- 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.
— Spot On Chain (@spotonchain) June 25, 2024
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
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%.
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