Cryptocurrency market maker company DWF Labs surprisingly initiated an altcoin transfer to Binance shortly after its founder Andrei Grachev hinted at a potential market move on his Twitter account. This move attracted attention in the crypto community as it appeared to be tied to a significant shift in the derivatives market. Here are the details…
Altcoin tweet of DWF Labs founder attracted attention
Grachev’s tweet on September 10, 2023 attracted attention in the crypto world. He pointed to a large negative funding rate in the derivatives market, specifically referring to the Perpetual Protocol (PERP) and Tellor (TRB) altcoins. This tweet set the stage for a series of actions that caused the community to speculate about DWF Labs’ intentions. According to blockchain data, DWF Labs deposited 100,000 PERP tokens worth approximately $73.1 thousand to the Binance platform just 30 minutes after Grachev’s tweet. It is noteworthy that these tokens were withdrawn from Binance just two days ago, at a price of $1.04 per altcoin. This latest deposit represents a significant loss of 29.8% for the company.
2 tokens right now have huge negative funding rates on derives. Let's see… =)
DYOR|NFA— Andrei Grachev (@ag_dwf) September 10, 2023
Interestingly, DWF Labs was not the only major player making moves in the PERP market during this period. Another whale address conducted a significant PERP sale on Binance, purchasing 6.8 million PERP tokens at an average price of $1.04 using 4,509 Wrapped Ether (WETH) tokens in two days. As we reported as Kriptokoin.com, the entire PERP holding was sold just 20 minutes after the transfer of DWF Labs and 5.02 million USDT was obtained. However, this represented a loss of -29%, for a significant loss of USD 2.04 million. This coordinated activity involving DWF Labs and the anonymous whale address raises several questions within the crypto community. While it remains unclear whether these actions were pre-planned or a response to market conditions, they underscore the volatility and unpredictability of the cryptocurrency market.
How were PERP and TRB affected?
Analysts and investors are now watching these developments closely. They are looking for clues and indicators of the next market moves. The interplay between social media influence, market actions, and potential impacts on the PERP and TRB markets adds a layer of intrigue to the already dynamic crypto landscape. As the situation continues to evolve, it serves as a stark reminder of the rapid fluctuations and speculative nature of the crypto market. Investors and enthusiasts are cautioned to exercise caution and caution as they navigate these turbulent waters. PERP is changing hands at $0.73 at the time of writing, a decline of 18 percent. TRB, on the other hand, is at $25.15 with an increase of 15 percent.
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