Binance Labs 9M GMT Transfer Raises Selloff Speculations, GMT Price Crashes 14%
Highlights
- Binance Labs recently shifted 9 million GMT tokens to Binance Deposit.
- The transaction spurred speculations of a major selloff amid the recent GMT price dip.
- Netizens also speculated that Binance Labs is set to divest other investment tokens.
In a recent development, Binance Labs, the independent investment arm of Binance, has stirred speculation after transferring a massive STEPN (GMT) reserve. The reserve was transferred to Binance Deposit, which spurred rumours of a possible selloff of investment tokens. Moreover, the GMT price plunged 14% after the transaction, catalyzed by the bearish market trend.
Binance Labs Shifts Major GMT Reserve
Binance Labs recently 9.33 million GMT tokens, valued at $3.14 million, to Binance Deposit. The transaction, reported by SpotOnChain, has left around 9 million GMT tokens in the Binance Labs address (0x2e…e6c2), sparking concerns of a potential selloff of investment tokens.
The significance of this transfer lies in Binance Labs’ involvement as a strategic investor in STEPN, a gaming project governed by the GMT token, which operates on the Solana blockchain. With such a substantial movement of tokens, questions arise about Binance Labs’ intentions and the potential impact on its investments.
The GMT token serves as a fundamental component within the STEPN ecosystem, making any fluctuations in its ownership noteworthy within the crypto community. Moreover, such a major dump could lead to a further crash in the GMT price, expediting the effects of the bearish market.
Earlier, in April 2022, Binance Labs announced its strategic investment in STEPN. The investment was made owing to its features as an innovative web3 lifestyle application poised to revolutionize fitness and incentivize outdoor activity like never before. Binance Labs noted that STEPN presents a unique concept where users are rewarded for every step they take. Moreover, it leverages the power of blockchain technology and non-fungible tokens (NFTs).
Also Read: Breaking: Binance Exchange Names First Board of Directors
GMT Price Crashes
The GMT price recovered slightly after crashing nearly 14% earlier. At press time, the GMT crypto price 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 contrast, GMT witnessed a 7.40% surge in trading volume to $125.61 million.
Furthermore, the 7-day losses for GMT exceed over 5% due to the recent crash. Meanwhile, the monthly gains stand at more than 6%, reflecting the initial surge in March. However, before the latest slump amid the Binance Labs divestment, GMT inched closer to its all-time high of $4.11 as it peaked at $0.3629.
Also Read: Breaking: Binance Burns 4.17 Billion Terra Luna Classic (LUNC)
- Crypto Stakeholders Push Back as Banks Seek Yield Ban Provision in CLARITY Act
- Crypto ETFs Approval Faces Uncertainty as Government Shutdown Looms, Bloomberg Analyst Says
- Fed’s Hammack Backs Restrictive Policy Over Rate Cuts Amid Inflation Concerns
- Fed Governor Chris Waller Champions Stablecoins as a Tool for Cheaper Global Payments
- LBank Celebrates 10 Years With Bold Achievements and Global Expansion
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
- XRP Price Prediction: How XRP Could React After October 2025 SEC ETF Decisions
- Aster Price Prediction as US President Adds $110M Worth of Tokens to His Portfolio
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
