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Binance Labs Transfer of 9 Million GMT Sparks Selloff Fears, Price Drops 14%

Binance Labs

Binance Labs has reportedly divested a significant stake in GMT by transferring over 9 million tokens, sparking speculation about a potential selloff and causing the GMT price to plummet by 14%.

In a recent development, Binance Labs, the independent investment arm of Binance, has triggered speculation after transferring a substantial reserve of STEPN (GMT) tokens. The reserve was moved to Binance Deposit, fueling rumors of a potential selloff of investment tokens. Following the transaction, the GMT price experienced a sharp 14% decline, exacerbated by the prevailing bearish market sentiment.

Binance Labs Moves Major GMT Reserve

Binance Labs recently transferred 9.33 million GMT tokens, valued at $3.14 million, to Binance Deposit. The transaction, reported by SpotOnChain, left approximately 9 million GMT tokens in the Binance Labs address (0x2e…e6c2), raising concerns about a potential divestment of investment tokens.

This transfer holds significance due to Binance Labs’ strategic investment in STEPN, a gaming project governed by the GMT token on the Solana blockchain. With such a substantial movement of tokens, questions arise regarding Binance Labs’ intentions and the potential impact on its investments.

The GMT token plays a crucial role within the STEPN ecosystem, making any changes in its ownership noteworthy within the crypto community. Additionally, a significant dump could further depress the GMT price, amplifying the effects of the bearish market conditions.

Earlier in April 2022, Binance Labs announced its strategic investment in STEPN, recognizing its innovative features as a web3 lifestyle application poised to revolutionize fitness and incentivize outdoor activity. Binance Labs highlighted STEPN’s unique concept of rewarding users for every step taken, leveraging blockchain technology and non-fungible tokens (NFTs).

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GMT Price Decline

Following the selloff speculation, the GMT price experienced a slight recovery after plunging nearly 14%. At the time of writing, the GMT crypto price had fallen by 9.45% to $0.329 on Tuesday, April 2. Meanwhile, the STEPN governance token boasted a market cap of $609.71 million. Despite this, GMT saw a 7.40% increase in trading volume to $125.61 million.

Moreover, GMT has incurred losses exceeding 5% over the past seven days due to the recent crash. However, monthly gains remain over 6%, reflecting the initial surge witnessed in March. Nevertheless, before the recent slump prompted by Binance Labs’ divestment, GMT had approached its all-time high of $4.11, reaching a peak of $0.3629.

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