The movement in the wallets of DWF Labs, which serves as a market maker in the cryptocurrency industry, attracts attention. Market tracker Lookonchain found that the company traded hundreds of thousands of dollars in an altcoin unit.
According to Lookonchain’s post on its X account during the day, DWF Labs directly deposited $2 million worth of Tether (USDT) into the account of BLZ altcoin developer Buzelle. In return for this money, the market maker acquired 11 million 460 thousand BLZ coins.
The OTC buying price is ~$0.1745.https://t.co/B3PCTwo5uWhttps://t.co/Q6S4CiHqhm pic.twitter.com/PCVsqKndse
— Lookonchain (@lookonchain) September 26, 2023
According to the post on the social media account, this altcoin transaction of DWF Labs took place at an average level of $ 0.1745 per token. The company, which provides liquidity to the market in the crypto industry, thus obtained some discount on the purchase transaction.
According to our estimate as Kriptokoin.com, the company purchased the tokens in question at 4.50% cheaper.
DWF Labs’ $2 million altcoin move caused a short-term move in BLZ price. The cryptocurrency, which was traded around $0.183 in the morning, rose to $0.197 at 11:00.
The cryptocurrency is currently changing hands around 0.188.