Decline In $GMT Price Triggers Concerns As Notable Transfers Takes Place

The price of $GMT has experienced a downturn recently, with declines of 5% and 11% over the past 7 and 30 days, respectively.

In the last 24 hours, the token further dipped by nearly 2%, following reports of a significant transfer of 14.34 million GMT tokens, valued at approximately $3.87 million. 

The transfer originated from a wallet associated with STEPN, as per findings from analytic firm Spotonchain.

Since July 2023, the wallet has received a total of 131 million $GMT from various unlocks. It has also deposited 25.8 million $GMT to centralized exchanges (CEX) at an average price of $0.27, amounting to $6.93 million. Presently, the wallet still retains 104.5 million $GMT, valued at $27.7 million.

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

$GMT Large Scale Wallet Sales Triggers Selling Pressure Among Traders

Large-scale sales from single wallets like this often trigger price declines, leading to panic selling and increased volatility, especially when it involves wallets associated with the project team. Such $GMT events can significantly impact market sentiment and result in drastic price fluctuations.

Investors and observers are closely monitoring the situation, as continued movements from wallets associated with project teams could influence market dynamics and investor confidence. 

Amidst the volatility, market participants are advised to exercise caution and stay informed about developments surrounding $GMT and similar tokens.

As the cryptocurrency market continues to evolve, occurrences like these underscore the importance of transparency and proactive communication from project teams to maintain investor trust and confidence.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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