cryptopolitan.com
DWF labs reportedly deposited 1 million Artificial Superintelligence Alliance ($FET) tokens (approx worth $1.68 million) to the crypto exchange Binance. This major move comes in when the $FET price has jumped by around 42% since these token entered their portfolio.
Artificial Intelligence (AI) linked cryptos are riding high on the upward trend and one of these tokens, $FET is on the same trajectory. $FET’s price is up by 142% over the last year.
DWF Labs cashes in
As per the data shared by Spot On Chain, the loot of $FET tokens DWF Labs deposited were part of the 10 million tokens it received from the Fetch.ai Foundation on September 3. These tokens were worth around $11.8 million at the time of accumulation.
Spot On Chain shows that DWF is still holding 9 million $FET (approx worth $14.5 million), which is the biggest part of their portfolio.
After recording a positive rally over the past few weeks, the $FET price dropped by 5% in the last 24 hours. The fresh price dump comes after the heavy deposit made by DWF labs. $FET price is still up by 20% in the past 30 days and is trading at an average price of $1.65, at the press time. The token saw a massive decline of 21% in its 24 hour trading volume.
Back in 2023, DWF Labs announced a $40 million investment in Fetch.ai, a platform powering peer-to-peer applications through automation and AI. The investment was made to support the development of autonomous agents, decentralized machine learning, and network infrastructure on the platform.
$FET, Fetch.ai’s native token, facilitates transactions and compensates agents for their services, while the platform allows developers to build, deploy, and monetize apps with autonomous agents.
DWF Labs’ $40M $CRV exit
In August 2023, DWF labs offloaded Curve DAO Token ($CRV) holdings to Binance and booked a 17.5% loss. It offloaded all of its 12.5 million $CRV (approx worth $4.12 million). The firm had acquired 12.5 million $CRV from Curve’s founder, Michael Egorov, at around $0.40 during last year’s liquidation. The last sales were made at an average of $0.33.
$CRV has been in decline since the 2023 hacking incident, with the token down 45% YTD and losing its place among the top 100 cryptocurrencies. However, this strategic exit follows DWF’s February purchase of $10 million worth of $FLOKI and plans to buy another $12 million $FLOKI.