Who Pushed the Price of $ID? Analyzing Large Transfers to Uncover Potential Market Makers
The price of SpaceID ($ID) has surged by nearly 120% in the past 7 days, leaving many investors wondering who or what is behind the sudden increase. Through an analysis of large transfers of $ID in the past week, we have found that the addresses of SpaceID and #DWF Labs may have something to do with the price movement.
Takeaways:
Large transfers of $ID to various exchanges, including Binance, Gate.io, Bybit, Bitget, KuCoin, and MEXC, suggest that #DWF Labs may be a potential market maker for $ID.
Source:- Lookonchain 
Space ID received 20M $ID from Binance on March 30th and April 1st when the price was around $0.48, then transferred 20M $ID to an address, which later transferred the tokens to Binance 17 hours ago, leading to a ~23% price increase.
A 51M $ID transfer from Space ID to Binance within 24 hours of $ID going live did not cause large price swings, possibly indicating a liquidity provision effort.
While we cannot definitively conclude that DWF Labs or Space ID caused the recent price increase, the large transfers and subsequent price movements suggest a possible correlation.
Analysis: Upon analyzing large transfers of $ID in the past week, we found that #DWF Labs received 5M $ID after the token went live and subsequently transferred 5M $ID to various exchanges. On April 14th, DWF received 7.4M $ID from Binance, coinciding with a 30% increase in the $ID price.
Similarly, Space ID received 20M $ID from Binance on March 30th and April 1st, then transferred the tokens to an address that later sent the tokens to Binance, resulting in a 23% price increase. Additionally, Space ID transferred 51M $ID to Binance within 24 hours of $ID going live, which did not cause significant price swings, suggesting a possible liquidity provision effort.
Conclusion:
While we cannot confirm that #DWF Labs or #SpaceID caused the recent price increase, the large transfers of $ID and subsequent price movements suggest a possible correlation. Investors should continue to monitor large transfers and potential market makers to understand future price movements of $ID.
Hey, it's CryptoPatel here!
I'm passionate about providing you with the latest insights and analysis on the world of cryptocurrencies.
If you enjoy my content and want to show your support, please like, share, and follow me for more high-quality updates.
Thank you for your support, and let's continue to stay connected for more exciting content!
LIKE ❤️
Share ⏩
Follow 🤝
