Binance Labs Prepares for Sale of 4 Altcoins
Binance Labs, the investment arm of Binance, is preparing to offer four different altcoins for sale. According to data from on-chain analyst @EmberCN, Binance Labs transferred four altcoins worth approximately $2.79 million to the Gate.io exchange today.
Each of these four projects was previously among those invested in by Binance Labs. The transfer is said to have been made as a preparation for the sale.
Transferred Tokens and Their Values
The transferred tokens include the following altcoins:
Unagi Token (UNA): 47.61 million UNA, worth approximately $1.27 million.
pSTAKE Finance (PSTAKE): 25 million PSTAKE, worth approximately $1.24 million.
Symbiosis (SIS): 2.85 million SIS, worth approximately $270k.
HIPPOP (HIP): 2 million HIP, worth approximately $7,330.
Following these transfers, a significant drop in token prices was seen, with UNA losing 5%, SIS losing 6%, and HIP losing 8%, according to CoinGecko data.
Projects Invested by Binance Labs
The projects in question are among those supported by Binance Labs, and the tokens were obtained by unlocking them as part of the investment process. However, it was stated that these tokens have not yet been listed on the Binance exchange.
This large amount of token transfer from Binance Labs to the Gate.io exchange is being watched closely by crypto investors. The market predicts that these transfers could lead to major price movements related to the projects in question.