DWF Labs Transfers $1.1M in AXL Tokens to Axelar Team, Sparking Market-Making Speculation

DWF Labs, a prominent blockchain and cryptocurrency company, recently transferred 2.5 million AXL tokens to an address suspected to be associated with the Axelar team. This transaction, valued at approximately $1.11 million, has sparked speculation about a potential market-making cooperation between the two parties.

According to on-chain data, DWF Labs initially received 2.5 million AXL on December 9, 2023, valued at $1.93 million. As of March 1, 2024, DWF Labs held a total of 5 million AXL, with a market value of approximately $12 million. This significant holding suggests a strategic interest in the AXL token.

DWF Labs has a history with the AXL token. On May 6, 2024, the company launched a liquidity market for Axelar (AXL). Later, on October 12 of the same year, DWF Labs deposited 500,000 AXL into Binance, valued at around $420,000 at the time.

At the time of this report, AXL is trading at $0.4093, with a 2.92% increase in the last 24 hours. However, the token has experienced a 16.50% decrease in the last 7 days, a 21.87% decrease in the last 30 days, and a significant 58.28% decrease in the last 90 days. These fluctuations highlight the volatility of the cryptocurrency market.