(03 June 2024, 15:08 PM IST)
In the cryptocurrency market, Jasmycoin (JASMY) has garnered significant attention in the past month following an impressive rally. The token surged by 103%, breaking out and climbing from $0.019 to a peak of $0.040. Currently, JASMY is trading at $0.03502, with a market capitalization of $0.71 billion. However, recent activities by a major crypto firm have influenced the rally.
According to SpotOnChain, an on-chain transaction tracking platform, DWF Labs has deposited 97 million JASMY, worth $3.3 million, into Binance over the last three days. These transactions, occurring daily, have contributed to noticeable short-term price drops each time they were made.
#DWFLabs has deposited 97M $JASMY ($3.3M) to #Binance in the past 3 days!
— Spot On Chain (@spotonchain) June 3, 2024
• DWF Labs unloaded $JASMY daily for the past 3 days (last txn was 12 hours ago).
• There was a short-term price drop after each deposit ⚠️.
• Current holding: 24M $JASMY ($841K).
• Est. total profit:… https://t.co/QbwtTcHE0H pic.twitter.com/H2jYfFLUxV
Currently, DWF Labs still holds 24 million JASMY, valued at about $841,000. Despite their recent sell-off, DWF Labs has profited significantly from their JASMY transactions. Their total profit is estimated at $9.49 million, which translates to an impressive 307% return on investment (ROI).
However this activity by DWF Labs will not effect the price of Jasmycoin in long term scenario.
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