Rally Fever for BNB from the Giant Market Maker: Locked After Large Purchase!

DWF Labs, one of the largest market makers in the cryptocurrency market, purchased and staked millions of dollars worth of BNB over the weekend.

According to a post by on-chain data and analysis account Lookonchain on May 27, DWF Labs made a large purchase from Binance's native cryptocurrency BNB and deposited it into the stake.

The giant market maker purchased 8,000 BNB worth $4.85 million from Binance about 1.5 days ago. Withdrawing this amount to its wallet, DWF Labs then staked BNBs through ListaDAO.

This move by DWF Labs showed bullish belief in BNB. It is estimated that BNB, which has not compromised on its rise with events such as Launchpool and Megadrop despite the decline in many cryptocurrencies, may experience a sharper rise in the event of a rally.

According to CoinGecko data, BNB, which has increased by 0.1% in the last 24 hours, finds buyers at $602.9 at the time of writing.