This Altcoin is Experiencing a Pump Originating from South Korea: DWF Labs Also Engaged

According to the latest data, there was an increase of over 40% in the price of Orbs (ORBS) today.

This development is thought to be due to South Korean investors, which is an interesting situation for a cryptocurrency that was launched in 2017 and is not a new one.

93.8% of ORBS transaction volume took place on the South Korean cryptocurrency exchange Upbit, and 4.8% on another South Korean cryptocurrency exchange Bithumb. The altcoin, which was traded around $0.023 before the rise, rose above $0.033 at its peak.

Daily chart showing the rise of the ORBS token over the last 24 hours.

At the time of writing this article, ORBS price is trading at $ 0.03. The moves of the market maker company DWF Labs seem to have been effective in the decline from the peak.

As the price increased, DWF Labs transferred 24 million ORBS tokens, i.e. 792 thousand dollars in dollar equivalent, to the cryptocurrency exchange Bithumb, probably for the purpose of selling.

DWF Labs’ transfer seems to have been interpreted negatively for ORBS, which is among the small-scale cryptocurrencies with a market value of $97 million.

However, the trading volume of the ORBS token in the last 24 hours has increased by approximately 10000%. The token is not listed on Binance and trading is permitted on cryptocurrency exchanges such as OKX, HTX, and Gate.io, in addition to South Korean cryptocurrency exchanges.

*This is not investment advice.