Binance Labs Sells Large Amount in Stepn (GMT) Cryptocurrency, Impact on Price

by Giorgi Kostiuk

2 years ago

Binance Labs, the investment branch of Binance, has been involved in various cryptocurrency projects, including Stepn (GMT) altcoin. Recent data shows that Binance Labs made a significant sale of GMT, transferring 9.33 million GMT (equivalent to $3.14 million) to Binance.

Spot on Chain's report reveals that Binance Labs had previously deposited 37.1 million GMT at $0.24 and followed with 28.1 million GMT at $0.23. As of now, Binance still holds 9 million GMT, valued at $3.04 million.

After the sale by Binance Labs, the price of GMT started to increase gradually. However, this does not guarantee a continuous rise following the sale.

As of the latest data, GMT price has dropped by 9.4% in the past 24 hours due to Binance's transaction and the general market decline. Currently, GMT is being traded at $0.326.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

Polymarkets Surpasses $4 Billion in Total Volume with Chainlink Integration

Polymarkets' five-minute and fifteen-minute crypto markets have surpassed $4 billion in total trading volume, with over $200 million generated in the first week of trading.

Maria Fernandez4 hours ago

Zcash Surges Past Resistance Level, Analyst Predicts Bullish Trend

Zcash (ZEC) has surged past the resistance level of a Descending Triangle pattern, indicating a potential bullish trend.

Gustavo Mendoza4 hours ago

Solana Price Faces Downward Correction After Failing to Maintain Above 85

Solana's price has dipped below 85, entering a short-term bearish zone, while showing signs of potential consolidation.

Rajesh Kumar5 hours ago

US Treasury Launches Cybersecurity Initiative for Crypto Industry

The US Department of the Treasury has announced a new initiative aimed at enhancing cybersecurity measures for digital asset firms.

Miguel Rodriguez5 hours ago

Adam Back Responds to Bitcoin Creator Speculations

Cryptographer Adam Back clarifies his tweet 'We Are All Satoshi', denying claims of being Bitcoin's creator and emphasizing the importance of anonymity in the cryptocurrency space.