Cryptocurrency market maker company DWF Labs transferred 500 million SPELL to crypto exchange Binance, according to onchain data.
The total value of the transferred altcoins is around $556,000. The development came after the SPELL altcoin experienced a 20% increase in approximately 30 minutes.
The altcoin, which was traded at $0.0009109 before the rise, climbed to $0.00112 at the peak of DWF Labs' sales.
DWF Labs, which has made a name for itself recently, is accused of manipulation in the market by some other market making companies. However, Andrei Grachev, the company's CEO and founder, harshly rejected the allegations of manipulation in his statement.
SPELL altcoin experienced a total increase of 40% during the day and is listed on almost all major cryptocurrency exchanges such as Binance, Coinbase, OKX, Bybit.
After the rise, SPELL's total market value is at $115 million and the altcoin ranks 369th among the largest cryptocurrencies.
With the last transfer, DWF Labs currently has $912 thousand worth of SPELL altcoins.
*This is not investment advice.