Important crypto news: DWFLabs recently made a deposit of 2 billion SPELL (equivalent to $1.14 million) on Binance at a price of $0.57 per unit.
See below all the details.
Summary
DWFLabs deposits 2 billion SPELL on crypto exchange Binance
As anticipated, the company DWFLabs recently made a substantial deposit on Binance, transferring a total of $2 billion SPELL (equivalent to $1.14 million) to the crypto exchange.
At the time of writing DWFLabs has not issued any statement or justification regarding the deposit made, hence it is speculated that the movement of these tokens was made in order to later sell them.
Indeed, as is often the case, when such a move is made on exchanges such as Binance, it is in order to then sell the token units, although in this specific case there is no certainty about this.
In any case, it is important to note that this move does not necessarily imply a specific direction regarding SPELL’s future performance.
Hence, it only remains to be seen how the SPELL market will develop and how DWFLabs will exploit this deposit in the context of their long-term business strategies.
More news about Binance: the new altcoin with 10x leverage
Recently, Binance Futures announced the upcoming launch of the USDⓈ-M ARK perpetual contract, scheduled for 19 September 2023 at 5:30 PM. This new offering will give investors the opportunity to leverage up to 10 times their initial capital.
The USDⓈ-M ARK perpetual contract will enable trading of the ARK/USDT pair in future transactions, offering a wide range of trading opportunities. Specifically, some of the key features of this contract include cornerstones such as the following.
Specification Flexibility: Binance reserves the right to make changes to the specifications of the ARK/USDT Perpetual Contract, including financing fees, tick size, maximum leverage, initial margin and maintenance margin requirements, to adjust to market conditions.
Multi-Asset Mode: Users will have the option of using a variety of collateral assets, subject to certain applicable ratios. For example, Multi-Asset mode will allow traders to use BTC as collateral when trading the ARK/USDT perpetual contract.
Compliance with Binance Standards: The ARK/USDT Perpetual Agreement will operate in accordance with the Binance Terms of Use and the Binance Futures Services Agreement, ensuring a reliable and secure trading structure.
Hence, with the introduction of this perpetual contract, Binance aims to provide investors with a powerful tool to explore the world of perpetual contracts, offering flexibility and leverage opportunities to expand their trading strategies.
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