In its latest move, cryptocurrency market maker company DWF Labs moved a large amount of an altcoin to cryptocurrency exchange Binance.
Minutes ago, DWF Labs sent Artificial Superintelligence Alliance (FET) tokens to Binance, bringing the total amount sent to $2.68 million worth of tokens, according to Onchain data.
DWF Labs is actually a company that has a contract with FET developers and also acts as the market maker for the token. On October 16, 6 million tokens were sent to DWF Labs by the developers of the altcoin. Over the past week, the company has sent around 4 million of these tokens to centralized cryptocurrency exchanges. The total value of these tokens is $5.56 million. The transfers appear to have caused the FET price to drop by 3.32% over the same period.
FET was recently launched as a result of three different AI-themed altcoins merging their powers into a single altcoin. However, the altcoin’s ticker was chosen as Fetch.AI’s FET, one of the tokens that make up the trio.
*This is not investment advice.