In This Altcoin, Developers Unlocked a Massive Amount of Altcoins This Morning

Arkham reported that STEPN unlocked a staggering 79.203 million GMT tokens today at 08:28 GMT. The total value of these tokens is estimated to be approximately $15.9 million.

The unlocked GMT tokens were transferred to the 4/5 multi-signature address, specifically 0x2D…C406.

Past activity indicates that STEPN will distribute more of these unlocked tokens. Some addresses are then expected to transfer them to various exchanges, including leading platforms such as Binance.

The cryptocurrency wallet to which the tokens were sent after unlocking has an asset of $18.53 million, consisting entirely of GMT tokens, at the time of writing.

GMT, once one of the leading altcoins of the “move-win” trend, has a market cap of $427 million at the time of this writing. At its peak, it had a market value of $2.28 billion. The token broke records during the previous bull period, when almost all altcoins broke all-time high records.

At the time of writing this article, it is trading at a level 95% lower than its record level.

*This is not investment advice.

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