In a significant move within the cryptocurrency market, DWF Labs, a market maker for Fetch.ai (FET), has made notable transfers of $FET tokens. According to on-chain analyst @ai_9684xtpa, DWF Labs transferred 2 million FET tokens—worth $2.68 million—to Binance just 2 hours ago.
DWF Labs Injects 4 Million $FET
As a key player in managing iFET liquidity, DWF Labs received 6 million tokens from the Fetch.ai project on October 16. Over the past week, it has transferred a total of 4 million of these tokens to exchanges, valued at $5.56 million. The last deposit was recorded on October 16, when DWF Labs deposited 2 million $FET tokens worth $2.88 million to Binance.
Source: Arkham
Currently, the address associated with these transactions, "0x676E4C48fd2a0cAD89724aAbf754b3Fa8e2CCb30," holds 2 million tokens, valued at $2.66 million, as per Arkham Intelligence data.
Source: Arkham
Impact on Liquidity and Price
Market makers like DWF Labs are responsible for providing liquidity to exchanges, ensuring smooth trading by buying and selling tokens. These transfers to Binance are likely intended to maintain liquidity or facilitate trading, which can impact $FET’s price and trading volume.
Price Movements of $FET
Source: Coinmarketcap
Despite these large transfers, there hasn’t been a major change in FET’s price over the last week, with the token down by 1.79%. However, it has risen by 2.62% today, currently trading at $1.32 with a market cap of $3.36 billion.
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Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
