Crypto market maker profits $8 million from a single token

By TheBitTimes
about 1 month ago
SFM JASMY GOLD GOLD GOLD

DWF Labs, a known market maker and institutional investor in the cryptocurrency industry, has estimated profits superior to $8 million by trading JasmyCoin (JASMY) since June 2023.

The professional crypto trading company first withdrew 700 million JASMY on June 26, 2023, from the centralized exchange Gate.io. At that time, JASMY was priced at $0.004412 per token, resulting in an estimated cost of $3.09 million.

Since then, DWF Labs has made strategic sellings of its JasmyCoin stash, depositing 579 million JASMY on Binance. This data is from SpotOnChain, which reported one deposit in 2023 and five deposits this year, likely representing a sell-off.

Picks for you

Unusual correlation of Gold and US Treasury Yield raises concerns 56 mins ago
SafeMoon V2 is up over 150% in a month; Is SFM back? 2 hours ago
3 cryptocurrencies under $1 to buy for next week 3 hours ago
Trader alert: PEPE set for massive 50% move 3 hours ago

In particular, the selling activity likely occurred on September 21, 2023; February 21 and 22, and April 12. Therefore, the market maker has currently realized $5.93 million, according to SpotOnChain, while still holding $2.96 million worth of 121 million JASMY.

DWF Labs deposits and withdrawals of JasmyCoin (JASMY). Source: SpotOnChain

JasmyCoin (JASMY) price analysis

JASMY was trading at $0.22 by the time of writing. From a technical analysis perspective, JASMY is forming what could be a bull flag pattern in the daily chart.

JASMY/USD daily price chart with DWF Labs withdrawal and deposits. Source: TradingView/Finbold

What is JasmyCoin (JASMY)?

JasmyCoin is a digital token of the Jasmy platform, focusing on IoT data security and user privacy. It leverages blockchain to ensure decentralized data control, offering users ownership and monetization opportunities for their data.

However, it faces market volatility, like many cryptocurrencies and regulatory challenges could affect its usability. Additionally, the IoT and data security sector’s competitive landscape poses risks to its adoption and value.

Interestingly, DWF Labs has been selling its investments in the project, as regulatory scrutiny increases against privacy-focused projects. The professional market maker is known for making risky bets in cryptocurrency projects, some of which have controversial fundamentals.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source: https://thebittimes.com/crypto-market-maker-profits-8-million-from-a-single-token-tbt85227.html

Related News