The DEXE token suffered a catastrophic decline of 96.8% over 11 days, crashing from its all-time high of $49.43 on July 12 to a low of $1.56. The most dramatic single-day fall occurred on July 21, when the price plummeted 88% from $46.93 to $5.65. At the time of writing, the token had rebounded sharply to $4.08, a 95% 24-hour gain, but still far below its peak.
On-chain analyst Ai Yi traced a series of six large transfers from the custody platform Ceffu to Binance, starting on July 13, totaling 797,917 DEXE. The transfers were valued at around $6.15 million at the time they were executed. However, Ceffu's MirrorX service allows institutional clients to trade while assets remain in custody, with on-chain settlement occurring later. If the corresponding positions were opened before the price began falling, their effective value could have been as high as $39.44 million.
Ai Yi noted that Ceffu was the only entity outside exchanges moving more than $1 million worth of DEXE to Binance. Searching for the source of the custodial balance, the analyst found no direct evidence that the DEXE team held tokens with Ceffu. Most project-linked supply remained in the DAO treasury and team lockup contracts.
Connections to Falcon Finance emerged because Falcon supports DEXE as collateral and uses Ceffu for asset custody. Falcon's ties to market maker DWF Labs, which is also listed as a DEXE partner, led Ai Yi to suggest the tokens could have originated from DWF Labs, Falcon, the team, or another market maker. However, no conclusive proof was provided linking any party to the sell-off or the initial price decline.
