Market maker company DWF Labs made a notable move in the cryptocurrency market by recently investing approximately $1 million in 200,000 API3 (API3) tokens on the crypto exchange Binance. This transaction indicates a strategic decision by DWF Labs, a significant player in crypto investments.
DWF Labs Continues to Deposit API3 Tokens
According to data compiled by on-chain data provider Spot On Chain, DWF Labs recently deposited 200,000 API3 tokens worth $953,000 on Binance. This latest API3 transaction by the company follows a series of trades. Data shows that on January 15th, DWF Labs received a substantial amount of 1 million API3 tokens from the API3 Treasury, valued at $1.68 per token. The company later deposited approximately 700,000 API3 tokens worth about $2.6 million, priced at nearly $3.72 per token, on Binance.
Despite the transfers to Binance, DWF Labs continues to hold approximately 300,000 API3 tokens, valued at around $1.41 million. The decision to retain a portion of their API3 assets demonstrates the market maker’s confidence in the long-term potential and value proposition of the API3 project amidst rising prices and market volatility.
DWF Labs depositing a portion of its API3 tokens on Binance represents a strategic move to take advantage of favorable market conditions surrounding the altcoin. DWF Labs aims to optimize its exposure to API3 tokens and convert unrealized profits into realized gains by leveraging the liquidity and trading opportunities offered by Binance.
Stellar Performance of API3 Token
The API3 token has seen a significant increase in price over the last 30 days, with an impressive rise of 181%. The increase in the price of the altcoin reflects growing investor interest and confidence in the API3 ecosystem, influenced by factors such as increased adoption, technological advancements, and broader market trends in the decentralized finance (DeFi) sector.
According to data from the crypto data and price platform CoinMarketCap, API3 is trading at $4.77, up 34.08% in the last 24 hours at the time this article was prepared.
