DWF Labs, a prominent player in the JASMY token market, has made a noteworthy move by depositing approximately 24 million JASMY tokens to the leading exchange Binance. This action was brought to the attention of the market by SpotOnChain, a renowned platform for on-chain analytics, on the social media platform X.
According to SpotOnChain’s report, the deposited JASMY tokens are valued at $731,000. It is worth mentioning that DWF Labs has been actively involved in a one-year market-making contract for JasmyCoin, which is set to expire in August.
SpotOnChain further revealed that on June 26, 2023, DWF Labs withdrew 700 million JASMY tokens from Gate.io at a rate of $0.004384 per token. This withdrawal closely followed a deposit of the same amount by the Jasmy Deployer to the centralized exchange. Over the past year, DWF Labs has consistently deposited these tokens to Binance at an average price of $0.01788, resulting in a significant increase in their value by 308%.
In an earlier transaction on June 3, DWF Labs deposited 97 million JASMY tokens, valued at $3.3 million, to Binance over a period of three days. SpotOnChain noted that DWF Labs strategically unloaded JASMY tokens daily during this period, with the most recent transaction occurring just 12 hours before the report. Each deposit caused a short-term drop in the token’s price.
At that time, DWF Labs held 24 million tokens, valued at $841,000, with an estimated total profit of $9.49 million, representing a 307% increase.
Furthermore, on May 31, DWF Labs made another significant deposit of 50 million JASMY tokens, worth $1.57 million, to Binance. This increased DWF Labs’ holdings to 71 million JASMY tokens, valued at $2.24 million, with an estimated total profit of $9.21 million, reflecting a 298% increase.
These strategic movements by DWF Labs highlight their active participation in the JASMY token market and the potential impact on the token’s price. Currently, JASMY is trading at $0.03008, experiencing a 4% surge in the past 24 hours. Additionally, trading volume has increased by 31% during the same period.
