The Prom token (PROM) witnessed a remarkable surge of over 90% in just a few hours following the public revelation of personal investment by DWF Labs CEO, Andrei Grachev. CoinMarketCap data indicates that PROM surged to $14.6, reaching levels last seen in December 2021.
Prom operates as a gaming non-fungible token (NFT) marketplace and rental platform, offering uncollateralized rentals of NFTs and mortgage services. This unique platform allows players to access gaming assets without the need for collateral while also enabling them to lend out their assets to other players for additional profits.
Although the specific size of Grachev’s investment remains undisclosed, he has committed to holding the coins for at least one year and providing substantial support to the project. Grachev emphasized that the investment was made solely by himself, with no involvement from DWF Labs in the transaction.
DWF Labs has gained attention for its unconventional investment approach within the crypto space. While it positions itself as a venture capital firm, its operations bear resemblance to those of an over-the-counter trading desk, as previously reported by CoinDesk in April 2023.
Rather than following traditional investment routes, DWF Labs appears to engage in on-the-spot deals with projects already possessing their own tokens, terming these agreements as “strategic partnerships” instead of standard investments. While the firm acknowledges involvement in market-making activities, it asserts that most investments are held on centralized exchanges, denying any intent to manipulate markets or engage in unethical practices.
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