Crypto Billionaire Andrei Grachev Acquires Major Stake in Prom Altcoin

According to blockchain data, Andrei Grachev, founder and CEO of DWF Labs, may have recently purchased a significant amount of Prom (PROM) altcoin. The purchase was made through a cryptocurrency wallet that had previously sold PROM to Grachev and involved around $1.12 million worth of PROM tokens. This acquisition is just the latest in a series of crypto purchases by Grachev, who has been an active investor in the space for some time.

Cryptocurrency Billionaire Andrei Grachev Allegedly Acquires Large Stake in Prom (PROM) Altcoin

In a move that has sent shockwaves through the cryptocurrency industry, on-chain data suggests that prominent cryptocurrency investor and DWF Labs CEO Andrei Grachev has purchased a significant amount of the Prom (PROM) altcoin. This acquisition, if confirmed, could have profound implications for the value and trajectory of the PROM token.

According to Spot on Chain, a renowned cryptocurrency data provider, a cryptocurrency wallet (0x3a2) with a history of selling PROM to Grachev recently acquired 112,000 PROM tokens worth approximately $1.12 million through Binance. This purchase was reportedly made at an average price of $9.95 per token.

Notably, this same wallet had previously acquired 52,900 PROM tokens via Binance in December 2023, paying a total of $257,000 with an average price of $4.86 per token. Subsequently, the 0x3a2 wallet allegedly transferred the acquired PROM tokens to an intermediary wallet (0x3d1) before selling them to Grachev for 500,000 USDT.

This transaction, which occurred in February 2023, involved the purchase of 49,965 PROM units by Grachev. The acquisition reportedly caused the token's price to surge by approximately 75%.

The latest purchase of 112,000 PROM tokens by the 0x3a2 wallet has reignited speculation that Grachev is accumulating a substantial stake in the altcoin. While Grachev has not publicly confirmed or denied these claims, the on-chain data provides compelling evidence of his involvement in the recent PROM transactions.

At the time of writing, PROM is trading at $9.52, reflecting a modest increase of 0.6% in the past few hours. However, analysts believe that Grachev's rumored purchase could serve as a catalyst for a significant price rally in the coming days and weeks.

The acquisition of PROM by Grachev, if confirmed, would be a major endorsement for the altcoin. Grachev is widely recognized as a savvy investor with a keen eye for undervalued cryptocurrencies. His decision to invest in PROM could attract other institutional and retail investors, potentially driving up its value.

It is important to note that these allegations are based on on-chain data and have not been officially confirmed by Grachev or DWF Labs. However, the substantial size of the transactions and the wallet's previous history with Grachev lend credence to the rumors.

As the cryptocurrency market eagerly awaits official confirmation or denial from Grachev, the speculation surrounding his alleged acquisition of PROM continues to dominate industry discussions. If confirmed, this move could have a profound impact on the trajectory of the PROM token and further highlight the growing influence of institutional investors in the digital asset space.