The week started with the Elon Musk-themed Telegram game X Empire (X) surging by over 80% in a single day on Monday. This underlines that there were substantial transactions from market-making firm DWF Labs yesterday.
The company received 15 billion X tokens recently. This $2.89 million worth of X Empire tokens was received as a strategy to support trading activity and enhance liquidity. Within hours of getting these tokens, DWF Labs deposited $1.45 million worth of X tokens, around 7.5 billion tokens in crypto exchanges like Bybit and KuCoin.
The recent price gain of X Empire has attracted investors as it experienced an impressive 83.2% spike to trade at $0.000193. The trading volume also increased in this 24 hours of price rise, touching $522.3 million. This shows the growing investors' interest in the meme coins after the liquidity influx from DWF Labs.
This surge in trading volume resulted in the X Empire's diluted valuation reaching $133.1 million. The price range in the 24 hours leading up to November 11 was between $0.0001042 to $0.0002157 which suggests a bullish trend.
As the X Empire has a supply of 690 billion tokens, the deposits from the DWF Labs have boosted price action as it amplified the volume.
The firm has taken a proactive liquidity management approach by depositing 7.5 billion X tokens on crypto exchanges like KuCoin and Bybit to minimize price volatility and strengthen trading. This is in line with the company's market-making role of ensuring liquidity to meet the demands of the market.
This move will benefit institutional and retail investors as the added liquidity can lead to a sustained trading volume of X Empire tokens in the crypto market. Investors are likely to keep an eye on DWF Labs’ market movements to understand the future prospects and stability of X Empire.
As of November 12 evening, X Empire is trading at $0.0000329 down 20% in the last 24 hours with its trading volume decreasing by 37% to reach $1 billion while the market cap stands at $227.04 million.
