DWF Labs, a popular investment firm in the field of Bitcoin and altcoins, is again in the headlines with its transactions. The company seems to be dumping, that is, selling, the ORBS token it purchased the other day. This development caused a 10 percent drop in the price of ORBS. Here are the details…
Altcoin moves of the famous company attracted attention
According to a recent development, DWF Labs, one of the major players in the Bitcoin and altcoin market, deposited a significant amount of 10 million ORBS tokens (approximately $284,000) to the Bithumb exchange. This transaction, revealed by Spot on Chain data, took place just an hour ago. It follows a series of significant deposits made by DWF Labs in the last 24 hours. As we reported as Kriptokoin.com, DWF Labs deposited a total of 34.07 million ORBS tokens (approximately $969,000) to Bithumb over the past day. This influx of tokens coincided with a significant 11.6 percent drop in ORBS price. As of the latest information, DWF Labs continues to hold 140 million ORBS tokens, which is equivalent to approximately $3.98 million.
🚨🚨 @DWFLabs just further deposited 10M $ORBS ($284K) to #Bithumb 10 mins ago
Overall, DWF Labs has deposited a total of 34.07M $ORBS to #Bithumb ($969K) over the past 24 hours, and the $ORBS price has dropped by 11.6% during the period!
Current holding: 140M $ORBS ($3.98M).… pic.twitter.com/s31ymBRx3L
— Spot On Chain (@spotonchain) October 9, 2023
Details about ORBS
ORBS, the blockchain infrastructure that forms the basis of the ORBS token, stands out with its unique combination of scalability, low transaction fees, high performance, security features and user-friendliness. Designed with mass use applications in mind, the Orbs platform offers a comprehensive Blockchain stack and operates as a decentralized, open and transparent network. It aims to provide practical Blockchain solutions that appeal to businesses and other large-scale consumer applications.
One of the key components of the Orbs ecosystem is the ORBS token. This token plays a crucial role in the functioning of the platform, calculating fees for executed applications and fueling the incentive system used to select validators, thus ensuring the integrity of the network. In particular, the ORBS token stands as the exclusive means of payment on the Orbs platform. Launched in 2017, Orbs was developed by a team of experienced engineers, businessmen and scientists. Their expertise has resulted in an infrastructure that uses network virtualization and random proof-of-stake (RPoS) to achieve enhanced blockchain scalability.
ORBS price crashes with DWF Labs moves
However, it is worth noting that recent ORBS transactions by DWF Labs triggered a reaction in the token price. Following this major deposit news, ORBS witnessed a price drop of 10.24 percent in the last 24 hours. The altcoin is currently trading at $0.02672. As the cryptocurrency market continues to evolve, the actions of key players like DWF Labs may have a noticeable impact on the prices and dynamics of tokens like ORBS. Observers and investors will closely watch how these developments unfold in the coming days.
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