Things moved fast for DEXE token. On July 12th, it hit a record high of $49,432. The next day, the price started tumbling and by July 21st, it crashed from nearly $47,000 to just $5,648 an 88% drop in 24 hours. Over 11 days, the token went from almost $50,000 to $1.56, losing nearly 97% of its value. Yet, in the last 24 hours, it surged about 95%, trading at $4.08 as of now.
Behind these wild price swings, on-chain data points to massive token movements between wallets and exchanges. Nearly 798,000 DEXE tokens were transferred from Ceffu, a custody platform, to Binance in six transactions starting July 13th. At the time, these transfers were worth about $6.15 million. Ceffu was the only non-exchange entity to move over a million dollars’ worth of DEXE directly to Binance.
What makes this more intriguing is Ceffu’s MirrorX system. It allows users to create mirror positions on exchanges that match their assets held on Ceffu one-to-one. This setup means the real economic impact of these transfers could be much bigger than the on-chain values suggest. If MirrorX was used before the price crash, the 797,900 tokens could have represented a position worth around $39.44 million at its peak.
On-chain analysts believe many of the big fund movements went through centralized exchange hot wallets. But Ceffu’s transfers stand out because they’re outside typical exchange flows. also Falcon Finance, a partner of DEXE, supports the token as collateral and uses Ceffu for custody services. Falcon is also linked to DWF Labs, a market maker and DEXE partner, which hints that these large transfers might have connections to DWF Labs.
Interestingly, publicly available data doesn’t show the DEXE team holding tokens in Ceffu. Most project tokens are locked in the DAO treasury or smart contracts related to the team. This separation adds another layer of mystery around the token’s sharp price moves and fund transfers.
