blockchainreporter.net
In a momentous price rally, the $AXL coin has jumped by 42% during the last twenty-four hours, getting the attention of the crypto community. As per Spot On Chain, a prominent on-chain analytics provider, the AXL token’s surge came simultaneous to a deposit of up to 500,000 $AXL coins (equaling $420,000) from the well-known market participant DWF Labs into Binance. The analytics platform provided the details of this development on social media.
🚨 $AXL increased 42% in the past 24 hours, and DWF Labs just deposited 500K $AXL ($420K) to #Binance.
— Spot On Chain (@spotonchain) October 12, 2024
The transfer was made 3 hours ago, and DWF Labs still holds 2.5M $AXL (~$2.1M).
DWF Labs received those tokens 8 months ago at an average price of $1.12.
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$AXL Coin Jumps by 42% Just after DWF Labs’ Deposit of $420K to Binance
Spot On Chain mentioned that the 42% rise in the AXL token took place two hours following the transaction from DWF Labs. At present, DWF Labs has up to 2.5M AXL coins with a value of $2.1M in its holdings. The platform obtained the respective tokens almost 8 months back at $1.12 as the average price. With a recent sharp jump in the token’s value, the deposit has kindled debates concerning the intentions at its back.
Market Onlookers Speculate This Move to Be a Strategic Move
A few market onlookers are of the view that DWF Labs likely intends to leverage the present price surge. In this respect, it is reportedly selling a part of the AXL holdings thereof on Binance. While the company has purchased coins at a price substantially lower than the present market rate, it could get a huge profit. On the contrary, others think that this deposit could serve as a strategic move, targeting to enhance liquidity on Binance. It may also be focusing on preparation for the next market moves.