Coingape Staff
In a significant gust of developments witnessed across the cryptocurrency realm today, February 14, Andrei Grachev, the head of a leading digital asset market maker, DWF Labs, spotlighted his venture into crypto investments, garnering noteworthy attention globally. As per a post by Grachev on the social media platform X, the digital asset market maker’s head invested in the PROM token with a solid commitment to hold coins for at least a year.
This appears to have piqued the interest of crypto market traders and investors globally as the investment showcased a strong sense of bolstering for the gaming NFT marketplace Prom. Meanwhile, Prom’s native token, PROM, surged phenomenally today, riding a wave of speculation across the vast sea of crypto following Grachev’s investment.
A Closer Look Into The Report
According to the post shared by Grachev, this was supposedly the crypto veteran’s first cryptocurrency investment. Intriguingly, this investment was more personal than an investment from his firm, DWF Labs, as per Grachev’s statement. With a commitment to jack up the project and a substantial investment for a year, the market maker head appears to have propelled immense optimism for the token within the broader crypto market. The nearly 100% pump noted by the PROM token further mirrored the investment’s positive impact on the PROM tokenomics.
Meanwhile, as per the on-chain tracker Lookonchain, 500K Tether (USDT) attributed to the accumulation of 49,965 PROM, displaying Grachev’s investment into the NFT marketplace. Notably, the prior mentioned number of PROM was bought at $10 per token today. The wallet address linked to Grachev was spotted as 0x39fD57.
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PROM Price Soars
As of writing, the Prom price noted a 75.80% surge in the past 24 hours and is currently trading at $13.12. The token surged phenomenally today, even before Grachev bought colossal amounts of PROM, per Trading View’s data. This appears to have fueled additional inferences for the token, as it traded as high as $14.64 today.
Meanwhile, the 24-hour trading volume and market cap also noted noteworthy upticks today, aligning with the abovementioned buying of PROM. The trading volume surged 2917.60%, reaching $82.44 million, whereas the market cap soared 76%, resting at $239.44 million as of writing.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
