DWF Labs, a digital asset market maker and multi-stage web3 investment firm, has made another significant transfer to the Korean cryptocurrency exchange Bithumb, depositing 30 million ORBS.
This move follows a 16 million in two ORBS transfer just four days ago.
Currently, DWF Labs retains only 11 million ORBS in its holdings.
At the time of writing, DWF Labs’ ORBS holdings are valued at approximately $530,000 USD.
DWF Labs, with a presence in Singapore, Switzerland, the British Virgin Islands, the United Arab Emirates, South Korea, and Hong Kong, has been actively involved in the Orbs Network ecosystem.
In March, the investment company, which operates as an affiliate of Digital Wave Finance (DWF), entered the Orbs ecosystem through a token purchase of up to $10 million.
Data from Spot On Chain indicates a trend of large ORBS holders, commonly referred to as “whales,” engaging in a coordinated sell-off of the ORBS token.
As of now, there has been no response from the Orbs Network regarding this ongoing trend of large-scale ORBS token sales.
Prices of ORBS also appear to have taken a nosedive from its high at 0.06 just two days prior, with a 33% decrease as of point of publication.