According to the latest news in the press Binance‘s independent investment arm Labs transferred a large STEPN (GMT) reserve, sparking speculation. The transfer of the reserve to the Deposit account gave rise to rumors about a possible sale of investment tokens. Moreover, the GMT price fell 14% after trading due to the bearish market trend.
The transaction reported by SpotOnChain generated approximately 9 million deposits on Binance Labs, as reported by Koinfinans.com. GMT token left. It sparked concerns about a potential sale of investment tokens.
The significance of this transfer comes from Binance Labs, a gaming project managed by the GMT token and operating on the Solana blockchain. STEPNIt lies in its involvement as a strategic investor in . With such a significant movement of tokens, questions arise about Labs’ intentions and the potential impact on its investments.
GMT token serves as a key component in the STEPN ecosystem, making any fluctuation in its ownership notable within the crypto community. Moreover, such a large crash could lead to further declines, accelerating the effects of a bear market.
In April 2022, Binance Labs attracted attention with its strategic investment announcement in STEPN. The investment announced the Web3 project with the aim of revolutionizing the field of fitness and encouraging outdoor activities. Binance Labs stated that STEPN offers a unique concept where users are rewarded for every step they take. It also leverages the power of blockchain technology and non-fungible tokens (NFTs).
The GMT price has recovered slightly after falling approximately 14% earlier. The altcoin price fell 9.45% to $0.329 on Tuesday, April 2. On the other hand, a market value of 609.71 million dollars also attracts attention. In comparison, GMT saw a 7.40% increase in trading volume to $125.61 million.
Additionally, 7-day losses remain above 5% due to the recent crash. Meanwhile, monthly earnings are running above 6%, reflecting the initial increase in March. However, before the latest decline amid the Binance Labs divestment GMT, it peaked at $0.3629, approaching its all-time high of $4.11.
