DWF Labs Dumps This Altcoin on Bybit: A Deep Dive into the Crypto Market Impact (Coin Name, Symbol)

• DWF Labs, a well-known market maker in the crypto market, has reportedly made a significant altcoin transaction according to onchain data.
• The company, one of the newest and most controversial market makers in the crypto world, dumped an altcoin on the Bybit exchange, as per onchain data.
• The data provider Spot On Chain detected that DWF Labs recently moved 10 million Velo (VELO) tokens to Bybit, amounting to approximately $205,000.

DWF Labs, a prominent market maker in the crypto world, has reportedly dumped a significant amount of the altcoin Velo (VELO) on the Bybit exchange. This move, detected by data provider Spot On Chain, has sparked discussions about the company’s strategies and the potential impacts on the altcoin market.

DWF Labs’ Altcoin Transaction

Although the amount of Velo moved by DWF Labs may seem small compared to whale transactions, it is noteworthy considering the company’s previous transactions and the Velo tokens it still holds. Velo is a small-scale altcoin with a market value of approximately $150 million. According to data, DWF Labs initially received 75 million Velo tokens from the Velo developers for being an early investor in the project. This amount of Velo was equivalent to $225,000 at the time.