DWF Labs Deposits 24 Million JASMY Tokens to Binance

thenewscrypto.com 25 June 2024 14:17, UTC

Altcoins

DWF Labs deposits 24M $JASMY tokens to Binance, worth $731K.
One-year market-making contract for Jasmy expires in August.

In a move that got attention in the market, DWF Labs has deposited approximately 24 million $JASMY tokens to the leading exchange Binance. This was highlighted by SpotOnChain, a renowned platform for on-chain analytics, on social media platform X.

According to SpotOnChain, the deposited $JASMY tokens equate to a value of $731,000. Notably, DWF Labs has been operating under a one-year market-making contract for JasmyCoin, which is set to expire in August.

DWF Labs (@DWFLabs) just deposited the last 24M $JASMY ($731K) to #Binance ~33 mins ago.

Notably, DWF Labs has a 1-year contract as an MM of @JasmyMGT that will expire in Aug:

• They withdrew 700M $JASMY from #Gateio at $0.004384 on Jun 26, 2023, right after Jasmy Deployer… pic.twitter.com/TEJuDlWL1Z
— Spot On Chain (@spotonchain) June 25, 2024

SpotOnChain revealed that on June 26, 2023, DWF Labs withdrew 700 million $JASMY tokens from Gate.io at $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 deposited these tokens to Binance at an average price of $0.01788, significantly increasing their value by 308%.

Strategic Moves

In an earlier transaction on June 3, DWF Labs had deposited 97 million $JASMY tokens, valued at $3.3 million, to Binance over three days. The analytics firm noted that DWF Labs systematically unloaded $JASMY tokens daily during this period, with the most recent transaction occurring just 12 hours before the report. Each deposit triggered a short-term price drop in the market.

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.

Moreover, on May 31, DWF Labs made another significant deposit of 50 million $JASMY tokens, worth $1.57 million, to Binance. Following this transaction, DWF Labs’ holdings amounted to 71 million $JASMY tokens. It was valued at $2.24 million, with an estimated total profit of $9.21 million, reflecting a 298% increase.

These strategic movements by DWF Labs underscore their active role in the $JASMY token market. And the potential implications for the token’s price. Currently, $JASMY is trading at $0.03008 with a 4% surge in the past 24 hours. And in the same timeline, trading volume is up 31%.