DWF Labs, the notable market maker of recent days, purchased UniLend Finance (UFT) for 226 thousand dollars.
According to data published by Lookonchain, market maker company DWF Labs added UniLend Finance to its portfolio. DWF Labs purchased 1 million units of UniLend Finance’s native token, UFT. In return for this purchase, 226 thousand dollars came out of the company’s safe.
UFT increased by 20 percent after the acquisition of DWF Labs.
DWF Labs effect: an increase of almost 20 percent!
Market maker DWF Labs caused a new rise. DWF Labs purchased 1 million units of UFT, UniLend Finance’s token. After this purchase, which was equivalent to 226 thousand dollars, the value of UFT increased by nearly 20 percent.
DWF Labs(@DWFLabs) received 1M $UFT($226K) from @UniLend_Finance 30 mins ago.https://t.co/yBoLAZiIvU pic.twitter.com/TBABoQHqjg
— Lookonchain (@lookonchain) October 9, 2023
Cryptocurrencies touched by DWF Labs are experiencing an increase due to the news effect. DWF Labs had previously made similar moves for FLOKI, AMB and FRONT.
However, according to data previously discussed by Coinkolik, the cryptocurrencies that DWF Labs purchased or interacted with subsequently dropped by more than 50 percent.
UFT caused the project to rise after its purchase from the ECB. The ECB crashed hours after the DWF Labs news, losing more than 50 percent of its value. Similar movements were also seen on the FRONT and FLOKI sides. For this reason, it became a matter of curiosity whether the rise in UFT was artificial or not.
If UFT continues its rise, it may touch the $0.25 resistance. If this resistance is broken, UFT may rise to $0.2650.
UFT, which is among the high-risk cryptocurrencies, may test the $0.22 support if it declines. A breakout of this support zone could send UFT price lower to $0.20.
According to CoinMarketCap data, UniLend Finance has a market capitalization of approximately $7 million. The total market value of the project is around 23 million dollars. According to data, there are more than 31 million UFTs in circulation. DWF Labs purchased 1 million UFT. Based on this amount, DWF Labs became one of the largest owners of UFT.
UniLend Finance stands out as a decentralized finance project that is also included in major stock exchanges such as Binance. The project is in the risky asset class due to its low market value and high volatility.
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