In the world of Bitcoin and altcoins, sudden rises and falls of cryptocurrencies always attract attention. Especially in a phase where bear season is experienced, significant increases make headlines. Now there is such a development. Let’s look at the details.
Binance-listed Bella Protocol is rising fast
The price of Bella Protocol (BEL), an altcoin listed on Binance, experienced a surprisingly sudden increase. The sudden jump in BEL’s price aroused curiosity in the cryptocurrency community. So what are the reasons behind this unexpected price movement? There are comments that there is a whale behind this movement. However, information about the identity of the whale was shared at the last minute.
Bella Protocol (BEL) made its debut in 2020 as a flagship project of Binance Launchpool. It has been closely followed by cryptocurrency enthusiasts since its inception. Recently, the price of altcoin BEL showed significant fluctuation, with a sudden increase from $0.50 to over $0.62. On the other hand, it marked an impressive increase of 19%. At the time of this writing, it is trading at $0.612.
Does DWF Labs have an impact on the price of altcoin BEL?
The reason behind the sudden increase in BEL’s price is a matter of curiosity. Accordingly, a transaction involving DWF Labs, a leading market maker in the crypto space, is on the agenda. It is among the opinions that the price increase is due to this. About an hour before the surge, DWF Labs deposited 3.9 million BEL tokens to Binance at a price of $0.51. At the time, this deposit amounted to $2 million worth of BEL tokens. It is worth noting that DWF Labs listed its tokens on the exchange before this price increase. If the company chooses to sell its tokens at current market prices, it will generate significant revenue. Accordingly, he will make a significant profit of approximately $350,000.
However, there is another interesting side to the story. It is noteworthy that the altcoin BEL tokens held by DWF Labs were transferred to the company about two hours ago. Accordingly, this transfer came from the Bella Protocol User Development Fund. This development indicates that DWF Labs has previously invested in BEL tokens. On the other hand, when we look at it as cryptokoin.com, it shows that the last transfer may be in return for this investment. The cryptocurrency community follows these developments closely. Additionally, as more information emerges, it also finds the source of the movement. It will become clearer whether DWF Labs played a significant role in the sudden increase in BEL’s price.
