Memecoins
DWF Labs to Invest in Memecoins and Onchain Data Reveals LADYS Transactions
The public statement and on-chain activity are further signs of institutions expanding their exposure to the traditional, but once niche, sector of the crypto ecosystem.
According to Arkham Intelligence, DWF Labs’ on-chain wallet balance stands at over $47.7 billion.
(Milady.gg)
Posted May 28, 2024 at 7:05 PM EST.
DWF Labs is ready to deploy capital into memecoins, a possible sign of the contagious fever that the memecoin craze has caused among retail traders and institutional firms.
On Tuesday, the managing partner of investment firm and market maker DWF Labs, Andrei Grachev, wrote on
As of press time, DWF Labs already has on-chain activity connecting it to LADYS, the memecoin in the Milady NFT ecosystem. A particular wallet address belonging to DWF Labs, 0xd4b, received six-figure sums from the Milady memecoin (LADYS) and linked all of its received LADYS tokens worth over $500,000 to the layer 2 blockchain network, less expensive, Arbitrum over the past six years. days.
The analytics company Lookonchain also spotted earlier in the afternoon, a separate DWF wallet address (0x53c) had transferred $5 million USDT to a Milady multisig signer.
While the entire crypto market is down 2% over the past 24 hours, LADYS is up 22.7% over the same period and 90.7% over the past seven days to reach a market capitalization of $242.5 million, per CoinGecko.
Liquid Markets, DWF’s platform for over-the-counter transactions, listed LADYS alongside its memecoin rival FLOKI in March 2024.
Grachev’s statement on DWF’s social media platform and on-chain activity comes as memecoin ecosystems on various blockchain networks are booming. Some Ethereum-based memecoins, such as the frog-inspired PEPE, have reached all-time highs over the past week, while Solana protocols aimed at memecoin enthusiasts are attracting celebrities such as hip hop artist Rich the Kid and Olympic gold medalist Caitlyn Jenner using Pump. .Amusing.
The move by DWF Labs, widely known for its market-making services, to deploy funds to memecoins in an effort to foster growth is not the first time a financial institution has entered the memecoin arena . For example, a non-profit for the Avalanche blockchain – Avalanche Foundation – was exposed in March to five different memecoins native to Avalanche.
Learn more: The Avalanche Foundation reveals its first 5 Memecoin holdings
DWF, which has an on-chain wallet of over $47.7 billion, according to Arkham Intelligence, is one of the largest accounts on centralized exchanges. Since the start of 2024, DWF Labs has deposited $147.24 million into exchanges and withdrawn $211 million, according to data from blockchain analytics firm Arkham Intelligence.
Binance is the top exchange for deposits, accounting for $81.90 million, or 56% of DWF Labs’ total deposits on exchanges, and is the second most used exchange for withdrawals. DWF Labs has withdrawn $90.63 million from Bitfinex and $74.67 from Binance since December 31.
The Wall Street Journal reported Earlier this month, a former member of Binance’s market monitoring team was fired after completing an internal investigation that uncovered evidence of market manipulation by DWF on the exchange.
DWF did not respond to multiple requests for comment from Unchained.
