According to the latest on-chain data, a giant institutional cryptocurrency whale appears to have recently made a test transfer to the OKX exchange.
Notable for its recent meme token purchases, corporate company DWF Labs has made a rather small transfer of 100,000 tokens ($0.01) from the Milady (LADYS) token to the OKX exchange, according to data on the Ethereum chain.
It is thought that this transfer may be a test transfer carried out to be completely sure that the address is correct before the actual transfer can take place.
A test transfer to cryptocurrency exchanges is a small amount of cryptocurrency sent to the exchange before sending the full amount. This is done to verify that you are sending to the correct address and that the transaction will go smoothly. It is a good practice to avoid losing your funds due to error or fraud.
However, the LADYS token, which was created after Elon Musk shared an image from the Milady NFT collection on Twitter and actually has no direct connection with the collection in question, has increased by 22% in the last 24 hours. It was also noteworthy that the transfer of the whale came after the rise.
*Not investment advice.