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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).… pic.twitter.com/palgEKVwCt
— Spot On Chain (@spotonchain) April 2, 2024
*This is not investment advice.