DWF Labs, a market maker company that we have heard frequently due to its recent purchases in the cryptocurrency market and the impact it has caused, seems to have invested in a new altcoin, according to onchain data.
According to Onchain data, DWF Labs purchased 5 million SPACE ID (ID) altcoins through the cryptocurrency exchange Binance. This corresponds to approximately 1.36 million dollars in dollar terms.
In addition, according to newly revealed data, a cryptocurrency exchange affiliated with DWF Labs purchased another 5 million ID tokens from Binance about 10 hours ago.
ID, which has a market value of $119 million, thus acquired approximately 2% of the total circulating supply.
Following the development, there was a small increase in the ID altcoin price and the token gained approximately 4% in value.
Space ID (ID) altcoin was first announced by Binance as a Launchpad project on March 16, 2023 and made a splash. Apart from Binance, ID is also traded on Kucoin, Bybit, OKX and Bithumb, South Korea's popular cryptocurrency exchange. However, the altcoin is not yet listed on Coinbase.
The Space ID team promotes their altcoin as a universal domain system used to manage web3 domains.
*This is not investment advice.