The Israeli blockchain project Orbs has recently become a market hotspot. ORBS has soared 111.3% in the past 7 days, and the price has soared from $0.025 to $0.067. Behind this surge is the recently famous DWF Labs market maker. On October 8, DWF deposited 24.07 million ORBS with the Korean exchange Bithumb.

DWF deposited 130 million Orbs in 7 days

After DWF first deposited tokens to Bithumb, it continued to deposit huge amounts of ORBS to exchanges such as Coinone, Binance, HTX (HuoBi), etc. Since then, the token price has continued to rise. According to Spot On Chain data, as of Sunday (15), DWF has deposited a total of 133.666 million ORBS (market value of approximately US$4.68 million) to centralized exchanges, with an average unit price of US$0.035 per ORBS. As of press time, there are still 41 million ORBS in the DWF address, worth approximately US$21.37 million.

Orbs price surges after DWF first deposits to exchanges

After the price went up, the team sold goods like crazy

It is understood that Orbs is a blockchain infrastructure platform headquartered in Israel, focusing on providing block technology for large-scale applications. The product is positioned as an independent execution layer, located between Layer1 and Layer2 solutions and the application layer. It aims to build a decentralized public platform to assist the software industry in realizing the transformation of blockchain technology.

In May 2018, Orbs announced that it had successfully raised $118 million in financing, with investors including 21M Capital, Kakao Ventures, Nexus One, etc. Interestingly, in March this year, Orbs announced that it had raised up to $10 million from DWF Labs, which shows that the relationship between Orbs and DWF is very close.

Unexpectedly, today (18), according to Lookonchain data, the Orbs team is suspected of selling tokens after the ORBS price rose. In the past 16 hours, 2 wallets received ORBS from the official team and deposited a total of 81.8 million ORBS (total value of approximately US$4.25 million) into the exchange OKX. Around this time, the ORBS price fell back by about 30%.

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