Binance Labs has transferred a total of $2.79 million worth of tokens from four different projects. The move has raised concerns of selling pressure in the markets, causing UNA, PSTAKE, SIS, and HIP tokens to each lose value. Binance Labs moved these tokens to the Gate crypto exchange, which lost more than 5% of their value as a result.
Binance Labs appears to be preparing to sell tokens for four projects, according to Arkham Intelligence data. Binance Labs typically invests in early-stage crypto and blockchain projects, focusing on their technology innovation and sustainable revenue models.
According to on-chain data, Binance Labs transferred $2.79 million worth of crypto tokens to the Gate exchange. The transferred tokens include 47.61 million UNA worth approximately $1.27 million, 25 million PSTAKE worth $1.24 million, 2.85 million SIS worth $270,000, and 2 million HIP worth $7,330.
Binance’s New Token Listings
Binance has been listing new and in-demand crypto tokens recently. These include projects such as The AI Prophecy (ACT), Peanut The Squirrel (PNUT), and First NEIRO. In particular, the PNUT token has gained over 1500% in value in the last week and attracted attention due to the impact of the elections. The ACT token, on the other hand, has increased by 2800% on the weekly chart after Binance’s spot listing.
It is stated that none of these assets transferred by Binance Labs are currently traded on the Binance exchange. Additionally, Symbiosis (SIP) and HIPPOP tokens lost 5.87% and 12% respectively after these transfers by Binance Labs.
Binance Labs recently announced that it has invested in new projects like Brevis. Brevis stands out as a ZK (Zero Knowledge) platform that allows calculations without the need for trust and can verify historical on-chain data.
