The post Did Binance Labs Dump STEPN? GMT Price Plunges After Token Transfer appeared first on Coinpedia Fintech News
The price of STEPN (GMT), the token powering the popular move-to-earn app, took a nosedive on [date] after a massive transfer of 9 million GMT tokens by Binance Labs, the venture capital arm of cryptocurrency exchange Binance. This hefty transaction sparked fears of a potential sell-off by Binance Labs, leading to a 14% plunge in GMT’s price.
While the specific reason behind the transfer remains undisclosed, investors reacted swiftly, fearing Binance Labs might be losing confidence in STEPN. This incident adds another layer of concern to an already volatile cryptocurrency market.
Was This a Bullish Bust?
Despite the recent crash, STEPN has enjoyed a remarkable year, with a monthly gain exceeding 6%. This growth can likely be attributed to the surging popularity of move-to-earn applications, where users are rewarded with cryptocurrency for physical activit
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