DEXE Price Crashes 90% Amid Ceffu Transfers and DWF Labs Speculation
DEXE's price plummeted by over 90% in just 11 days after reaching an all-time high of $49.43 on July 12. The sharp decline was accompanied by large transfers of DEXE tokens from Ceffu to Binance, sparking questions about a possible connection to DWF Labs.
On-chain analyst Ai Yi investigated the transfers and found that Ceffu moved over $6 million worth of DEXE tokens across six transactions starting on July 13. However, Ai Yi also noted that Ceffu's MirrorX service allows institutional clients to trade on exchanges while keeping their assets in custody, which could explain the delayed transfers.
Ai Yi suggested that if the 797,917 DEXE tokens had been positioned for trading before the price started falling on July 13, they would have carried an effective value of around $39.44 million. However, Ai Yi emphasized that this is just a possible explanation and not conclusive evidence.
The analyst also identified links between Falcon Finance and DWF Labs, which appear to be connected through their public partnerships with DEXE. However, no direct evidence was found to prove involvement from DWF Labs or the project team.