Binance Labs transferred crypto tokens worth millions of dollars from four different investment projects. This action raised concerns about selling pressure in the market. Each of the UNA, PSTAKE, SIS, and HIP tokens saw a decline of more than 5% following Binance Labs’ transfer of $2.79 million worth of tokens to the Gate crypto exchange.
Reasons Behind Binance Labs’ Sales
According to Arkham Intelligence data, Binance Labs is preparing to sell crypto tokens for four projects. The venture capital branch of Binance Labs typically invests in early-stage crypto and blockchain projects focusing on technological innovation and sustainable revenue models.
On-chain data reveals that the venture capital branch transferred a total of $2.79 million in crypto to Gate. The transferred tokens include approximately 47.61 million UNA valued at around $1.27 million, about 25 million PSTAKE valued at approximately $1.24 million, around 2.85 million SIS valued at approximately $270,000, and roughly 2 million HIP valued at approximately $7,330.
New Token Listings by Binance
Binance continues to list new and in-demand crypto tokens such as The AI Prophecy (ACT), Peanut The Squirrel (PNUT), and First NEIRO. The price of PNUT surged over 1500% in the past week, significantly capturing the attention of traders. The ACT token also noted a remarkable 2800% increase on its weekly chart following its spot listing on Binance.
None of the assets transferred by Binance Labs are currently traded on the Binance exchange. Following this action, the Symbiosis (SIP) and HIPPOP tokens experienced declines of 5.87% and 12%, respectively. Recently, the venture investment platform announced investments in new projects like Brevis, a ZK platform that enables verifiable and trustless computations on historical on-chain data.
Binance continues to list in-demand projects and enhance liquidity for related tokens. This strategy aims to adapt to dynamics in the crypto market and maintain investor interest.
