Cryptocurrency billionaire and DWF Labs CEO Andrei Grachev is reportedly purchasing the Prom (PROM) altcoin, according to data from cryptocurrency data provider Spot on Chain. An associated cryptocurrency wallet bought 112,000 PROM for $1.12 million through Binance, indicating a potential substantial investment from Grachev.
Cryptocurrency Billionaire Andrei Grachev Allegedly Acquires Prom Altcoin
In a recent development, on-chain data indicates that Andrei Grachev, the CEO of DWF Labs and a prominent cryptocurrency investor, may have acquired a substantial amount of the Prom (PROM) altcoin.
According to Spot on Chain, a cryptocurrency data provider, a cryptocurrency wallet (0x3a2) that had previously sold Prom to Grachev recently purchased an additional 112,000 PROM, valued at approximately $1.12 million, through the Binance exchange. The data suggests that this purchase was made at an average price of $9.95.
Spot on Chain further revealed that the same wallet had previously purchased 52,900 PROM tokens through Binance in December 2023, expending a total of $257,000 with an average price of $4.86.
Interestingly, the 0x3a2 wallet subsequently utilized the 0x3d1 wallet as an intermediary to sell the acquired PROM tokens to Grachev for 500,000 USDT. Grachev acquired 49,965 PROM units in that transaction, which took place in February 2024. Notably, the purchase by Grachev led to an approximate 75% price increase for the PROM token.
At the time of writing, the PROM price is trading at $9.52, marking a 0.6% increase over the past few hours. Market analysts have been closely observing Grachev's alleged purchase and speculating on its potential implications for the value of the PROM altcoin.
DWF Labs, founded by Grachev, is a firm specializing in market-making and liquidity provision in the cryptocurrency market. The firm's operations have been the subject of controversy in the past, with some critics alleging market manipulation and conflicts of interest.
Grachev's alleged acquisition of PROM is the latest in a series of high-profile investments made by prominent cryptocurrency figures. Such investments underscore the growing interest and confidence in the long-term potential of the cryptocurrency market.
As the market continues to evolve, it remains to be seen whether Grachev's rumored purchase of PROM will have a lasting impact on the value of the altcoin. However, his involvement in the transaction has无疑 sparked interest and discussion within the cryptocurrency community.
