DWF Labs, a known market maker and institutional investor in the cryptocurrency industry, has estimated profits superior to $8 million by trading JasmyCoin (JASMY) since June 2023.
The professional crypto trading company first withdrew 700 million JASMY on June 26, 2023, from the centralized exchange Gate.io. At that time, JASMY was priced at $0.004412 per token, resulting in an estimated cost of $3.09 million.
Since then, DWF Labs has made strategic sellings of its JasmyCoin stash, depositing 579 million JASMY on Binance. This data is from SpotOnChain, which reported one deposit in 2023 and five deposits this year, likely representing a sell-off.
In particular, the selling activity likely occurred on September 21, 2023; February 21 and 22, and April 12. Therefore, the market maker has currently realized $5.93 million, according to SpotOnChain, while still holding $2.96 million worth of 121 million JASMY.
DWF Labs deposits and withdrawals of JasmyCoin (JASMY). Source: Spot
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