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DWF Labs, one of the newest and most controversial market maker companies in the cryptocurrency world, dumped an altcoin on the Bybit exchange, according to onchain data.
According to the development detected by data provider Spot On Chain, DWF Labs recently moved 10 million Velo (VELO) tokens to Bybit. This amount of Velo corresponds to approximately 205 thousand dollars. Although the amount is small compared to whale transactions, it is notable considering the company's previous transactions and the Velo tokens it still holds. Additionally, Velo is a small-cap altcoin with a market cap of approximately $150 million.
According to data, DWF Labs initially received 75 million Velo tokens from Velo developers because it was an early investor in the project. This amount for Velo corresponded to 225 thousand dollars at that time.
However, the company has sold 45 million Velo tokens to Bybit for an average of $0.0178 since July 14, 2023, when the first token was delivered. DWF Labs has made a 593% profit from these sales so far and made a total of 800 thousand dollars in sales.
The company has another 30 million Velo tokens at the time of writing, and their current value is around 611 thousand dollars.
Velo is trading at $0.02047 at the time of writing and is up 4% in the last 24 hours.
*This is not investment advice.