Binance Labs recently executed the transfer of cryptocurrency tokens valued at millions from four distinct projects, prompting apprehension regarding potential selling pressure in the market. Following this transfer of $2.79 million worth of tokens to the Gate crypto exchange, the values of UNA, PSTAKE, SIS, and HIP tokens each saw a dip exceeding 5%.
What Motivated Binance Labs to Sell Tokens?
Data from Arkham Intelligence indicates that Binance Labs is gearing up to liquidate crypto tokens across four different projects. This arm of Binance typically invests in early-stage blockchain endeavors that emphasize technological advancements and sustainable revenue streams.
How Are New Tokens Performing on Binance?
In addition, Binance continues to introduce new and highly sought-after cryptocurrencies such as The AI Prophecy (ACT), Peanut The Squirrel (PNUT), and First NEIRO. The PNUT token has surged over 1500% in the last week, while the ACT token has experienced an extraordinary 2800% rise following its recent listing on Binance.
Notably, none of the assets that Binance Labs recently transferred are currently available for trading on its exchange. As a result of this activity, tokens like Symbiosis (SIP) and HIPPOP saw declines of 5.87% and 12%, respectively. Furthermore, Binance Labs has recently announced investments in emerging projects, including Brevis, a platform focused on verifiable computations using historical on-chain data.
- Binance Labs moved $2.79 million in crypto, impacting token values.
- Tokens UNA, PSTAKE, SIS, and HIP saw significant declines post-transfer.
- Binance lists high-performing new tokens, attracting trader interest.
- Recent token transfers do not include any currently traded assets on Binance.
The ongoing strategy of Binance is to not only introduce in-demand projects but also to bolster the liquidity of associated tokens, aiming to adjust to the cryptocurrency market’s evolving landscape while sustaining trader engagement.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/binance-labs-affects-market-with-token-transfers