In the world of Bitcoin and altcoins, the spikes and downs of cryptocurrencies always attract attention. Especially at a stage where bear season is experienced, effective increases adorn the headlines. Now there is such a development. Let’s look at the details.
Binance-listed Bella Protocol is rising fast
The price of Bella Protocol (BEL), an altcoin listed on Binance, has experienced a surprising spike. The sudden jump in BEL’s price aroused curiosity in the cryptocurrency community. So what are the reasons behind this unexpected price move? There are comments that a whale is behind this movement. However, information about the identity of the whale was shared at the last moment.
Bella Protocol (BEL) debuted in 2020 as the lead project of Binance Launchpool. It has been closely followed by cryptocurrency enthusiasts since its inception. Recently, the price of altcoin BEL showed a significant fluctuation with a spike from $0.50 to above $0.62. On the other hand, it marked an impressive 19% increase. At the time of this writing, it is trading at $0.612.
DWF Labs influence on altcoin BEL price?
The reason behind the sudden increase in BEL’s price is a matter of curiosity. Accordingly, a transaction involving DWF Labs, a leading market maker in the crypto space, is on the agenda. It is among the opinions that the price increase is due to this. About an hour before the surge, DWF Labs deposited 3.9 million BEL tokens on Binance at a price of $0.51. At the time, this deposit amounted to $2 million worth of BEL tokens. It is worth noting that DWF Labs listed its tokens on the exchange prior to this price increase. If the company chooses to sell its tokens at current market prices, it will generate significant income. Accordingly, it will make a significant profit of approximately $350,000.
However, there is another interesting side to the story. It is noteworthy that the altcoin BEL tokens held by DWF Labs were transferred to the company about two hours ago. Accordingly, this transfer came from the Bella Protocol User Development Fund. This development marks DWF Labs’ previous investment in BEL tokens. On the other hand, when we look at Kriptokoin.com, it shows that the last transfer can be in return for this investment. The crypto community is following these developments closely. He also finds the source of the movement as more information comes to light. It will become clearer whether DWF Labs played a major role in the price spike of BEL.
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