DWF Labs’ Andrei Grachev Poised for Prom Altcoin Purchase
Andrei Grachev, founder and CEO of the controversial market-making firm DWF Labs, is poised to acquire a substantial amount of the altcoin Prom (PROM).
Information from cryptocurrency data provider Spot on Chain shows that Grachev may be planning to invest significantly in the token. According to data obtained from Spot on Chain, the cryptocurrency wallet 0x3a2, which previously sold Prom to Grachev, has now purchased 112,000 PROM through Binance, an amount equivalent to $1.12 million. The acquisition was made at an average price of $9.95 per token.
Grachev’s Prom Purchase Spurs 75% Price Surge
The wallet in question, 0x3a2, was also involved in a notable transaction in December 2023, when it bought 52,900 PROM tokens via Binance for $257,000 at an average price of $4.86 per unit. This purchase was notable, as Spot on Chain reports that the 0x3a2 wallet used another intermediary, the 0x3d1 wallet, to ultimately sell the purchased tokens to Grachev.
The sale, which took place in February this year, was significant. Grachev acquired 49,965 PROM units for 500,000 USDT, contributing to a notable price increase. Following Grachev’s acquisition in February, the price of the Prom token surged by roughly 75%, underscoring the influence of such large transactions on the market value of altcoins.
Spot On Chain noted in a tweet post:
Previously, the wallet used to: … sent the tokens to wallet 0x3d1 to sell 49,965 PROM to Mr. Grachev for 500K $USDT at ~$10 in Feb 2024, causing the price to surge ~75%.
Grachev’s purchase resulted in a substantial increase in the value of the Prom token. Market observers have pointed to this instance as an example of how large purchases and sales by major players can directly impact the value of smaller cryptocurrencies.
PROM Price Action
As of now, the price of Prom continues to respond to market activity, particularly with Grachev’s interest in acquiring more. At the time of writing, Prom is trading at $9.52, with a slight increase of 0.6% over the past few hours.
The recent purchase of 112,000 PROM tokens by wallet 0x3a2 via Binance hints at further market movement, as Grachev remains a central figure in transactions involving this altcoin.
The post DWF Labs’ Andrei Grachev Poised for Prom Altcoin Purchase appeared first on Coinfomania.
