- Andrei Grachev, the founder and CEO of controversial market-making company DWF Labs, is reportedly planning to purchase a significant amount of an altcoin, according to onchain data provided by crypto data provider Spot on Chain.
- A crypto wallet known as 0x3a2, which previously sold Prom (PROM) to Grachev, has purchased an additional 112,000 PROM, equivalent to $1.12 million, on Binance.
- This purchase was made at an average price of $9.95 per PROM, according to the data.
Andrei Grachev, CEO of DWF Labs, is speculated to be preparing for a large altcoin purchase, based on recent onchain data. The crypto wallet previously linked to Grachev’s PROM purchases has acquired an additional 112,000 PROM on Binance.
Previous Transactions Linked to Grachev
Spot on Chain reports that this same wallet was used in December 2023 to purchase 52,900 PROM on Binance at an average price of $4.86, totaling $257,000. The 0x3a2 wallet then used another wallet, 0x3d1, as an intermediary to sell these PROM tokens to Grachev for 500,000 USDT.
Impact on PROM’s Market Value
This trade occurred in February of this year, with Grachev purchasing 49,965 PROM. This purchase coincided with a roughly 75% increase in the token’s price. At the time of writing, PROM is trading at $9.81, reflecting a 2.29% decrease in the last 24 hours.
Conclusion
While the data suggests a potential large-scale purchase by Grachev, it is important to note that these transactions and their impact on the market value of PROM are speculative. Investors should conduct thorough research and exercise caution when dealing with altcoins. This information should not be taken as investment advice.
