Market maker DWF Labs, known for its investments in the cryptocurrency market and bad relations with its competitors, seems to have invested in a new altcoin, according to on-chain data.
Linear Finance (LINA) developers transferred 124.8 million LINA tokens ($1.2 million) to a cryptocurrency wallet likely linked to DWF Labs, according to transfers spotted by analytics firm Lookonchain.
Within 10 minutes of this transfer, USDT worth $1 million was transferred from a wallet known to belong to DWF Labs to Linear Finance developer wallets.
Following the transfers, there were severe ups and downs in the price of LINA. While the price of the token was traded around $0.090 in the morning hours, it reached $0.01065 at its peak and then, with the partial decline it experienced, reached $0.01017, the level at which this article was written.
Despite the partial decline, LINA gained 15% in value in the last 24 hours.
The cryptocurrencies that DWF Labs has invested in are known for their increased volatility in the price chart. Some of its competitors accused the company of market manipulation at cryptocurrency conferences in the past.
*This is not investment advice.
