Binance Made Large Sales in This Altcoin It Invested In! How Did the Price React?

Binance Labs, the venture capital arm of Binance, the world’s largest cryptocurrency exchange, has invested in many cryptocurrency projects to date.

While these projects include the altcoin named Stepn (GMT), Binance Labs started selling GMT.

According to Spot on Chain’s post, Binance Labs address (0x2e…e6c2) transferred 9.33 million GMT (worth $3.14 million) to Binance today.

Binance Labs currently has 9 million GMT left.

“Wallet 0x2e5 (presumably Binance Labs) deposited 9.33 million GMT ($3.14 million) to Binance 9 hours ago.

Binance Labs, a strategic investor in Stepn, allegedly deposited 37.1 million GMT into Binance since July 2023 at $0.24, followed by 28.1 million GMT at $0.23.

Binance currently has 9 million GMT ($3.04 million) on hand.”

When the chart shared by Spot on Chain is examined, it is seen that the GMT price started to rise after a while after Binance Labs sold GMT. However, this does not mean that it will rise after the last GMT sale.

While the GMT price has fallen 9.4% in the last 24 hours due to the effect of Binance’s transfer and the general market decline, it continues to be traded at $ 0.326 at the time of writing.

Wallet 0x2e5 (likely @BinanceLabs) deposited 9.33M $GMT ($3.14M) to #Binance 9 hrs ago.

Binance Labs, a strategic investor in @Stepnofficial, has allegedly vested 37.1M $GMT since Jul 2023 at ~$0.24 then deposited 28.1M $GMT to Binance at ~$0.23.

Now holds 9M $GMT ($3.04M).…

— Spot On Chain (@spotonchain) April 2, 2024

*This is not investment advice.

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