DEXE Plunges 96% in 11 Days Amid Large Transfer Mystery
The cryptocurrency DEXE has experienced a significant decline in value, losing over 96.8% of its worth in just 11 days.
The token's price dropped from a record high near $49.43 to $1.56, with the steepest move occurring on July 21, when it fell by as much as 88% within one trading day.
An analysis of large on-chain flows by Ai Yi revealed that most transfers came from centralized exchange hot wallets, but Ceffu's activity stood out due to its size and frequency.
Ceffu transferred a total of 797,917.24 DEXE tokens to Binance across six transactions, worth approximately $6.15 million at the time.
Ai Yi suggested that Ceffu's MirrorX service may have allowed for delayed transfers, potentially explaining why the associated positions were created before the price started falling.