The price of Space ID ($ID) has experienced a significant surge of approximately 87% after the announcement of its listing on Upbit.

Recent on-chain reports have uncovered intriguing activity involving DWF Labs (DWFLabs), shedding light on a series of transactions. DWF Labs withdrew a substantial amount of $ID tokens, totaling 3.62 million ($1.73M), from OKX in a recent maneuver. 

Subsequently, a swift deposit of 2.45 million $ID tokens ($1.12M) was made to Binance via Amber Group. 

$ID price has surged ~87% after #Upbit announced to list the token!

Our system detected that DWF Labs (@DWFLabs) withdrew 3.62M $ID ($1.73M) from #OKX in the past 3 hours, and then quickly deposited 2.45M $ID ($1.12M) to #Binance via #AmberGroup.

In the past, both DWF Labs and… pic.twitter.com/nCdT6sJIZg

— Spot On Chain (@spotonchain) February 7, 2024

Insights from on-chain data analysis suggest that both DWF Labs and GSR Markets serve as market makers for Space ID ($ID).

GSR Markets reportedly received 23.2 million tokens for market making purposes on March 22, 2023, while DWF Labs was allocated 20 million tokens for market activities on April 14, 2023.

经链上数据分析，推测 DWF Labs 与 GSR Markets 均为 Space ID( $ID) 做市商

GSR
做市数量：2320 万枚
初次收到代币：2023.03.22

DWF
做市数量：2000 万枚
初次收到代币：2023.04.14

Upbit 曾在 2023.11.20 上线 ID 比特币交易对，使得币价上涨11%；今日上线韩元交易对，再次带来 85% 涨幅https://t.co/DtYybRKKyg pic.twitter.com/tjSWmyc0c0

— Ai 姨 (@ai_9684xtpa) February 7, 2024

$ID Recent Price Action To Monitor

Historically, both DWF Labs and Upbit have been associated with volatile movements in various tokens, characterized by aggressive pumps and dumps. 

Despite this, Space ID continues to trade positively today, registering a 3% increase in the past 24 hours. Impressively, its 24-hour trading volume has surged by 133%, reflecting the heightened interest and activity surrounding the token.

The surge in Space ID’s price following its Upbit listing underscores the growing momentum and investor interest in the cryptocurrency space. 

As market makers like DWF Labs and GSR Markets continue to play pivotal roles, the dynamics of Space ID’s performance remain closely watched within the crypto community.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: jussang/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ February 8, 2024 10:44 pm