STEPN unlocks 79.2 million tokens – GMT sell-off warning

STEPN has begun to significantly unlock its GMT tokens, with a total supply of 79.2 million, worth approximately $30.24 million.

The move, taken on January 8, could mark a major shift in token market dynamics and could easily trigger a sharp rise in volatility.

STEPN unlocks 79.2 million tokens

according to observe, STEPN moved the majority of GMT tokens (79.2 million to be exact) to four different addresses. These addresses played an important role in the two subsequent token distributions that occurred.

In fact, further analysis shows that in a short period of just 50 minutes, 55.3 million GMT of the total tokens unlocked were distributed to 45 unique addresses. The rapid movements of these tokens have raised questions about market stability and the potential impact on investor strategies.

It’s worth noting that only a small portion (about 6.8% of unlocked tokens) is held on Binance. This shows the cautious attitude of most recipients.

Additionally, 22 “strong holding” GMT addresses received approximately 47.6% of the tokens. These addresses have been holding GMT since at least three recent* vestings, suggesting a long-term strategic investment pattern by some holders.

*Vesting: The process of holding, locking, and issuing tokens to create leverage into the market.

Potential GMT price reaction

Market participants had mixed reactions to the incident. The GMT token’s performance has started to rise and seems to have gained momentum notify About STEPN’s latest competition.

The competition, which asked STEPN users to take photos of their best running spots, seemed to boost investor confidence. Meanwhile, Cinneamhain Ventures’ Adam Cochran attributed the price increase to the success of the socially oriented Web3 game Gas Hero.

Cochrane explain:

“In-game auctions are complex, and most transactions to date have been through NFT marketplaces owned by the same company, and also bid at GMT prices.”

From a technical perspective, GMT is showing signs of a breakout on the weekly chart despite facing resistance near $0.52.

GMT Price Chart | Source: trading view

Analysts speculate that there may be room to rise and hit the next resistance level at $0.79. Such a sudden increase in value would increase by 50% or more, creating lucrative prospects for investors.

You can check coin prices here.

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According to Beincrypto