- The crypto market observes a notable transaction involving DWF Labs and JASMY tokens.
- DWF Labs has finalized its last tranche of JASMY tokens held since June 2023.
- Details from Spot On Chain reveal significant movements in the JASMY token market.
DWF Labs moves 24 million JASMY tokens to Binance, signaling completion of their June 2023 holdings. Discover the implications and historical data behind this significant transaction.
DWF Labs Completes JASMY Holdings Transfer to Binance
DWF Labs recently transferred 24 million JASMY tokens, equivalent to $731,000, to Binance, which completes their holdings from June 2023. The transaction was reported by Spot On Chain, an AI-powered on-chain tracker. This move signifies the last batch of JASMY tokens held by DWF Labs, underscoring their strategic financial maneuvers as a market maker (MM) with Jasmy-MGT.
Market Maker Agreement and Historical Movements
DWF Labs has been engaged in a one-year market-making contract with Jasmy-MGT, set to terminate in August 2024. Historical transaction data indicates that DWF Labs has been systematically depositing JASMY tokens to Binance since they withdrew 700 million tokens from Gate.io in June 2023. At the time of the withdrawal, JASMY was priced at $0.004384.
Profit Margins and Transaction Details
The data compiled by Spot On Chain reveals that DWF Labs has managed to deposit the JASMY tokens at an average price of $0.01788 over the past year, thus netting a significant profit margin of approximately 308%. The tokens were deposited in ten distinct transactions, starting with an initial 100 million JASMY in September 2023.
Subsequent Deposits and Price Fluctuations
DWF Labs strategically withheld the remainder of their tokens until February 2024, executing four major deposits totaling $379 million over a short span. The remaining deposits were distributed between April and June 2024, orchestrating another 100 million tokens transaction in April. TradingView’s latest data shows JASMY trading at $0.3022, having seen a dramatic rise of over 1,400% between June 2023 and May 2024, followed by a significant 40% drop over the next four weeks.
Conclusion
The recent transaction by DWF Labs to transfer their final tranche of JASMY tokens to Binance marks a critical juncture in the token’s market dynamics. With their market-making contract nearing its expiration in August 2024, the strategic deposits have yielded substantial profits. Investors and stakeholders should monitor these developments closely, as they could herald significant shifts in the crypto landscape.
