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Following
DEXE DEXE tokens suffered a sharp sell-off after hitting a record high on July 12. On-chain data showed that during the decline, approximately 798,000 DEXE tokens were transferred from hosting platform Ceffu to Binance, indicating that these transactions may be related to DWG Labs.
DEXE hit an all-time high of $49,432 on July 12, but then fell on July 13. On July 21, the token fell as much as 88% in a single day, from US$46.93 to US$5.648. In 11 days, the price of DEXE fell from US$49,423 to US$1.56, a cumulative decline of 96.8%. As of writing, it was trading at $4.08, up 95% in the past 24 hours.
According to online analyst Ai Yi, most of the large-scale capital flows occur through hot money packages on centralized cryptocurrency exchanges. However, Ceffu's transfers between entities outside the exchange are particularly prominent.
Ceffu sent a total of 797,900 DEXEs to Binance in six transactions starting from July 13. The total value of these transfers at the time of the transaction was estimated to be approximately $6.15 million. As a result, Ceffu became the only off-exchange institution to transfer more than US$1 million DEXE to Binance.
Analysts pointed out that due to Ceffu's MirrorX system, the true economic value of the transfer may be higher than the amount shown on the chain. The system allows mirror positions to be created on exchanges at a one-to-one ratio of assets held by Ceffu, and on-chain asset transfers are then automatically completed.
Allegedly, if this mechanism was used to execute transactions before the price of DEXEs fell, the value of 797,900 DEXEs at the time of opening the position could be approximately US$39.44 million.
However, public data does not indicate that the DEXE project team directly holds tokens in Ceffu. It is reported that most of the project's tokens are stored in the DAO treasury and lock-in smart contracts related to the team.
Falcon Finance, DEXE's official partner, supports DEXE as collateral on its platform. Ceffu is one of the institutions where Falcon has received asset custody services. The fact that Falcon Finance is also associated with one of DEXE's partners, market maker DWG Labs strengthens speculation that the transfer may have originated from DWG Labs.
