STEPN’s GMT drops 10% amid reports of alleged token sale by Binance Labs

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Web3 exercise tracker STEPN is going through a ten% decline in token worth amid studies of its strategic investor Binance Labs dumping over $3 million value of GMT.

Binance Labs, a crypto enterprise large, has allegedly began promoting its stake in STEPN after studies indicated the agency had moved over $3 million in GMT to Binance‘s deposit handle.

In an X submit on Apr. 2, blockchain analytics agency Spot On Chain revealed that pockets 0x2e5 “seemingly” tied to Binance Labs deposited 9.33 million GMT to Binance on Apr. 1. The agency famous Binance Labs’ standing as a strategic investor in STEPN and alleged that the agency had allotted over 37 million GMT tokens since July 2023, when the strategic funding was first introduced. Subsequently, Binance Labs purportedly transferred greater than 28 million GMT to Binance.

Following the newest switch, Spot On Chain estimates that Binance Labs nonetheless holds roughly 9 million GMT, valued at round $2.9 million. After the information broke, the worth of GMT skilled a pointy decline of over 10%, plummeting to $0.32, in keeping with information from CoinMarketCap. On the time of writing, Binance Labs made no public assertion on the matter.

STEPN's GMT drops 10% amid reports of alleged token sale by Binance Labs - 1
GMT worth in USD | Supply: CoinMarketCap

Binance’s strategic funding in STEPN was initially announced in 2022, with the change expressing its perception within the potential of gamifying train to draw extra people to the trade and speed up the “mass adoption” of crypto and blockchain know-how. Amongst STEPN’s different buyers are Sequoia Capital, Alameda Analysis, Folius Ventures, Solana Ventures, sixth Man Ventures, and Sfermion, though particular monetary particulars concerning the funding stay undisclosed.

Launched in 2021, STEPN is a web3 exercise tracker that employs blockchain know-how to watch and encourage bodily exercise. The platform operates on a dual-token system consisting of the Inexperienced Satoshi Token (GST) for gaming functions and the Inexperienced Metaverse Token (GMT) for governance.

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