DWF Labs, one of the most well-known and at the same time most controversial market maker companies in the cryptocurrency market, has carried out some interesting transactions with CRV tokens.
Transaction Details
In recent hours, the company has sent 10.5 million CRV worth $3.48 million to Binance from its over-the-counter (OTC) Curve Finance (CRV) address, which has not been used for nearly a year.
Historical Context
This move is interpreted as the company preparing to sell CRV tokens obtained via OTC. In August 2023, a major crisis emerged on Curve Finance, leading CRV founder Michael Egorov to sell CRV to 33 institutions and investors at a price of $0.40 per token. A total of 159.4 million tokens were sold, with 12.5 million purchased by DWF Labs.
Potential Consequences
If DWF Labs had sold its other tokens, it would have lost $717,000 from the trade. At the time of writing, the token is trading at $0.327. This situation raises concerns among market participants regarding future CRV price movements.
The current actions of DWF Labs highlight potential risks and uncertainties in the CRV token market. It is important to monitor the company's future steps and the overall market situation.
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