DWF Labs, one of the most controversial market maker companies in the cryptocurrency world, purchased 3.5 million IoTeX (IOTX) tokens worth $ 105,000, according to onchain data.
Although the dollar value of the purchase is low, the cryptocurrencies DWF Labs is interested in are known for their high volatility in the industry.
IOTX, which experienced a huge price increase after the news, climbed from approximately $ 0.030 to $ 0.038 and gained 30% in value. DWF Labs is often accused of manipulative moves by other market makers.
However, Andrei Grachev, the founder of the company and the only person who actively manages it, is known for drawing attention to some altcoins on the X platform without naming them, and he receives reactions with these statements.
The IOTX altcoin rose to $0.26 in the great bull market at the end of 2021, but could not return to these levels with the bear market that started later. At the time of writing, the token price is trading 85% lower than its all-time high.
The token is currently listed on major cryptocurrency exchanges such as Coinbase, Binance and Kucoin.
*This is not investment advice.