DWF Labs, one of the most active investment companies in the cryptocurrency ecosystem, sent a large amount of SPACE ID (ID) to the OKX exchange.
According to information provided by the blockchain analysis platform Spot On Chain, DWF Labs deposited a total of 10.8 million ID, equivalent to $7.67 million, at a rate of $0.71 per unit to the OKX exchange this afternoon.
The SPACE ID project aims to establish a universal service network in a identity platform where Web3 domain names can be bought and sold.
Another transaction conducted by DWF Labs the previous day raised questions about today’s transaction.
According to Spot On Chain’s report, DWF Labs withdrew a total of $8.2 million worth of ID at a rate of $0.743 per unit from Binance yesterday, which resulted in a more than 6.5% increase in the ID price in a short period due to expectations of reducing selling pressure.