Cumberland Loads Up on PONS as Token Surges to 1,384% Monthly Gain
DRW's Cumberland, a major crypto trading firm and market maker, has been quietly accumulating PONS tokens over the past week. According to blockchain analytics firm Arkham, a wallet linked to Cumberland purchased an additional 2.7 million PONS on September 11, bringing its total position to 11.2 million tokens worth $6.76 million.
The accumulation is notable because of the rapid pace at which Cumberland has been buying PONS. Over the past week, a wallet linked to Cumberland withdrew approximately 8.5 million PONS from Gate exchange, worth around $6.55 million. This represents a significant portion of the total supply of PONS.
Cumberland is not alone in its accumulation of PONS. Wintermute, another major market maker, has also been buying large quantities of the token. In fact, Arkham suggests that Wintermute may be handling market making for PONS.