DWF Labs offloads 1M FET to Binance after 42% price surge

DWF labs reportedly deposited 1 million Artificial Superintelligence Alliance (FET) tokens (approx worth $1.68 million) to the crypto exchange Binance. This major move comes in when the FET price has jumped by around 42% since these token entered their portfolio.

Artificial Intelligence (AI) linked cryptos are riding high on the upward trend and one of these tokens, FET is on the same trajectory. FET’s price is up by 142% over the last year.

DWF Labs cashes in

As per the data shared by Spot On Chain, the loot of FET tokens DWF Labs deposited were part of the 10 million tokens it received from the Fetch.ai Foundation on September 3. These tokens were worth around $11.8 million at the time of accumulation.

Spot On Chain shows that DWF is still holding 9 million FET (approx worth $14.5 million), which is the biggest part of their portfolio.

After recording a positive rally over the past few weeks, the FET price dropped by 5% in the last 24 hours. The fresh price dump comes after the heavy deposit made by DWF labs. FET price is still up by 20% in the past 30 days and is trading at an average price of $1.65, at the press time. The token saw a massive decline of 21% in its 24 hour trading volume.

Back in 2023, DWF Labs announced a $40 million investment in Fetch.ai, a platform powering peer-to-peer applications through automation and AI. The investment was made to support the development of autonomous agents, decentralized machine learning, and network infrastructure on the platform.

FET, Fetch.ai’s native token, facilitates transactions and compensates agents for their services, while the platform allows developers to build, deploy, and monetize apps with autonomous agents.

DWF Labs’ $40M CRV exit

In August 2023, DWF labs offloaded Curve DAO Token (CRV) holdings to Binance and booked a 17.5% loss. It offloaded all of its 12.5 million CRV (approx worth $4.12 million). The firm had acquired 12.5 million CRV from Curve’s founder, Michael Egorov, at around $0.40 during last year’s liquidation. The last sales were made at an average of $0.33.

CRV has been in decline since the 2023 hacking incident, with the token down 45% YTD and losing its place among the top 100 cryptocurrencies. However, this strategic exit follows DWF’s February purchase of $10 million worth of FLOKI and plans to buy another $12 million FLOKI.