In a recent development, Binance Labs, the independent investment arm of Binance, has stirred speculation after transferring a massive STEPN (GMT) reserve. The reserve was transferred to Binance Deposit, which spurred rumours of a possible selloff of investment tokens. Moreover, the GMT price plunged 14% after the transaction, catalyzed by the bearish market trend.
Binance Labs Shifts Major GMT Reserve
Binance Labs recently 9.33 million GMT tokens, valued at $3.14 million, to Binance Deposit. The transaction, reported by SpotOnChain, has left around 9 million GMT tokens in the Binance Labs address (0x2e…e6c2), sparking concerns of a potential selloff of investment tokens.
The significance of this transfer lies in Binance Labs’ involvement as a strategic investor in STEPN, a gaming project governed by the GMT token, which operates on the Solana blockchain. With such a substantial movement of tokens, questions arise about Binance Labs’ intentions and the potential impact on its inv
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