Altcoin
Andrei Grachev of DWF Labs Ready to Buy Altcoin at Prom
Andrei Grachev, founder and CEO of the controversial market-making company DWF Laboratoriesis poised to acquire a substantial portion of the Prom (PROM) altcoin.
Information from cryptocurrency data provider Spot on Chain shows that Grachev may be planning to invest significantly in the token. According to data obtained by Spot on Chain, the 0x3a2 cryptocurrency wallet, which previously sold Prom to Grachev, has now purchased 112,000 PROM via Binance, for an amount equivalent to $1.12 million. The acquisition was made at an average price of $9.95 per token.
Grachev’s prom purchases spur a 75% price increase.
The wallet in question, 0x3a2, was also involved in a major transaction in December 2023, when it purchased 52,900 PROM tokens via Binance for $257,000 at an average price of $4.86 per unit. This purchase was noteworthy, 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. After Grachev’s acquisition in February, the price of the Prom token increased by around 75%, underlining the influence of such large transactions on the market. market value of altcoins.
Spot On Chain noted in a tweet post:
Previously, the wallet used to: …send tokens to wallet 0x3d1 to sell 49,965 PROM to Mr. Grachev for $500,000USDT at ~$10 in February 2024, causing the price to increase by ~75%.
Grachev’s purchase resulted in a substantial increase in the value of the Prom token. Market observers have pointed to this case as an example of how large purchases and sales by major players can directly impact the value of smaller cryptocurrencies.
PROM Price Action
At the moment, Prom’s price continues to respond to market activity, particularly Grachev’s interest in acquiring more. At the time of writing, Prom is trading at $9.52, up slightly by 0.6% in the last few hours.
The 0x3a2 wallet’s recent purchase of 112,000 PROM tokens via Binance suggests further market movement, as Grachev remains a central figure in transactions involving this altcoin.