Crypto market maker DWF Labs dumps big amount of $JASMY token
DWF Labs sold 100 million $JASMY tokens and so far generated $8.36 million by investing in this crypto token.
DWF Labs is a popular market marker in the crypto space. In June 2023, this company purchased 700 million JASMY from the Gate crypto exchange at the trade price of $0.004412.
Since then, this company deposited 579 million JASMY to the Binance crypto exchange at an average of $0.01465.
On 12 April 2024, DWF Labs sold nearly $2.44 million worth of JASMY (100 million tokens). Because of this high amount of JSMY token sales, the trade price of this token crashed nearly 18%.
The current trade price of this token is $0.019 & this trade price is 19% down over the last 24 hours.
From investing to selling, DWF Labs generated a net profit of $8.36 million and so far holds 121 million JASMY ($2.96 million).
Such a large amount of token purchase & sale is not prohibited in the crypto sector by any retail or firm, as there is no financial regulatory body.
As we know such types of big amounts of investment & sales in the stock market never take place under usual circumstances, but here in this sector it is common to see some people buy/sell in very high amounts which causes huge volatility in the market.
High market volatility
In the present time, the majority of the flagship crypto assets are down by an average of -8% because of the news about war efforts around Iran & Israel.
The US authorities warned people to avoid travelling around these two countries, as instant attacks in these countries may take place.
Earlier this, in Feb 2022, the Russia vs Ukraine war played a vital role in dumping the trade price of the top crypto assets but later prices recovered by significant percentages. So we can consider the latest correction in the trade price of Bitcoin & Ethereum like top crypto assets as an opportunity to make a profit in the short term.
Read also: Coinbase lawyers file a brief to get legal clarity on “Investment Contract”
