Did This Altcoin Receive Investment from DWF Labs? Price Skyrocketed!

The cryptocurrency market is preparing for a new bull run led by the leading cryptocurrency Bitcoin. In addition, corporate interest in the market is increasing. The latest reports also show that institutional companies are entering crypto asset investment products at record levels. In a recent development, Lookonchain drew attention to the purchase of a wallet associated with crypto company DWF Labs. The price of the altcoin that this wallet purchased suddenly skyrocketed.

DWF Labs made a purchase, the altcoin price skyrocketed!

As you follow from Kriptokoin.com, there was a festive atmosphere in the market today. Leading cryptocurrency Bitcoin has progressed by overcoming obstacles in the market. Even though BTC does not hold above $42,000, it is gathering strength for a new move just below it. Meanwhile, some altcoin projects impress with their performance. One of these was IoTeX (IOTX), which started as an open source project in 2017. The token suddenly made a 40 percent move during the day. The on-chain analytics platform Lookonchain shared the background of this move. Lookonchain announced that a wallet associated with DWF Labs collects IOTX tokens:

It appears that a wallet associated with DWF Labs received 3.5 million IOTX ($105k) 10 minutes ago.

Following this development, the IOTX price skyrocketed. The altcoin price suddenly jumped from $0.29 to $0.397 during the day. Even though it lost some altitude later on, the token still continues to fly higher. At press time, IOTX was trading at $0.3715, up over 38% on a daily basis.

IOTX daily price chart. Source: CoinMarketCap

Are these purchases a harbinger of investment?

By the way, this altcoin price movement also caught some people’s attention. Andrei Grachev, President of DWF Labs, associated with the investing wallet, made an interesting statement from the X account. “The volatility of some cryptocurrencies is great, pure crypto stuff,” Grachev said. I love it! NFA/DYOR. By the way, we will announce something interesting tomorrow.” said.

This statement by Andrei Grachev was interpreted as DWF Labs announcing that it invested in IoTeX. By the way, it should be noted that Grachev did not name any cryptocurrency. Moreover, the purchase amount in question is not a large amount. Therefore, we should not forget the possibility that the background of the increase is speculative.

IoTeX started as an open source altcoin project in 2017. The project team has built a decentralized platform whose goal is to power the open economy for machines. This is an open ecosystem in which humans and machines can interact under assured trust, free will, and appropriately designed economic incentives.