The native token $GMT, associated with the move-to-earn platform STEPN, witnessed a significant downturn, experiencing a 13% decline in the last 24 hours and registering a notable drop of 66% in trading volume over the same period.
This downturn is attributed to Stepnofficial’s recent unlocking of 79.2 million $GMT ($28.6 million), with 55.3 million $GMT ($19.1 million) being distributed to 45 unique addresses just a few hours ago. Remarkably, a mere 6.8% of the unlocked tokens found their way to Binance.
🚨🚨 @Stepnofficial unlocked 79.2M $GMT ($28.6M) today, of which 55.3M $GMT ($19.1M) have been distributed to 45 unique addresses ~50 mins ago.
Notably,
– Only 6.8% of the unlock has been deposited to #Binance.
– Around 47.6% were distributed to 22 “strong-holding” addresses… pic.twitter.com/P2conTj9AD
— Spot On Chain (@spotonchain) January 9, 2024
An intriguing aspect of the distribution is that 47.6% of the unlocked tokens were allocated to 22 “strong-holding” addresses, indicating entities that have retained $GMT from at least three recent vesting periods.
$GMT Price Action To Watch
Prior to this unexpected shift, $GMT had been on an upward trajectory, boasting gains of 13% and an impressive 140% over the past 30 and 90 days, respectively.
This development raises questions about the market dynamics surrounding token unlocks and their impact on token value. The intricate distribution patterns following the unlocking event suggest a strategic allocation strategy, with a significant portion retained by entities with a history of steadfast $GMT holdings.
As the STEPN ecosystem navigates through these market dynamics, observers and participants will be keenly watching for potential shifts and recovery in $GMT’s value, gauging the resilience of the move-to-earn platform amid these market fluctuations.
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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