DEXE dropped 96.8% over 11 days after reaching an all-time high of $49.432 on July 12, according to monitoring by on-chain analyst Ai Yi. The analyst said the token began falling on July 13.
Ai Yi said DEXE recorded its biggest single-day decline on July 21, when the price fell 88% from $46.93 to $5.648. Over the full 11-day stretch, the token moved from $49.423 to $1.56.
Ceffu transferred 797,900 DEXE to Binance
According to Ai Yi, large on-chain fund flows were mostly tied to centralized exchange hot wallets, and no irregularity was found apart from Ceffu.
The analyst said custody platform Ceffu transferred a total of 797,900 DEXE to Binance starting on July 13. The transfers were split into six transactions with a combined on-chain value of $6.15 million. Ai Yi said Ceffu was the only non-exchange entity involved in transfers of more than $1 million for the token.
MirrorX mechanism cited in valuation gap
Ai Yi said DEXE held with Ceffu can create a 1:1 mirrored position on an exchange through the platform’s MirrorX mechanism, while on-chain asset transfers are settled automatically afterward.
If that mechanism was used for advance trading, the effective value represented by the 797,900 DEXE would be $39.44 million, according to the analyst.
No public record showing DEXE project custody at Ceffu
Ai Yi added that publicly available information does not show the DEXE project team placing its tokens in custody with Ceffu. Most of the visible token supply is held in the DAO treasury and team-related lockup contracts, the analyst said.
Ai Yi also pointed to public partnership disclosures. In DEXE’s official partner list, Falcon had supported DEXE as collateral on its platform. Falcon’s asset custodians include Ceffu, and Falcon Finance has ties to DWF Labs. DWF Labs also appears on DEXE’s partner list.
Ai Yi said the observations were based on on-chain data and public clues, and added that the possibility of involvement by the project team or other market makers cannot be ruled out.