• 24 June, 2024
Market News

Analyzing STEPN’s $28.6 Million GMT Distribution to 45 Blockchain Addresses

Stepnofficial has released a substantial amount of its GMT token, totaling an impressive 79.2 million, which translates to about $28.6 million in market value. This unlocking event, a part of the platform’s scheduled release plan, has seen a major transfer of assets. Approximately 55.3 million of GMT, valued at around $19.1 million, was transferred to 45 distinct blockchain addresses. This transaction occurred roughly 50 minutes before this report.

Spot On Chain, a platform renowned for unlocking insights with on-chain data, shared a Twitter post providing detailed analysis and insights into this significant transaction:

A mere 6.8% of the total unlocked GMT has found its way to Binance, one of the leading cryptocurrency exchanges. This suggests a trend away from immediate liquidity on major exchanges.

More notably, almost half of the released tokens, about 47.6%, have been sent to 22 addresses. These addresses are identified as ‘strong-holding’ due to their consistent pattern of retaining GMT tokens from at least three previous vesting events. This behavior indicates a significant confidence level in the long-term value of GMT amongst a specific group of holders.

STEPN recently executed a significant transaction involving its native token, GMT. On January 8th, the company released 79.2 million GMT, valued at approximately $30.24 million. This sizable digital currency was not merely released; it was actively redistributed. Of the total, 74.02 million GMT were transferred to four distinct addresses. This transfer marked the beginning of a series of strategic redistributions.

Intriguingly, these tokens underwent further distribution, occurring twice in a short span. This rapid movement of digital assets highlights the dynamic nature of cryptocurrency markets. Some addresses that received GMT did not retain the tokens for long. Instead, they promptly moved these assets to major cryptocurrency exchanges, with Binance being a notable recipient.

This sequence of events offers a glimpse into the fluidity and speed at which transactions occur in the blockchain world. STEPN’s recent activity underscores the continuous evolution of digital asset management, providing a clear example of the sophisticated strategies employed by major players in the cryptocurrency arena.

GMT, the native token of the STEPN platform, is currently trading at $0.379660, with an impressive 24-hour trading volume of $ 871 million. However, it has experienced a decline of 10.70% in the last 24 hours, placing it at the 94 spot in CoinMarketCap’s rankings. The market capitalization of GMT stands at $599 million. Over the past week, GMT has exhibited volatility, oscillating between $0.27 and $0.44, showcasing a battleground where bulls and bears are actively contending.

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