotOnChain (a popular platform for on-chain analytics), DWF Labs has reportedly deposited up to 97 million $JASMY tokens to the top crypto exchange. The analytics firm revealed this development on the social media platform X.
#DWFLabs has deposited 97M $JASMY ($3.3M) to #Binance in the past 3 days!• DWF Labs unloaded $JASMY daily for the past 3 days (last txn was 12 hours ago).• There was a short-term price drop after each deposit ⚠️.• Current holding: 24M $JASMY ($841K).• Est. total profit:… https://t.co/QbwtTcHE0H pic.twitter.com/H2jYfFLUxV
— Spot On Chain (@spotonchain) June 3, 2024
DWF Labs Deposits $JASMY Tokens of $841K Worth to Binance
According to the on-chain data provider, the amount of $JASMY tokens that DWF Labs deposited equals $3.3 million. SpotOnChain also pointed out that DWF Labs carried out the respective deposit in the last 3 days. In this respect, the platform reportedly made the last transaction up to twelve hours back. Earlier, the platform transferred 50M Jasmy.
The analytics forum added that the offloading of the $JASMY tokens influenced the price. The analytics company brought to the front that, due to the deposits, the value of the token dipped. However, the price drops accounted for short terms following each deposit. SpotOnChain asserted that the platform executed up to three transfers to deposit the respective tokens.
The Platform Collects a Cumulative Profit of $9.49M Worth
The average rate of the transactions equaled approximately $0.0334. This figure reportedly equals $3.24 million worth. At the moment, DWF Labs possesses 24 million $JASMY tokens having almost $850K worth. This indicates that the platform leveraged a cumulative profit of nearly $9.49 million with a 307% increase. In the recent week, the token’s price has surged by 42.1%.