In a latest growth, Binance Labs, the unbiased funding arm of Binance, has stirred hypothesis after transferring an enormous STEPN (GMT) reserve. The reserve was transferred to Binance Deposit, which spurred rumours of a potential selloff of funding tokens. Moreover, the GMT value plunged 14% after the transaction, catalyzed by the bearish market pattern.
Binance Labs Shifts Major GMT Reserve
Binance Labs just lately 9.33 million GMT tokens, valued at $3.14 million, to Binance Deposit. The transaction, reported by SpotOnChain, has left round 9 million GMT tokens within the Binance Labs handle (0x2e…e6c2), sparking considerations of a possible selloff of funding tokens.
The significance of this switch lies in Binance Labs’ involvement as a strategic investor in STEPN, a gaming challenge ruled by the GMT token, which operates on the Solana blockchain. With such a considerable motion of tokens, questions come up about Binance Labs’ intentions and the potential impression on its investments.
The GMT token serves as a basic part throughout the STEPN ecosystem, making any fluctuations in its possession noteworthy throughout the crypto group. Moreover, such a significant dump may result in an extra crash within the GMT value, expediting the results of the bearish market.
Earlier, in April 2022, Binance Labs introduced its strategic funding in STEPN. The funding was made owing to its options as an progressive web3 life-style utility poised to revolutionize health and incentivize outside exercise like by no means earlier than. Binance Labs famous that STEPN presents a novel idea the place customers are rewarded for each step they take. Moreover, it leverages the facility of blockchain expertise and non-fungible tokens (NFTs).
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GMT Price Crashes
The GMT value recovered barely after crashing practically 14% earlier. At press time, the GMT crypto value was down 9.45% to $0.329 on Tuesday, April 2. Meanwhile, the STEPN governance token boasted a market cap of $609.71 million. In distinction, GMT witnessed a 7.40% surge in buying and selling quantity to $125.61 million.
Furthermore, the 7-day losses for GMT exceed over 5% as a result of latest crash. Meanwhile, the month-to-month positive aspects stand at greater than 6%, reflecting the preliminary surge in March. However, earlier than the newest stoop amid the Binance Labs divestment, GMT inched nearer to its all-time excessive of $4.11 because it peaked at $0.3629.
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