Web 3 digital coin GMT endures notable selling momentum after a substantial transfer of coins worth approximately $3.87 million to Binance. Spot On Chain revealed that the transaction came from a STEPN official, triggering insider knowledge assumptions.
Wallet 0x8b3 (investor or team wallet of @Stepnofficial) deposited 14.34M $GMT ($3.87M) to #Binance ~14hrs ago.
Notably, it received 131M $GMT from all unlocks since Jul 2023, and has deposited 25.8M $GMT to CEX at ~$0.27 ($6.93M) amid price drops.
Still holds 104.5M $GMT… pic.twitter.com/x4e7V6GvbJ
— Spot On Chain (@spotonchain) January 29, 2024
The analytic platform revealed that address Ox8b3, possibly belonging to STEPN’s team or investor, sent 14.34 million GTMs to exchange Binance. Data shows that the highlighted wallet received 131 million GMTs since July last year from unlock events.
The address has sent GMT worth around $6.93 million (25.8 million tokens) to Binance during price declines. The wallet hosts assets worth $27.7 million (104.5 million GMT) at this writing.
Large-scale transactions & market impact
Whale transfers are crucial in the altcoin market, and selling activities from these entities negatively influence the token’s price. These moves can happen due to different reasons and have varying effects.
Sudden selling from large wallets magnifies supply, translating to bearish prices. That can welcome panic-selling from other players, leading to surged volatility and swift price fluctuations.
Further, massive token sales from the project’s officials paint a bearish picture, possibly expecting price dips in the upcoming sessions.
GMT price outlook
STEPN’s coin has exhibited immense bearishness lately, even as the crypto market recorded slight recoveries. It traded at $0.2618 at this publication, following a 1.92% 24-hour dip. STEPN’s altcoin has struggled lately, losing 7% and 17% on its weekly and monthly charts, respectively.
GMT 7D Chart on Coinmarketcap
Reduced trading volume also suggests more pain for GMT. Is the STEPN investor reducing his stash to avoid substantial losses amid anticipated price drops?
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