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Another transfer that caused high selling pressure on altcoins has been detected. It was discovered that 14.34 million GMT tokens worth $3.87 million were transferred from an investor or team wallet of STEPN to the cryptocurrency exchange Binance.
Regularly Selling GMT
The on-chain data platform Spot On Chain reported that approximately 20 hours ago, a wallet address starting with 0x8b3 transferred 14.34 million GMT worth $3.87 million to Binance, which is believed to belong to STEPN’s investor or team.
On-chain data indicates that since July 2023, the mentioned wallet address has received 131 million GMT from token unlocking transactions. According to the data, during price drops, the wallet address deposited a total of 25.8 million GMT worth $6.93 million to Binance. Currently, the wallet address holds 104.5 million GMT valued at $27.7 million.
In the altcoin market, a single wallet address making a large sale usually tends to negatively affect the price of that altcoin. This situation can occur for various reasons and can have wide-ranging effects. A large wallet address suddenly selling a significant amount of altcoin can lead to an increase in supply, and if demand does not meet this supply, prices may fall. Price drops can cause other investors to panic and sell, creating a general atmosphere of panic in the market. Investors may panic and sell due to price drops and uncertainty, which can lead to increased market volatility and rapid price fluctuations.
Current Status of STEPN’s GMT
According to CoinMarketCap data, GMT has seen a 1.15% decrease in the last 24 hours, trading at $0.2635. The trading volume of the altcoin has increased by 7.44% during the same period, reaching $31.39 million.
Furthermore, data shows that the price of the altcoin has decreased by 8.34% in the last 7 days and by 16.13% in the last 30 days.
