A recent transaction of $USDT by DWF Labs has raised the eyebrows of the community members. As per SpotOnChain, a popular on-chain analytics forum, DWF Labs reportedly sent up to 5 million $USDT tokens to a wallet that a $LADYS developer owns. The analytics platform disclosed this event on its official account on X.
🚨🚨 DWF Labs just sent 5M $USDT to a wallet related to $LADYS dev. Maybe they have done an OTC 🤔– The DWF Labs official wallet 0x53c sent 5M $USDT to the wallet 0xeffb 11 minutes ago.– Notably, the wallet 0xeffb seems to be the official wallet of the $LADYS team as it… https://t.co/l0EdsOSkFo pic.twitter.com/PbnbR5msGi
— Spot On Chain (@spotonchain) May 28, 2024
DWF Labs Transacts 5 Million $USDT Coins to a Developer of $LADYS Token
According to the analytics firm, DWF Labs may have sent the tokens in an over-the-counter (OTC) transaction. However, the amount of the tokens is significant and has a great impact. $LADYS operates as a meme token without any intrinsic value. In addition to this, the coin also does not offer any expectation concerning a financial return.
In addition to this, the analytics company also provided the details of the respective move. It pointed out that the official wallet of DWF Labs executed the transaction of the tokens. It also mentioned that the wallet named 0x53c delivered the aforementioned $USDT tokens to another wallet going by 0xeffb.
The Transaction Leads to a Price Pump
The analytics firm asserted that this development took place just recently. The respective episode has had a huge impact on the market. Specifically, this news has been elevating the $LADYS token to a great extent in terms of value. Hence, within a few minutes, the price of the token has jumped substantially.
As per the reports, the meme token does not possess any formal roadmap or team. In line with this, the coin can serve just for entertainment purposes. It is noteworthy that the wallet going by 0xeffb appears to be the $LADYS team’s official wallet. SpotOnChain brought to the front that the respective wallet reportedly minted up to 834,720 billion $LADYS back in May last year. At present, $LADY has reached $0.0000002700.