The DEXE token — the governance token of the DeXe Protocol, a decentralized social trading and DAO governance platform — has undergone extreme price volatility following its all-time high on July 12, with on-chain data revealing that approximately 798,000 DEXE tokens were transferred from the institutional custody platform Ceffu to Binance during the sell-off. Analysts suggest these transactions may be connected to market maker DWF Labs.

DEXE reached a record high of $49,432 on July 12 before beginning its decline on July 13. On July 21, the token plummeted as much as 88% in a single day, falling from $46.93 to $5,648. Over an 11-day period, DEXE's price dropped from $49,423 to $1.56 — a cumulative loss of 96.8%. At the time of writing, the token is trading at $4.08, representing a 95% gain over the preceding 24 hours.

According to on-chain analyst Ai Yi, a substantial portion of large-scale fund movements took place through hot wallets associated with centralized cryptocurrency exchanges. However, transfers conducted by Ceffu stood out among non-exchange entities. Ceffu, formerly known as Binance Custody before its 2023 rebranding, sent a total of 797,900 DEXE to Binance across six separate transactions beginning July 13. The aggregate value of these transfers at the time they occurred was estimated at approximately $6.15 million, making Ceffu the only non-exchange organization to move more than $1 million worth of DEXE to Binance.

Analysts highlighted that Ceffu's MirrorX system could mean the true economic value of these transfers was significantly higher than the on-chain figures suggest. MirrorX enables users to create a mirror position on an exchange at a one-to-one ratio against assets held on Ceffu, after which on-chain asset transfers are automatically settled — a mechanism designed to let institutional participants trade on exchange liquidity without relinquishing custody upfront. If this mechanism was used to execute trades prior to the DEXE price decline, the 797,900 DEXE tokens could have carried a position value of approximately $39.44 million at the time the positions were opened.

Publicly available data does not indicate that the DEXE project team directly holds tokens within Ceffu. The majority of the project's token supply is reportedly held in the DAO treasury and in team-linked locked smart contracts.

Falcon Finance, an official DEXE partner, supports DEXE as collateral on its platform. Ceffu is known to be one of the custodial institutions from which Falcon Finance receives asset custody services. Falcon Finance's connection to DWF Labs — a Dubai-based market maker that has become one of the most active liquidity providers in the crypto industry and is also listed among DEXE's partners — has reinforced analyst assessments that the transfers may have originated from DWF Labs. The episode underscores how on-chain transparency has made it increasingly feasible to trace large-scale token movements that coincide with major price swings, even when institutional custody and mirror-trading layers complicate the picture.