A notable transaction involving the movement of 14.34 million GMT tokens, valued at approximately $3.87 million, from a STEPN-associated wallet to the Binance exchange platform has been reported. This transfer has contributed to increased selling pressure on the altcoin market.
The on-chain data monitoring service Spot On Chain revealed that the wallet, starting with 0x8b3 and believed to be linked to STEPN’s investor or team, sent a substantial amount of GMT to Binance roughly 20 hours ago.
Since July 2023, the same wallet has accumulated 131 million GMT through token unlocking events. During periods of price decline, it has deposited over 25.8 million GMT, worth $6.93 million, onto Binance, and currently holds 104.5 million GMT, valued at $27.7 million.
Large-scale sales from a single wallet in the altcoin market can trigger price drops, potentially leading to panic selling and increased volatility. Such events can have a ripple effect, influencing the overall market sentiment and causing rapid price fluctuations.
Current Status of STEPN’s GMT
As per CoinMarketCap, GMT’s value has decreased by 1.15% in the last 24 hours, with its trading volume rising by 7.44%. Over the past week and month, the altcoin’s price has diminished by 8.34% and 16.13%, respectively.